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  • Financial issues

    My common-law spouse and I have recently separated (in Alberta) and I have three important questions about our finances.
    1. I have a substantial stock portfolio that is administered through my employer. My spouse is listed as a beneficiary in the event that I pass away, but is no a joint account holder. All of the stock was purchased after we entered into the relationship. I assumed that he is entitled to 1/2, is this correct?

    2. We were in a car accident last year and he has recently settled with the insurance company. Am I entitled to any of his pay out, even though he tells me that he has already spent all the money?

    3. My spouse had bad credit when we entered into the relationship, so all our credit cards have me as the primary cardholder. He is listed as a secondary card holder on all of them, but we are talking about a "free second card" type thing. Is he responsible for any of the debt?

  • #2
    Hi newlysingle,

    In a common law relationship, each party keeps what belongs to them. So, to answer the first question, your spouse does not have an automatic 50% interest in your stocks. In order for him to obtain an interest, he would have to claim that you were unjustly enriched by him.

    Your second question depends on whether the insurance proceeds were for the both of you, or just your spouse. If the funds were for your spouse only, only he has an interest. I don't believe insurance companies would ever give out insurance proceeds to jointly to two people, but I'm not too sure about that.

    In regards to your third question, unfortunately, no. Your spouse would only be responsible if the account was jointly held. This does not include him having his own card on your account. You could claim unjust enrichment in this case and, if successful, your spouse may be responsible for part of or half of the debt.

    However, this is speaking from Ontario. Try looking around the net to see what kind of info you can get on Alberta common law separation specifically. I found this site that you may find useful.

    Lindsay

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    • #3
      I echo what Lindsay has mentioned.

      These links have information on common law relationships in Alberta

      http://www.law-faqs.org/ab/comm.htm

      http://www.law-faqs.org/ab/inter.htm

      lv

      Comment

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