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

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  #11 (permalink)  
Old 11-08-2013, 01:35 PM
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Quote:
Originally Posted by salsero12 View Post
...
Does anyone else have have any further advice and/or suggestions?
Be prepared to keep paying your current child support obligation.
Perhaps, if it's a possible alternative, look into part-time schooling/courses, if that is available in this particular curiculum. That allows you to keep working, and to try and attend school/courses.
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  #12 (permalink)  
Old 11-08-2013, 02:06 PM
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Hi and thanks for your comment.

Yes, I have looked into getting a part-time job to reduce my debt, however, and correct if I'm wrong, any monies I make extra will have to be claimed as income, increasing my overall income, which means paying more CS?

If this is the case, is not worth it. My ex is all about $$$. She just recently asked why I have not given her the $$ that belongs to her from my pension (were separated before the new pension rules came into effect on Jan 2012). She had a "tantrum" after I told her this.

Any other suggestion Rioe?

dad2bandm, as mentioned earlier, this is a FULL TIME commitment and way that the courses and practicum are scheduled is in the same manner as that of Medical School.

Quote:
If you go to school, and these are your "reasonable educational needs" meaning that it is not a degree in Canadian Literature, but something that leads to a new career, then your ex may not impute an income.
With regards to the above quote, I will not be able to work part-time during the two years of the program:

Quote:
Full Time Status
The structure of the program requires that all students be registered in the program on a full-time basis. Attendance at all Residential and Evaluation components of the program and participation in all Distance components are mandatory. Employment while enrolled in the full-time professional degree program is strongly discouraged.
Below is a brief program overview:

Program Overview
The program runs continuously for six semesters (24 months). Short periods of time are spent in Toronto, but otherwise the student may be in their home location during the first year. In year two, the student is participating in clinical activities, with three brief returns to Toronto in the year.

Year 1 (3 semesters) is academically focused
– Completion of 15 courses in total, including 120 hours of longitudinal clinical experience is expected.
– 4 Mandatory Residential Blocks** will occur: For the September start, this means 4 week block in September, a 3 week block in December, and 4 week blocks in April/May and July/August.

Year 2 (3 semesters) is clinically focused
– 40 weeks of supervised direct clinical contact in rural and urban settings.
– Half of the clinical practicum will be assigned in Southern Ontario, half in Northern Ontario. Three Mandatory Residential Blocks will occur. The Residential Blocks for the September 2014 start at to be confirmed.


Any further advise?
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  #13 (permalink)  
Old 01-21-2014, 02:15 PM
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UGLY TRUTH ALERT!

No court will (nor should it) allow you to put your children at a financial disadvantage because you want to take a 2 year sabbatical. By the numbers you quoted for c/s, you already make more than the position you're hoping to gain through your educational adventure.

I'm going to suggest you look in the mirror and face the truth. How about putting your career aspirations on hold until your obligations towards the most important commitments in your life (your children) are fulfilled and you get your personal financial house in order?
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Old 01-21-2014, 02:19 PM
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Quote:
UGLY TRUTH ALERT!
oh NO...THIS CAN'T BE GOOD

Quote:

How about putting your career aspirations on hold until your obligations towards the most important commitments in your life (your children) are fulfilled and you get your personal financial house in order?
nOW nOW....Some will say that is just "crazy talk". I have even seen/heard of a similar stunt where a person tried to quit their job in order to get SS..I MEAN SERIOUSLY
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  #15 (permalink)  
Old 01-21-2014, 02:27 PM
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Quote:
Originally Posted by salsero12 View Post
Yes, I have looked into getting a part-time job to reduce my debt, however, and correct if I'm wrong, any monies I make extra will have to be claimed as income, increasing my overall income, which means paying more CS?

If this is the case, is not worth it. My ex is all about $$$. She just recently asked why I have not given her the $$ that belongs to her from my pension (were separated before the new pension rules came into effect on Jan 2012). She had a "tantrum" after I told her this.

Any other suggestion Rioe?

