Announcement

Collapse
No announcement yet.

Not separated yet

Collapse
This topic is closed.
X
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Not separated yet

    We haven’t made it official yet but considering he’s cheating on me and looking for apartments – I can see the writing on the wall. In the mean time, I’m learning and preparing as best I can and trying to pay down the debt as much as possible.


    I have 2 questions all the threads here haven’t been able to help with.


    Question 1: He’s a CF retiree with a fully indexed pension (medial release) and we make about the same between my job and his pension and side business. If I go after his pension, I’ll end up having to pay SS which I won’t be able to afford. If I wait a couple years while I get the debts paid off and can then afford SS, am I affecting the portion of his pension that I’ll get?



    Question 2: We got married in the Dominican Republic. Does that matter?


    Thanks to all the responders to this and other posts - its VERY helpful to have some experience to learn from.

  • #2
    How long were you married?

    Comment


    • #3
      We were married 13 years while at his highest ranks.

      Comment


      • #4
        how about an agreement where you dont go after his pension and in return he doesnt go for SS????

        Comment


        • #5
          It all comes down to equalization. That includes the debt. If the two of you can put everything on the table and come up with an agreement you would be years and money ahead of those of us who end up fighting it out with lawyers. IF the two of you use an accountant you could probably save some anxiety by trying to have the accountant draft up a "numbers" deal and fairly assess the business as well as the pension.

          Comment


          • #6
            I'm not opposed to paying SS ...once the debt is paid off. I'm very concerned about retirement. I'm working on the freedom 85 plan right now - I have very little put away.

            What I'm thinking is telling him - I won't touch your pension for 3 years. Then we'll figure out the balance I'll pitch in SS so we're balanced again. This is of course assuming hes willing to work with me on this. If I nail his pension right now - we're both screwed. He won't be able to afford to live since he'll have next to no pension and I won't be able to afford the debt and SS.

            Sigh .... money is the root of all evil!!

            Comment


            • #7
              You do realize you are only entitled to the pension amount that accumulated while you were with him...not prior to that...

              Comment


              • #8
                Originally posted by MiViLaLoco View Post
                You do realize you are only entitled to the pension amount that accumulated while you were with him...not prior to that...
                exactly and when its all said and done i wonder if she will pay more SS then she would ever get with her share of his pension?

                Comment


                • #9
                  like earlier you only get to divide via tha actuary the pension during the marriage but what I get from you is you are thinking that the cake is all his and the debt is all yours. Equalization is just that to equalize all including the debt. In the end equalization and SS are two different things and they are not related at all. Assuming there is entitlement to SS (it is not automatic by any means and it sounds like your incomes are close enough to even that there will not be any SS to be paid. There must be enough income to support it and it has to be more than a little spread between your incomes.

                  So equalization is only about property - period. Once your property is settled and the equalization payment is made from one to the other then and only then does the issue of SS amounts really come into play. Point is SS really is about income, the difference in income and say you use the guidelines the amount of SS is again just a dollar amount based on inputing your incomes alone.

                  In the end your property, debt and SS (if there is entitlement and a big enough income spread - which it sounds like there won't be, if there is SS will not be that high a figure) What you negotiate is up to you, if you can do it without the lawyer fight - go that way before it all goes to the lawyers anyway. But don't sell yourself out even before you work out some numbers. Sounds like this is still "in your head" in that you have not said anything but have made up your mind to split. There are many things you need to do to protest your interests and rights, copy everything and make sure you prevent any more joint debt - if you let that go on your money problems can get very big very quick!

                  Comment

                  Our Divorce Forums
                  Forums dedicated to helping people all across Canada get through the separation and divorce process, with discussions about legal issues, parenting issues, financial issues and more.
                  Working...
                  X