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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 09-08-2016, 01:14 PM
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Default Sample Separation Agreement - No support - Part1

This is an actual separation agreement without spousal or child support. Names and numbers have been changed for privacy.

--------
THIS IS A SEPARATION AGREEMENT DATED August 15, 2016

Between

Joe A K
(Joe)
and

Gwen A W
(Gwen)


1. Background
1.1 Joe and Gwen were married on September 27, 1985.
1.2 Joe and Gwen are both retired. Gwen is 66 years of age and was employed as a school teacher with the Toronto District School Board until retiring in 2007. Joe is 62 years of age and was employed by Blue Moon Productions Inc. as President until retiring in 2009.
1.3 There are two children of the marriage, namely, Michael P K, born November 12, 1986 and Kevin D K, born August 15, 1988. Both children live independently from their parents.
1.4 Joe and Gwen separated on December 30, 2013. The parties will continue living separate and apart.
1.5 Since the date of separation, Joe and Gwen have continued to reside separate and apart in the matrimonial home.
1.6 They agree to be bound by this Agreement which settles all issues between them.
1.7 This Agreement replaces all oral or written agreements made between the parties.
2. Definitions
2.1 In this Agreement:
(a) "cohabit" means to live with another person in a relationship resembling marriage,
(b) "equalization payment" means the payment referred to in s. 5(1) of the Family Law Act,
(c) "CRA" means Canada Revenue Agency,
(d) "matrimonial home" means the property at 224 Concord Avenue, Toronto, Ontario M6H 2B7,
(e) "net family property" means net family property as defined in the Family Law Act, and
(f) "property" means property as defined in the Family Law Act.

3. Spousal Support Release
3.1
(a) There will be no spousal support payable by either party.
(b) As a result of the terms of this Agreement, Gwen and Joe are financially independent of each other and release his or her rights to spousal support from the other, now and forever.
(c) Gwen and Joe intend this Agreement to be forever final and non-variable.
(d) For greater certainty, the parties acknowledge that:
(i) they have negotiated this Agreement in an unimpeachable fashion and that the terms of this Agreement fully represent their intentions and expectations;
(ii) they have had independent legal advice and all the disclosure they have requested and require to understand the nature and consequences of this Agreement, and to come to the conclusion, as they do, that the terms of this Agreement, including the release of all spousal support rights, reflects an equitable sharing of the economic consequences of their relationship and its breakdown;
(iii) the terms of this Agreement substantially comply with the overall objectives of the Divorce Act now and in the future;
(iv) they require the courts to respect their autonomy to achieve certainty and finality in their lives;
(v) the terms of this Agreement and, in particular, this release of spousal support, reflect his and her own particular objectives and concerns, and are intended to be a final and certain settling of all spousal support issues between them. Among other considerations, they are also relying on this spousal release, in particular, upon which to base their future lives.
(e) Gwen and Joe specifically wish to be able to pursue their separate and independent lives, no matter what changes may occur. Gwen and Joe specifically anticipate that one or both of them may lose their jobs, become ill and be unable to work, find their financial resources diminished or exhausted whether through their own fault or not, or be affected by general economic and family conditions changing over time. Changes in their circumstances may be catastrophic, unanticipated or beyond their imagination. Nevertheless, no change, no matter how extreme or consequential for either or both of them, will alter this agreement and their view that the terms of this Agreement reflect their intention to always be separate financially. Gwen and Joe fully accept that no change whatsoever in either or both of their circumstances will entitle either of them to spousal support from the other, now and forever.
(f) In short, the parties expect the courts to enforce fully this spousal support release no matter what occurs in the future.

