What is a family asset? What is a family debt?

a. Family assets generally refer to assets (real property, pensions, savings, RRSPs, stocks, businesses, vehicles, etc.) that are acquired during the course of the relationship by either or both parties. This also includes the growth in the value or equity of an asset that itself predated the relationship. For example, if the former family home had $30,000.00 of equity when the parties started living together, and $100,000.00 of equity when they split up, there would be $70,000.00 worth of family property that would need to be divided between the two parties. The original $30,000.00 worth of equity would be an excluded asset claimable by the party who owned the home immediately prior to the parties commencing their marriage or marriage-like relationship.

b. Family debts are similar insofar as generally speaking, any debt that was entered into by either party or the two of them together during a relationship is a family debt.