Your pension is one of your greatest assets. When a spousal breakdown occurs, the division of this valuable asset is neither mandatory nor automatic.

The Family Law Statute Amendment Act streamlines the pension division process and helps ease the financial burden for couples facing the end of their relationship. This Act, effective Jan. 1, 2012, includes numerous amendments to the Pension Benefits Act and the Family Law Act.

Does the Family Law Statute Amendment Act apply to you?

If you sign your separation agreement on or after Jan. 1, 2012, you and your spouse will fall under the new rules. If you completed your separation agreement on or before Dec. 31, 2011, you and your spouse fall under the old rules. If your signed separation agreement did not provide for the division of your pension, consult your family lawyer—you may be able to amend your agreement to fall under the new rules.