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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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Old 10-02-2016, 09:58 PM
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Default Farm income for child support?

I own some farmland that I regularly receive $15000/year in gas well revenue and about $6000 of farm rental.
The land is free and clear so it is easy money.

This is a dumb question but is there any way I can NOT include this for income for child support purposes?

At this point I pay high taxes on the money and if it will just make my child support payments higher I would likely just sell the land and use the money to buy a house.


Thoughts?
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Old 10-02-2016, 10:23 PM
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Income is income. You could try to play games, but while CRA accepts many deductions, most family law judges do not.

Now, if it worked, selling the farm and buying a house is a great plan. Your expenses go down but your CS doesn't increase so you have a lot more money available at the end of the month. However, if you suddenly sell your farm, you risk a finding that you are underemployed.

Once you earn income, you are always expected to be able to earn that income unless you have a good reason not to earn that income.

Now, that said, I had a thought. Was this farm included in equalization calculations?
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Old 10-02-2016, 10:26 PM
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Quote:
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Now, that said, I had a thought. Was this farm included in equalization calculations?
We haven't officially separated yet, but what we have agreed to so far for SS and CS is numbers based off of my base employment income assuming no overtime.

We are splitting assets and she is taking most of the cash while I take most of the RRSPs and vehicle type assets. This makes it easy for her to buy a house even with lower income.
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Old 10-02-2016, 10:45 PM
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If you are not yet seperated this piece of land, including income generated from it would be considered a marital asset to be equalized. Your partner would have an interest in both the asset and the future income from it.
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Old 10-02-2016, 10:48 PM
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Originally Posted by blinkandimgone View Post
If you are not yet seperated this piece of land, including income generated from it would be considered a marital asset to be equalized. Your partner would have an interest in both the asset and the future income from it.
I'm paying her for the appreciated value since we were together, so that is covered.

Why could I not sell it?? Things change, nothing lasts forever. I don't get that.
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