4. Medical and Dental Benefits
4.1 Gwen and Joe will be responsible for their own medical and dental insurance.
5. Property
5.1 Gwen and Joe acknowledge and agree that Joe owes to Gwen an equalization payment of $367,889.21 in final satisfaction of any and all property claims between the parties.
5.2 Gwen and Joe agree that except for that which is provided in this Agreement, they have already divided their personal property in a mutually agreeable manner, and that each party shall be entitled to retain all such personal property in his or her possession free and clear of any claim by the other party, and that each party may dispose of such property as if he or she were unmarried.
5.3 Each party shall maintain any and all bank accounts, RRSP’s , investments, mutual funds and any other assets that are in their name alone free and clear from any claim from the other party. Specifically, Joe shall retain all assets listed in his sworn financial statement, a copy of which is attached hereto and marked as Schedule ‘A’, while Gwen shall retain all assets listed in her sworn financial statement, a copy of which is attached hereto and marked as Schedule ‘B’.
5.4 The spousal support, pension and property sections of this Agreement are interdependent and inextricably intertwined. Together, they fully satisfy the support objectives set out in the Divorce Act and the Family Law Act in that they:
(a) fully satisfy the support objectives set out in the Divorce Act and the Family Law Act,
(b) recognize any economic advantages or disadvantages to the spouses arising from the marriage or its breakdown,
(c) relieve any economic hardship to the spouses arising from the breakdown of the marriage,
(d) insofar as is practicable, promote the economic self-sufficiency of each spouse within a reasonable period of time,
(e) recognize each spouse's contribution to the relationship and the economic consequences of the relationship for the spouse,
(f) fairly assist the spouses to become able to contribute to their own support, and
(g) relieve all financial hardship.
6. Matrimonial Home
6.1 The parties own the matrimonial home jointly. The matrimonial has been sold for $1,975,000.00 with a closing date of August 14, 2016.
6.2 The parties will direct their real estate lawyer to pay these expenses from the matrimonial home sale proceeds:
(a) real estate commission,
(b) adjustments for taxes, utilities, municipal fees or levies, if any,
(c) amounts required to discharge registered encumbrances, if any,
(d) legal fees and disbursements relating to the sale, and
(e) all other sale adjustments.

6.3. After paying these amounts, the remaining proceeds will be divided equally between the parties.
6.4. From Gwen’s share of the proceeds from the sale of the matrimonial home, Gwen shall pay to Joe the following:
a) The sum of $16,000.00 which was agreed upon between the parties so as to permit the sale of the home for the price sought by Gwen.
6.5. From Joe’s share of the proceeds from the sale of the matrimonial home, Joe shall pay to Gwen the following:
a) The sum of $367,889.21 which represents the equalization payment as set out at paragraph 5.1 of this Agreement.
6.6. Joe and Gwen have divided their household contents to their mutual satisfaction.
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Old 09-08-2016, 01:15 PM
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Default Sample Separation Agreement - No support - Part2