Any further advise?
Sorry, missed this response way back when.

You have an excellent job already, from the sounds of it. If you really want to change careers, maybe because you absolutely hate your current job, then you have to make it happen without disadvantaging your children. Many many people work at a job they can't stand, because not doing so hurts their children.

To create the luxury of being able to do otherwise, you have to make some sacrifices for it so your children aren't affected.

Make it a long term plan.

Get a part time job with your spare time. Yes, your CS obligation will increase as your income does, but you will still have additional money leftover. Pay off ALL your debt. Why on earth would you want to go into debt for this education program if you haven't even gotten the first OSAP debt paid off?

I still maintain that someone who lives with their parents, presumably with few personal expenses, should not have debt for long.

Once your debt is paid off, keep at it. Put enough money aside so that you can keep paying your CS obligation to your children for two years out of it.

THEN you can quit your jobs and go back to school, knowing your children are looked after.

Good parents put their kids first.

To me, it sounds like you are putting your own desires first. Not even your needs, but your desires. With more than a little resentment at your ex thrown in for good measure. You don't want to earn more income because that would mean paying her more CS?
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  #16 (permalink)  
Old 01-21-2014, 04:17 PM
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I wouldn't make plans to go back to school right now - you're too exposed to possible financial obligations. Even if you were allowed to drop your CS payments, it would be too hard on your kids for their custodial parent to lose $950 per month (unless of course s/he is completely on board with this plan).

Can you postpone your plans to return to school for a few years, and use your income now to set aside enough money to cover two years of worst-case scenario CS payments (if you continue to be imputed at your current income)? That's $22,800. If you're living with your parents and you watch your expenses, it shouldn't take too long to save that. That way your kids continue to be protected.
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Old 01-21-2014, 04:30 PM
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Quote:
Originally Posted by salsero12 View Post
Hi and thanks for your comment.

Yes, I have looked into getting a part-time job to reduce my debt, however, and correct if I'm wrong, any monies I make extra will have to be claimed as income, increasing my overall income, which means paying more CS?

If this is the case, is not worth it. My ex is all about $$$. She just recently asked why I have not given her the $$ that belongs to her from my pension (were separated before the new pension rules came into effect on Jan 2012). She had a "tantrum" after I told her this.

Any other suggestion Rioe?

dad2bandm, as mentioned earlier, this is a FULL TIME commitment and way that the courses and practicum are scheduled is in the same manner as that of Medical School.



With regards to the above quote, I will not be able to work part-time during the two years of the program:



Below is a brief program overview:

Program Overview
The program runs continuously for six semesters (24 months). Short periods of time are spent in Toronto, but otherwise the student may be in their home location during the first year. In year two, the student is participating in clinical activities, with three brief returns to Toronto in the year.

Year 1 (3 semesters) is academically focused
– Completion of 15 courses in total, including 120 hours of longitudinal clinical experience is expected.
– 4 Mandatory Residential Blocks** will occur: For the September start, this means 4 week block in September, a 3 week block in December, and 4 week blocks in April/May and July/August.

Year 2 (3 semesters) is clinically focused
– 40 weeks of supervised direct clinical contact in rural and urban settings.
– Half of the clinical practicum will be assigned in Southern Ontario, half in Northern Ontario. Three Mandatory Residential Blocks will occur. The Residential Blocks for the September 2014 start at to be confirmed.


Any further advise?
I have never understood this comment.

An increase in income of $10,000 from 70,000 - 80,000 with one child increase your CS by $1020.00 / year.

Lets say you get to keep 60% after taxes... You get to keep $6000 for yourself. $1020 goes to your ex. You are $4980 better off.

How is $5000 not worth it?
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  #18 (permalink)  
Old 01-21-2014, 10:17 PM
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There are good jobs with good pay which are not sustainable. Like mine. If I quit for 2 years and and then make the same or even a bit less than now for the next 20 years my child would be much, much better off then if I keep working until I become useless on my current field in 5 years. Maybe the poster is in a similar situation.
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