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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 04-28-2010, 05:39 PM
noblefather noblefather is offline
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Default Exactly when is the equalization payment due

I am looking for the specific and correct legal position and process on when the equalization payment is due. My ex-wife and I have been separated for a year, our home has been sold. Additional funds are owed (beyond 50% of RRSP) to her as I am retaining our vacation property. I am unable to split my RSP's via a T2220 without a signed separation agreement. I have paid some of the additional funds (cash) as we continue to haggle over our separation agreement. Additionally the Net Family Property Statement has not been signed by my ex. The property statement is fairly straight forward however I did agree to inherit additional debt as part of our negotiations.

I have requested that she sign the net family property statement witnessed by her lawyer. My ex is stating that this is irrelevant. I am aware of the risk of paying her prior to settling however I would like to know the exact legal process of how and when the equalization payment is and when it should processed.
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Old 04-28-2010, 07:42 PM
Mess Mess is offline
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I was told by my lawyer and the senior law clerk that the payment would be due essentially when the agreement was signed unless otherwise stated. . We included a clause that payment would be due in 30 days.

Our finances were comparitively simple, no house etc. I would imagine if you had various properties to be split you would specify a timetable for each.
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Old 04-29-2010, 07:51 AM
OttawaM43 OttawaM43 is offline
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I would not send another penny until everything is signed and stamped with a date of payment on it. When you have outstanding issues and paperwork isnt signed it could be drawn out for years. Been there done that.
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