7. Debts
7.1 Gwen and Joe have the following debts in their joint names:
(a) Scotiabank Line of Credit with an outstanding balance of $0.00, which shall be closed within 10 days from the date of this Agreement.
7.2 Joe and Gwen will be solely responsible for payment of their own personal debts and liabilities and will indemnify the other from any expense or liability with respect to his or her own debts.
7.3 Neither Joe nor Gwen will pledge the credit of the other or bind the other for any debts he or she may incur after the signing of this Agreement. Joe and Gwen acknowledge that they have not pledged the credit of the other since separation.
7.4 A party who is under an obligation in this Agreement to reimburse or indemnify the other will:
(a) pay the other's expenses, damages or loss, including costs arising from the party's obligation to reimburse or indemnify, and
(b) indemnify the other from:
(i) any amounts paid by him or her with respect to the liability, and
(ii) actual legal fees and disbursements incurred by him or her.
7.5 In this Agreement, one party's indemnification of the other with respect to a debt will be enforceable as a consent to judgment in favour of the party owed the indemnity and against the party owing it in the amount of the liability, plus the costs incurred to obtain the judgment and enforce it.
8. Pensions
8.1 Either party may apply for a division of Canada Pension Plan credits.
8.2 In this Part of the Agreement:
(a) "Family Law Valuation Date" means the date the parties separated with no reasonable prospect of resuming cohabitation;
(b) "Family Law Value of Gwen's pension interests" means the imputed value, for family law purposes, of Gwen's pension benefits, deferred pension or pension/lifetime pension under the Plan, accrued from the starting date to the Family Law Valuation Date, as determined pursuant to the Family Law Act, the PBA and the PBA Regulation, and valued in the Financial Services Commission of Ontario Family Law Form 4E which is attached as Schedule “C” to this Agreement ;
(c) "Family Law Value of Joe's survivor benefits" means the imputed value, for family law purposes, of Joe's survivor benefits under the Plan, accrued from the starting date to the Family Law Valuation Date, as determined pursuant to the Family Law Act, the PBA and the PBA Regulation, and valued in the Schedule “C” Financial Services Commission of Ontario Family Law Form 4E;
(d) "Family Law Value of Joe's pension interests" means the imputed value, for family law purposes, of Gwen's pension benefits, deferred pension or pension/lifetime pension under the Plan, accrued from the starting date to the Family Law Valuation Date, as determined pursuant to the Family Law Act, the PBA and the PBA Regulation, and valued in the Financial Services Commission of Ontario Family Law Form 4D which is attached as Schedule “D” to this Agreement ;
(e) "Family Law Value of Gwen's survivor benefits" means the imputed value, for family law purposes, of Gwen's survivor benefits under the Plan, accrued from the starting date to the Family Law Valuation Date, as determined pursuant to the Family Law Act, the PBA and the PBA Regulation, and valued in the Schedule “D” Financial Services Commission of Ontario Family Law Form 4D;
(f) "PBA" means the Pension Benefits Act;
(g) "PBA Regulation" means Ontario Regulation O.Reg. 287/11, relating to Family Law Matters, pursuant to the PBA;
(h) "pension benefits" means the aggregate monthly, annual or other periodic amounts payable to Gwen and/or Joe during his or her lifetime, to which Gwen and/or Joe is entitled under the Plan;
(i) "Pension Form(s)" means the form(s) prescribed by the PBA Regulation, more particularly delineated by a number;
(j) "starting date" means the starting date for determining the Family Law Value, pursuant to the PBA Regulation;
(k) "surplus" means the excess of the value of the Plan's assets over its liabilities, as more particularly defined in the PBA;
(l) "survivor benefits" means the aggregate monthly, annual or other periodic amounts which may be payable to Joe and/or Gwen in the event of Joe and/or Gwen's death for her lifetime pursuant to the Plan";
(m) "transfer ratio" means the transfer ratio as defined in the PBA which reflects the funded status of the Plan as of a certain date.
8.3 The Family Law Value of Gwen's pension interests:
(a) is property to be equalized within the meaning of the Family Law Act;
(b) will be included in Gwen's net family property in the Property Section above; and
(c) will be divided and shared with Joe according to the PBA and the terms of this Part of the Agreement.
8.4 The Family Law Value of Joe's pension interests:
(a) is property to be equalized within the meaning of the Family Law Act;
(b) will be included in Joe's net family property in the Property Section above; and
(c) will be divided and shared with Gwen according to the PBA and the terms of this Part of the Agreement.
8.5 The parties confirm that:
(a) Gwen is a member of the Ontario Teacher`s Pension Plan;
(b) Joe is a member of the Manulife Canadian Employees Pension Plan;
(c) Gwen was born on September 22, 1948;
(d) Joe was born on March 12, 1954;
(e) The starting date is September 26, 1984, which is the parties' date of marriage;
(f) The Family Law Valuation Date is December 31, 2013 which is the parties' date of separation;
(g) Gwen and Joe submitted Pension Form 1 (Application for Family Law Value) to their respective Plan Administrators. The Plan Administrators provided the parties with Pension Form 4D (Statement of Family Law Value Former Plan Member with a Defined Benefit or a Combination Benefit) for Joe’s pension and Pension Form 4E (Statement of Family Law Value Retired Member with a Defined Benefit Pension) for Gwen’s pension, both forms form an integral part of this Agreement;
(h) The Family Law Value of Gwen's pension interests, including bridging/supplemental benefits and surplus, if any, as of the Family Law Valuation Date is $577,521.38;
(i) The Family Law Value of Joe's pension interests, including bridging/supplemental benefits and surplus, if any, as of the Family Law Valuation Date is $124.345.26;

