Ottawa Divorce .com Forums

User CP

New posts


  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Thread Tools
Old 05-10-2017, 02:14 PM
Veryconfused Veryconfused is offline
Junior Member
Join Date: Sep 2016
Posts: 10
Veryconfused is on a distinguished road
Default Resp

Wondering how a joint RESP family plan works after separations, in particular where the separation agreement has one pay for 66% and 33% of post secondary?

How does future contributions work?
Reply With Quote
Old 05-10-2017, 03:01 PM
rockscan rockscan is offline
Senior Member
Join Date: Mar 2014
Posts: 3,087
rockscan will become famous soon enough

Was it listed as an asset in your agreement? In most cases the account is frozen at the time of separation/divorce and left as a joint asset that is drawn from. You can start your own RESP to contribute to and use that for YOUR portion of the expense.

For instance, my partners agreement has the resp listed as a joint asset and has not had contributions since they separated. In their agreement they are to withdraw an agreed upon sum for the portion that is set to be calculated proportionate to income. He and his ex have split the resp by the number of years of study for their kids so they get equal amounts. Now even though his agreement says otherwise, he allocated that amount ($2000) to his kids portion. He opened his own resp and uses those funds for his portion of the expense.

School costs are a big gray area so while you may think you are responsible for 66% of the whole cost, they are actually calculated differently due to tax deductions, grants etc. When the time comes for that, definitely pay for an hour with a lawyer.

For now though, freeze the current resp as you both own it, leave it as is, draw on it in a balanced way for school and open your own resp going forward.
Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Existing single subscriber RESP - split upon divorce ? tg2017 Financial Issues 3 02-04-2017 11:48 PM
RESP contributions schedule 7 expense? Bellbaby Financial Issues 7 10-03-2016 04:45 PM
Resp Berner_Faith Financial Issues 18 04-12-2012 04:51 PM
RESP advice jessie01 Financial Issues 6 02-22-2011 11:53 PM
RESP Contribution Question rimanel Financial Issues 17 02-01-2011 07:08 PM

All times are GMT -4. The time now is 10:51 AM.