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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 10-14-2014, 07:00 PM
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Default Newbie help please

Married 30 years. Wife has never worked. Paid each of us about 50k a year. Separate 6 weeks ago. Had a serious brain bleed 8 years ago. Numerous reoccurrences. Aprox net worth million bucks. I would guess she entitled to 50k a year support. What with my many near death experiences can they force me not to just retire so I can pay her. She will get about 400k after fees and everything I expect. ?

Last edited by Craigerst; 10-14-2014 at 07:06 PM. Reason: It was a mess
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Old 10-14-2014, 07:02 PM
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Further to above it is a joint owned co and real estate and rrsp as assets and 2 lines of credit she ran up as liabilities. The 1million net worth is after taking off the loc she got into.

Scared shitless I will be actually forced to work rather than live a barebones lifestyle at cottage and hopefully manage to stretch my life out longer than expected.I would be content

Any hepl would be appreciated people. Ask away for details I have likely missed
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Old 10-14-2014, 07:25 PM
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- You'll need medical letters indicating your limited capacity to work (i.e. earn).
- How old are you now (i.e. how close to retirement age).
- yes, all assets+debts will be split 50-50, after realty/selling fees.
- If she used LOC to buy a car she uses exclusively (or jewelry or solo vacation), then it is possible to argue that the LOC debt and the asset (car/jewelry/memories) both go to her (which is in your favour)
- With non-liquid assets (Co and real estate) it may be difficult for one to buy out the other. Perhaps you keep the co and she keeps the real estate? RRSP split can balance it out. (to avoid forcing sale and incurring fees)
- How will you valuate your co, now that you are personally winding down. Do you have a succession plan in place to help preserve the value?
- You supported her fully 30 years, not likely she will be expected to start supporting herself now -> hence spousal support.
- Any inheritances or insurance awards kept separate (i.e. not comingled in household funds) can be kept separate from the $ split.
- your CPP (just the portion accumulated over those 30y) will also be split with her
- household contents, vehicles, toys, other fixed assets are generally valued at 'kijiji' prices, which are typically 20% to 50% original cost.
- If stress is a risk factor for you - make sure to deal actively (counseling, meds, lifestyle) with the stress of getting this sorted out

Last edited by dinkyface; 10-14-2014 at 07:30 PM.
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Old 10-14-2014, 07:38 PM
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Thank you for quick reply. I actually just deleted the second part it confused me. My number 1 concern since I am able to document that co has struggled but been profitable since the main aneurysm blow up is I will somehow be "shirking the responsibility of support. It will look this way. It is not. I am comfortable end up with a equal amount as her. I can mange a much reduced lifestyle. She has already started trumping up her health state since she has never worked and does not to work. Will a court say you cannot retire. I certainly can watch the numerous details off the mess as it goes down but can they prevent me from simply selling the business and giving her 1/2.
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Old 10-14-2014, 07:40 PM
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I am only 55. If any would keep Co it would be me but that would not be possible since I want to be 200 miles away at cottage.
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Old 10-14-2014, 07:41 PM
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Equalization of assets/debts and spousal support not related. So even if she gets 50% net worth, you still have to deal with the issue of spousal support, which hinges on your earning power. That's where you have to get medical evidence to back up your position. Your age is also relevant.
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Old 10-14-2014, 07:42 PM
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A business evaluator is in mind but I had a actual offer last year so nothing is more accurate than a offer but I suppose it will have to be evaluate and sold
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Old 10-14-2014, 07:43 PM
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I was afraid of that. Your suggesting a choice to retire and live modestly is different than choosing to retire and live modestly since if I have a reoccurence I die?
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Old 10-14-2014, 07:44 PM
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Quote:
Originally Posted by Craigerst View Post
If any would keep Co it would be me but that would not be possible since I want to be 200 miles away at cottage.
Then keeping the cottage might not work out for you. Unless your company is worth little and your RRSP is worth lots.
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Old 10-14-2014, 07:47 PM
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Any chance the co can go to your ex, with you working as part-time consultant on contract? This would preserve the co value while you transition out.

Was the offer to purchase given with the knowledge you would no longer be involved?
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