8.6 The parties agree and irrevocably authorize and direct that:
(a) Pursuant to the option for the division of Gwen`s pension available to Joe in Pension Form 4E, Joe opts for the
(i) Division of each installment of 39.22% of Gwen’s lifetime pension per month from the age of 65 to death.
(ii) Division of each installment of 39.22% of Gwen’s bridging/supplemental benefit per month from December 31, 2013 to age 65.
(iii) All amounts payable to Joe are to be adjusted for indexation from the Family Law Valuation Date.
(iv) With payments to be divided at source.
(v) Joe’s share of Gwen’s surplus, if any, is 39.22%.
(vi) Payments to include an adjustment for retroactive amounts owing and taxes.
(vii) Receipt of any survivor benefits provided by Gwen’s pension in the event that Gwen predeceases Joe.
(b) To effect the division of Gwen`s pension in accordance with this section, the parties will complete and file with the Plan Administrator, a Pension Form 6 (Application to Divide a Retired Member’s Pension), a copy of which is attached as Schedule "E" to this Agreement.
(c) Gwen and Joe will cooperate and complete all documents necessary to facilitate the division of Gwen`s pension, including the completion and delivery of all necessary Pension Forms.
8.7 The parties agree and irrevocably authorize and direct that:
(a) In lieu of the option for the division of Joe`s pension available to Gwen in Pension Form 4D, Gwen opts for the transfer of a lump sum of $62,172.63 from Joe’s TD Waterhouse LIRA # 52xxx9S, into a locked-in retirement account (LIRA) as directed by Gwen.
(b) To effect no division of Joe`s pension in accordance with this section, the parties will complete and file with the Plan Administrator, a Pension Form 7 (No division of Family Law Value/Pension Assets), a copy of which is attached as Schedule "F" to this Agreement.
(c) Gwen and Joe will cooperate and complete all documents necessary to facilitate the no division of Joe`s pension, including the completion and delivery of all necessary Pension Forms.



9. Releases
9.1 Except as otherwise provided in this Agreement, Joe and Gwen release each other from all claims either may have against the other now or in the future under the terms of any statute or the common law, including all claims under the Divorce Act, the Family Law Act, and the Succession Law Reform Act, for:
(a) possession of property,
(b) ownership of property,
(c) division of property,
(d) compensation for contributions to property, and
(e) an equalization payment.
9.2 Except as otherwise provided in this Agreement, Joe and Gwen each renounce any entitlement either may have in the other's will made before the date of this Agreement or to share in the estate of the other upon the other dying intestate.
9.3 Except as otherwise provided in this Agreement, Joe and Gwen release each other from all claims either may have against the other now or in the future under the terms of any statute or the common law, including claims for:
(a) a share in the other's estate,
(b) a payment as a dependant from the other's estate under the Succession Law Reform Act,
(c) an entitlement under the Family Law Act,
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Old 09-08-2016, 01:17 PM
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Default Sample Separation Agreement - No support - Part3

(d) an appointment as an attorney or guardian of the other's personal care or property under the Substitute Decisions Act, and
(e) participation in decisions about the other's medical care or treatment under the Health Care Consent Act.
9.4 Except as otherwise provided in this Agreement, on the death of either party, the surviving party will not:
(a) share in any testate or intestate benefit from the estate, or
(b) act as personal representative of the deceased; and,
(c) the estate of the deceased party will be distributed as if the surviving party had died first.


10. General Terms
10.1 Joe and Gwen each acknowledges and agrees that this Agreement is a separation agreement entered into under section 54 of the Family Law Act, and is a domestic contract that prevails over all matters dealt with in the Family Law Act.
10.2 There are no representations, collateral agreements, warranties or conditions affecting this Agreement. There are no implied agreements arising from this Agreement and this Agreement between the parties constitutes the complete agreement between them.
10.3 If Joe and Gwen agree to try and reconcile their relationship but they cohabit for no longer than 90 days, this Agreement will not be affected. If they cohabit for more than 90 days, this Agreement will become void, except that any transfers or payments made to that time will not be affected or invalidated.
10.4 Except as otherwise provided in this Agreement, the invalidity or unenforceability of any term of this Agreement does not affect the validity or enforceability of any other term. Any invalid term will be treated as severed from the remaining terms.
10.5 The section headings contained in this Agreement are for convenience only and do not affect the meaning or interpretation of any term of this Agreement.
10.6 Joe will commence an application to obtain a divorce at his own expense with no costs payable at such time as the parties or either of them are entitled to apply for a divorce or any earlier date as the parties may elect. The divorce will then proceed on an uncontested basis.
10.7 If a divorce judgment or order issues, all of the terms of this Agreement will continue.
10.8 The interpretation of this Agreement is governed by the laws of Ontario.
10.9 This Agreement survives the death of Joe and Gwen and enures to the benefit of and binds Joe and Gwen's heirs, executors, estate trustees, personal representatives and assigns.
10.10 Joe and Gwen will each inform the executors, estate trustees, personal representatives named in his or her will that this Agreement exists, and where a copy is located.
10.11 Any amendments to this Agreement must be in writing, signed by the parties, dated and witnessed.
10.12 Joe and Gwen will sign any documents necessary to give effect to this Agreement.

