I found this definition and had a question regarding "Personal Injury Awards":
"Net Family Property - In Ontario family law, the first step in determining the division of assets is calculating your net family property. This is essentially your assets on the date of separation, less your liabilities on the date of separation, less your net worth on the date of marriage, and less any inheritances, gifts from third parties and personal injury awards received during your marriage that are traceable."
I had an accident during my marriage. We are separated now... hopefully divorced finalized next year. I receive disability income replacement from my insurance company along with CPP disability.
It's been 4.5 years already, but I'm hoping I may settle within the next 3-6 months. There is no tort claim or pain and suffering, etc. I will receive an income replacement (loss of income) and my future care costs (therapies/meds/etc). As I can no longer work, this money would be for me to survive the rest of my life.
I don't know what the numbers will be yet, but just for example, lets say... I will have an option to either receive a lump sum ($1M) or a structured settlement to maintain my monthly income forevermore.
Because this accident occured during marriage, would my ex be entitled to my settlement?
Or because this is my future care costs (for needed therapies,etc) and income replacement (since I can no longer work) would she not?
If I recieve a lump sum, I would need that money to invest/gic or something to ensure I maintain an income to survive.
Does it matter if I choose a lump sum or structured settlement?
My thought is that a lump sum would be a payout (less because of settlement) but based on what I am receiving now. If I end up being ordered to pay support based on my income now, I would think I would simply maintain that.. and she would not get a part of the settlement. A lump sum would hopefully allow me to live off the interest but always keep the principle amount for my kids' future. Otherwise I could do a structure settlement which would guarantee me a basic income, but never holding on to the principle amount.
My main worry is that a lump sum payout would get counted as an asset during marriage, which would give her half...
"Net Family Property - In Ontario family law, the first step in determining the division of assets is calculating your net family property. This is essentially your assets on the date of separation, less your liabilities on the date of separation, less your net worth on the date of marriage, and less any inheritances, gifts from third parties and personal injury awards received during your marriage that are traceable."
I had an accident during my marriage. We are separated now... hopefully divorced finalized next year. I receive disability income replacement from my insurance company along with CPP disability.
It's been 4.5 years already, but I'm hoping I may settle within the next 3-6 months. There is no tort claim or pain and suffering, etc. I will receive an income replacement (loss of income) and my future care costs (therapies/meds/etc). As I can no longer work, this money would be for me to survive the rest of my life.
I don't know what the numbers will be yet, but just for example, lets say... I will have an option to either receive a lump sum ($1M) or a structured settlement to maintain my monthly income forevermore.
Because this accident occured during marriage, would my ex be entitled to my settlement?
Or because this is my future care costs (for needed therapies,etc) and income replacement (since I can no longer work) would she not?
If I recieve a lump sum, I would need that money to invest/gic or something to ensure I maintain an income to survive.
Does it matter if I choose a lump sum or structured settlement?
My thought is that a lump sum would be a payout (less because of settlement) but based on what I am receiving now. If I end up being ordered to pay support based on my income now, I would think I would simply maintain that.. and she would not get a part of the settlement. A lump sum would hopefully allow me to live off the interest but always keep the principle amount for my kids' future. Otherwise I could do a structure settlement which would guarantee me a basic income, but never holding on to the principle amount.
My main worry is that a lump sum payout would get counted as an asset during marriage, which would give her half...
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