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Divorce & Family Law This forum is for discussing any of the legal issues involved in your divorce.

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Old 10-22-2015, 10:21 AM
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Exclamation Asset Equalization-Pension

I am glad to have found this site and hope there are answers to my questions regarding the above.

Just preparing myself for a separation agreement from my ex of 21 years and have already been told she wants permanent spousal support andhalf of my pension, in addition to the child support which I have been paying for my four children.

I have been alienated from my four children by my ex during a time when I need them most. Sadly, not everyone understands mental illness or has a desire to.

I am being told by my ex that I MUST pay her the value of half my pension in a lump sum NOW.

I understand that she is entitled to half of my assets and the Ontario Pension Board can pay her out but I want to know if I MUST pay her the whole amount NOW and if so is there a way to do that other than dipping into my pension or getting a loan that will take a decade to repay.
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Old 10-22-2015, 10:44 AM
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Quote:
I have been alienated from my four children by my ex during a time when I need them most. Sadly, not everyone understands mental illness or has a desire to.
Be careful with this because you are assigning your children a job they're not equipped to handle. Your children are supposed to need you, you are not supposed to rely on them.

You will need to do a Net Family Property statement which will include your pension as an asset. Once you reach an agreement on equalization THEN your pension will get equalized during the process.

Calculating Equalization Payments

[QUOTE]" It should be emphasized that the result of an equalization calculation is merely a payment, from one spouse to the other, in the amount of one-half the difference between their respective net family properties."[/QUOTE]

So you pay her the difference, whether you take that money from your pension or retain your pension and pay her half of the value from somewhere else. You are under no obligation to take the money from your pension - she is owed half the value of the assets but not necessarily in the form of that actual asset - and again, only once an agreement has been made on equalization.

How long have you been separated?
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Old 10-22-2015, 11:28 AM
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Thanks for your reply and rest assured I am not placing any onus on my children.

It is their companionship that I am missing, not any sort of support.

She has done the Net Family Property statement through her lawyer with my info and notified me that I "owe her", where it comes from she doesn't care.

We have been separated just under two years.
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Old 10-22-2015, 01:03 PM
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Has your lawyer done your own calculations of net family property? Because you should rarely take advice from the ex or her lawyer. Because most the time, that advice is modestly biased (sarcasm).
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