Announcement

Collapse
No announcement yet.

50/50? How many years?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • 50/50? How many years?

    Is it true that for a longer marriage, the division of money is 50/50 for spousal support? How many years is spousal support supposed to last? Marriage is over 34 years. I keep getting mixed answers and would like some clarity. Thanks

  • #2
    Google "SSAG" and read carefully for full understanding. Spousal support advisory guidelines. "Ssag user guide" also seems to bring up more explanatory results.

    Comment


    • #3
      Marriage lasting over 20 years is considered long term. If the total years of marriage plus her age equals 65 and over, this could be an ever ending SS if she never worked or has less revenue than you. Alimony will still be required even at retirement. Normally the split is to let her have 40% of the revenue you both have together. Also, it all depends on the assets you each possessed and the capacity of the payer to make the payments.

      Comment


      • #4
        Originally posted by mafia007 View Post
        Alimony will still be required even at retirement..
        Assets including retirement savings and pensions are split during the divorce. So once you are retired, she can't double-dip i.e. get her half of assets, then also full SS from your share of those assets. It would likely be reassessed when you retire.

        Comment


        • #5
          Thanks dinkyface. Yes SS would definitely be revised based on the new available revenue.

          Comment


          • #6
            Expect that your entire income past and future will be divided 50/50 - your wife will never have to work and you will.

            You have to argue that it should be
            50/50
            - cost of working
            - effort of working

            Read the SSAG

            I feel bad for you buddy, so happy I am divorced

            Comment


            • #7
              How old is your former wife? Married at 18?

              I'd think she could still get a minimum wage job?? Thus, helping you.

              Mind, will she....

              Comment


              • #8
                Spousal support will be "indefinite." Sounds ominous doesn't it; like a financial death sentence.

                Actually, indefinite means, "duration not specified."

                What's also important is the basis for spousal support; needs based or compensatory. If you are paying, you want the basis to be needs based so if your STBX wins the lottery or married a millionaire you have a basis to reduce to stop paying spousal support.

                The Spousal Support Advisory Guidelines (SSAG) specifies that spousal support is between 37.5 and 50% of the difference in your incomes. Your STBX will argue for 50% and you will argue for something less. The longer the marriage, the more it will tend to the high end. Remember that the SSAG is a guideline and not law, even if everyone uses them.

                Comment


                • #9
                  If she does get half his pension , thus splitting his retirement income.


                  Once retiring, wouldn't their incomes be identical.


                  Hence, avoiding SS????

                  Comment


                  • #10
                    The separation agreement should list retirement of the payer as a "material change in circumstances" which would trigger a review of spousal support. This could lead to reducing or stopping SS.

                    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