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

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  #21 (permalink)  
Old 10-14-2014, 09:52 PM
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drop in any time and ask away

many of us have learned our lessons the hard way
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  #22 (permalink)  
Old 10-14-2014, 09:58 PM
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I'm thinking if you can settle on $4K/mo for 5 years, with minimal legal fees, jump on it. Limiting the time frame will be key for you.

Careful with a one-time lump-sum SS payment, as it might not be tax-deductible for you (and even if it is, you probably don't WANT to have that huge deduction all in one year anyway, nor would she want to pay tax on the full lump in one year).

Can you show the LOC $'s disappeared all in one lump when she left? If so, then that should be considered as $ towards equalization (or SS) i.e that debt is HERS alone.
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Old 10-14-2014, 11:06 PM
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I was just trying to figure out equalization payment with my cash flow and hanging on to my cherished cottage the business ( the cash cow needed to support her SS ) and the 600 sq ft condo that was going to be a investment. It is ugly. I got more RRSP than I initially thought but is there such a thing as negotiating a equalization payment schedule? If company valuation is too high than I am definitely not liquid enough. I am also banking on the idea that I am a 2/3 share owner of the Limited Co but getting mixed opinion from posters on this. Lawyers do think it will make a difference. Thoughts on all anyone?

Last edited by Craigerst; 10-14-2014 at 11:07 PM. Reason: Spelling
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Old 10-14-2014, 11:15 PM
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I don't think the share ownership % will make a difference - it is an asset that is to be shared 50-50. BUT - it can be useful to negotiate as if it DOES make a difference.

Exclude $50K of the LOC - it's hers only (perhaps it should be more?).

Does this work? (you may need to borrow against the cottage for cashflow - if you can)

Yours: ($555 )
Business 500k
Cottage. 200k
LOC: 200K
RRSP $55K

Hers: ($555)
Asset. 450k matrimonial home
Investment condo. 30k into it due February (is this an asset right now?)
RRSP 75k

Both you and she can choose to sell the cottage/condo if you need/want.

Last edited by dinkyface; 10-14-2014 at 11:40 PM.
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Old 10-14-2014, 11:55 PM
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If she wants to be difficult you can propose splitting WVERYTHING in half, credit line, cottage, house, everything. She won't want that at all. Decide on what is important and divide it all up one way or another. Recogize that asset division is a totally separate matter from spousal.
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  #26 (permalink)  
Old 10-15-2014, 07:48 AM
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I am really struggling with the share issue and getting mixed opinions. I will not know for a day or to until I get to my minute book. I am hoping I am 2/3 owner which will make a big difference if in fact it means a large asset I get 3/4 of it. My other Hope is she recognizes is she does not want to kill the cow that feeds us. I will be looking closer into my assets today for a noon hour lawyer appt.

I did not even mention to you guys that I do have a marriage contract but at this point every lawyer has stated it will never hold. I very much appreciate your feedback. Cash flow will be key as well.
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  #27 (permalink)  
Old 10-15-2014, 08:04 AM
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Oh boy. Just opened up a envelope from the bank and even though I never remember applying for one I got turned down for a credit card. I suppose that is because my ex maxed out the lines of credit when she left. I now worry how I will get a mortgage for the condo I got 30 K sunk into and manage a equalization payment. The sacred cottage is looking kind of dismal. I must remain calm. I have 80k in business bank account now and 75k is owed to me as a accrued bonus but I am like a deer in the headlights right now until I get good lawyer accountant advice. I feel like a cat on a hot tin roof. This situation is very stress ful and very fluent. Never in my last 35 years have I ever had credit issues. All this stress on being turned down over a CIBC tim Horton double double card that I must of accidently applied for when I opened my first "single" account. I guess I am just venting now I will shut up. Sorry.
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  #28 (permalink)  
Old 10-15-2014, 08:41 AM
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Quote:
Originally Posted by Craigerst View Post
Oh boy. Just opened up a envelope from the bank and even though I never remember applying for one I got turned down for a credit card. I suppose that is because my ex maxed out the lines of credit when she left. I now worry how I will get a mortgage for the condo I got 30 K sunk into and manage a equalization payment. The sacred cottage is looking kind of dismal. I must remain calm. I have 80k in business bank account now and 75k is owed to me as a accrued bonus but I am like a deer in the headlights right now until I get good lawyer accountant advice. I feel like a cat on a hot tin roof. This situation is very stress ful and very fluent. Never in my last 35 years have I ever had credit issues. All this stress on being turned down over a CIBC tim Horton double double card that I must of accidently applied for when I opened my first "single" account. I guess I am just venting now I will shut up. Sorry.
better to vent here then to your lawyer who will charge you money to listen.
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  #29 (permalink)  
Old 10-15-2014, 10:04 AM
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Don't forget that along with that debt that she accumulated that you both are on the hook for, you are also entitled to half of whatever assets she accumulated from that debt.
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  #30 (permalink)  
Old 10-15-2014, 10:39 AM
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Family debt includes debt incurred after separation if the debt was incurred to pay for or maintain family property. If she incurred debt after seperation and it was not incurred to pay for or maintain family property you might be off the hook for it. Is that the case?
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