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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 10-14-2014, 07:58 PM
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I actually am thinking aloud. My medical issues are numerous and I expect can be fully backed up as a guy that needs to stop work to extend his life. If this what I have to do then I do it.

Is there a second option where I simply decide my life is going through a big change. I am going to live a much simpler life style at my modest 1/2 of the settlement

What I am thinking you are saying is I cannot choose to change my lifestyle they will effectively force me to keep my Co since it is the Golden Goose that lays out the spousal support that she wants but I don' want it! Correct?
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Old 10-14-2014, 08:00 PM
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There would definettly be a period of involvement with the purchaser. Short term, maybe a year as a consultant. They were firm about that.
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Old 10-14-2014, 08:02 PM
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No one will tell you to not retire.
SS will be determined based on past earnings. It will ultimately be up to you on how you figure out to pay her.
Judges are onto people who come up with incurable medical problems right around the time they divorce. I'm not saying that you don't have legitimate health concerns, but be aware that if you want to use your "medical situation" to try to get out of paying SS you are in for an uphill battle. Expert testimony with scrupulous medical evidence would be required should your issue go to court. Expert testimony can cost 5,000.00 for part of the day.

You are probably best to consider coming up with cash and work out lump sum settlement for SS (yes on top of her 50% entitlement to marital assets).

You are still young and would be viewed as having many years ahead of you to earn significant income.
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Old 10-14-2014, 08:04 PM
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Asset. 450 k matrimonial home
Business 500k
Cottage. 200k
Investment condo. 30k into it due February

RRSP ME. 80k. Spouse. 50k
LIABIlities. 250 k. She left and maxed them out

Last edited by Craigerst; 10-14-2014 at 08:09 PM. Reason: Too many homes
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Old 10-14-2014, 08:08 PM
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You mean get her more up front to waive SS? It might be too much then for me to live on a even bare bones lifestyle. Life really sucks right now. The only hope I might have and please comment. Share distribution of the corporation is unclear right now. My health issue wiped out parts of my memory. I think I own 2/3 and she owns 1/3 but I will not know that for a few days
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Old 10-14-2014, 08:13 PM
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I am happy to hear judges are on too people with medical issues to trump up support. My spouse never works and never wants to work and all of a sudden she has hip leg neck back yadda yadda problems and all they can confirm is she has a bad versa brae

I have had 11 brain surgeries in 8 years and the final one they said there was nothing more they could do.
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Old 10-14-2014, 08:20 PM
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Let me tell you how this will play out.

Your wife will get a lawyer. A good lawyer because the two of you have assets. You will get a lawyer who will blow smoke up your ass and tell you that due to your poor health he will get you out of spousal support. You will believe this nicely-dressed person in the fancy corner office. You will sign a retainer agreement for at least 350.00/hour. Your wife will do the same thing.

You and your wife are sitting ducks for lawyers. The lawyer will keep the two of you in litigation for years. You can kiss that cottage lifestyle you are dreaming of right now, right down the toilet. You will have to liquidate your assets to pay your lawyers. Your wife will get an obscenely large temporary (interim) spousal support order where you have to pay over 6,000.00/month (or possibly more depending on your financials). Your lawyer will be billing your ass to extract every last cent possible. Retire? You won't be able to.

Do yourself a favor and talk to your ex and come to some sort of agreement that will keep the two of you out of the courtroom.

You are young and own a real estate company. You can have people work for you and still make an income while you go fishing at the cottage or build sandcastles or whatever you enjoy doing. Work out a realistic plan. Offer to get your wife some financial planning assistance.
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Old 10-14-2014, 08:34 PM
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I keep hearing the lawyers are going to get us issue. I have seen 2 so far he spouses the let us keep the fees down and basically said what you said. Today's said could be as much as 20-30 grand and needs 6g down. Tomorrow I see final lawyer who is charging 395.00 for a sit down 1 hour consult. I need to really be careful on the ownership of the limited co I beleive that will definitely effect the equalization payment. Right now it her lawyer demanding 4k interim support. I guess I have to face reality.

I just cannot imagine having a bad year and having to pay her support and it is more than what I made but I imagine that can be written in somehow as a clause. What you think?
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Old 10-14-2014, 08:40 PM
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I think you're getting off easy with 4K a month. Keep in mind it is 100% tax deductible to you but fully taxable to her. (Taking that into consideration her lawyer is lousy IMO).

My ex and I were partners in a limited corporation. Even if ex had owned the company 100% it would have made absolutely no difference, particularly after a 30 year marriage.

I can tell you that if you get away with only paying 30,000.00 to a lawyer for this then you will have done very well. 60,000.00 is more realistic but then the lawyers don't want to scare you off do they?

I would emphasize how important it is to keep lines of communication open with your wife. You'd probably both be better off to spend a few thousand on some financial advice - get together with your ex and meet with the accountant for starts.

In the end no one cares who charged up the most on the cards or how sick you think you are. It comes down to the "spoils" - what's left over.
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Old 10-14-2014, 08:45 PM
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Sounds like solid advise. I was panicking some before talking to you experienced guys. I guess I just got to get my financials in order and play damage minimization. That does not mean I have to enjoy it. Best regards

Craig
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