10.13 Joe and Gwen have disclosed their income, assets and other liabilities existing at the date of marriage, separation and date of this Agreement. Joe’s financial disclosure is set out in Schedule ‘A’ to this Agreement. Gwen’s financial disclosure is set out in Schedule ‘B’. They have each investigated the other’s financial circumstances to his or her satisfaction.
10.14 Joe or Gwen's failure to insist on the strict performance of any terms in this Agreement will not be a waiver of any term.
10.15 Joe and Gwen will pay his or her own costs for the negotiation and preparation of this Agreement.
10.16
(a) Joe and Gwen have both had independent legal advice, Joe from Lawyer One and Gwen from lawyer number 2.
(b) Joe and Gwen:
(i) understand his or her rights and obligations under this Agreement and its nature and consequences,
(ii) acknowledge that this Agreement is fair and reasonable,
(iii) acknowledge that they are not under any undue influence or duress, and
(iv) acknowledge that both are signing this Agreement voluntarily.
10.17 Certificates of Independent Legal Advice by each of their solicitors are attached to this Agreement.
Joe and Gwen will each inform the executors named in his or her will that this Agreement exists, and where a copy is located.

10.18 Where consent is required under this Agreement, it will not be unreasonably withheld.
10.19 The effective date of this Agreement is the date on which the latter party signs it.



TO EVIDENCE THEIR AGREEMENT JOE AND GWEN HAVE SIGNED THIS AGREEMENT BEFORE A WITNESS.


DATE:


_________________________ _________________________
Witness Joe A K


DATE:


_________________________ _________________________
Witness Gwen A W

DATED:


Between:

Joe A K

and

Gwen A W




SEPARATION AGREEMENT




Lawyer #1
Barrister and Solicitor
1918 Bay Street
Suite 2xxx
Toronto, Ontario M5X 7T4
Tel: (416) 754-xxxx
Fax: (416) 755-xxxx
BossMan@lawyer1law.ca
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Old 09-19-2016, 03:25 PM
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with the no spousal support part Can she file a motion after to change that to get support after it was signed 2 years ago???
my question is I have the same in my seperation agreement. but now we are going to court custody batrle of children. which in agreement states 50 50.
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Old 09-19-2016, 03:30 PM
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with the no spousal support part Can she file a motion after to change that to get support after it was signed 2 years ago???
my question is I have the same in my seperation agreement. but now we are going to court custody batrle of children. which in agreement states 50 50.
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Old 09-19-2016, 03:34 PM
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Originally Posted by Alienatedmom View Post
with the no spousal support part Can she file a motion after to change that to get support after it was signed 2 years ago??
You can file a motion for anything. You can file a motion to determine if you should teach the child that the moon is made of BBQ spare ribs. But, will it be successful is the better question.

In my humble opinion, I don't think a motion for SS would be successful 2 years after an agreement was signed. You can't come back that late in the game for such a short relationship because you are on OW. Especially if you were employed at equal or better to the other person in that matter.

You can't have your cake and eat it too.



Good Luck!
Tayken
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Old 09-19-2016, 05:22 PM
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I agree with Tayken. The only way I think it would be considered would be if you signed the separation agreement under duress (and can irrevocably prove that) or if there is evidence that the other party intentionally (not incompetently) failed to provide accurate, full financial disclosure.
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Old 09-20-2016, 11:08 AM
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I agree with Tayken. The only way I think it would be considered would be if you signed the separation agreement under duress (and can irrevocably prove that) or if there is evidence that the other party intentionally (not incompetently) failed to provide accurate, full financial disclosure.

Buy, if the moon was made of BBQ spare ribs would you eat it?

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Old 09-30-2016, 07:36 AM
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The agreement had 2 attachments, a certificate of independent legal advice from each person's lawyer, indicating that the spouse was under no duress of the opposing party.
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