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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 05-20-2014, 01:40 PM
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Were the RESP values at the time of separation part of equalization, or were they simply not mentioned?
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Old 05-22-2014, 09:56 PM
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I had them listed as an asset and we offered to have them split 50/50 but her LLB never acted on it.
So it was all left in my name. It was never a joint account.
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Old 05-23-2014, 12:43 AM
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If they weren't split and they're still in your name and you disclosed, why not consider it 100% your funds?
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Old 07-08-2014, 09:36 PM
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What happens if RESPs were opened jointly during the marriage. After separation one party signs off of them and the other party takes on full responsibility for them. Parties are now divorced and payments continue to be made by the one party.
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Old 07-09-2014, 02:50 AM
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It's simpler to close, or "lock", the joint RESP, as soon as possible. )The money in it just sits until the child is ready to use it). Then one or both parents can open their own new RESPs for the child. Locking the joint RESP, rather than transferring it to one party or the other, eliminates any ambiguity about who the money in the joint RESP belongs to.

When we did this, the money in the joint RESP was not included in the equalization because it was assumed that during the marriage we had contributed equally to the RESP with both our names (or more precisely, even though we had not contributed completely equally, as I was the higher earner, for the purpose of equalization the difference between our contributions was assumed to be a gift I had made to the ex, which was fine with me as the money was going to the kidlet anyway).
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Old 07-09-2014, 06:41 AM
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Or split it equally and separate to two separate RESPS.
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Old 07-09-2014, 09:14 AM
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If the other partner signed off, they shouldnt be entitled to info on total value past the divorce date. The bank can give an amount from that date and you take the amount for your 2/3 split from that. Then the amount after sign off you withdraw the amount for your portion.

Thats if you cant do what serene suggested and split it.

Privacy laws prevent anyone from knowing info they dont own. If she has legally removed her name (assuming you have paperwork in the sa), then the bank isnt obligated to give info past the valuation date for divorce.

Ask the bank about their privacy policies and what info they give out for this situation. My partner was able to get info on the resp he and his ex opened during the marriage. Even though its at the bank she deals with.
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