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  • splitting assets for seperation-divorce

    splitting assets for seperation-divorce


    is how it basically works for splitting assets below..forget the house as that is 50-50 and mortgage free,,and also not listing pension as dont know other side pension


    one side A
    assets....rrsp 60000,,,,savings 10000,,car owe on loan 20000

    other side B rrsp 75000 savings 120000 cars 20000

    one side A total assets 50000

    other side B taotal assets 215000


    so basically you add up side A and Side B equally 265000

    than you split 265000

    so one side would get 132500 and the other side 132500

    is this how it basically works in General

    Thanks











  • #2
    Have you read through threads on this in the forum? Done a search? Have you downloaded the financial statement form and filled it in? Have you looked up equalization online and researched some things that way? It's not black and white or as simple as splitting it 50/50. There may be some other factors depending on what was purchased when, what debts you had when etc.

    Comment


    • #3
      thanks for the response rockscan..really appreciate your input...
      its been one week since wife sent me email that were seperating,,was on 2 free 30 minute calls with a layer ,,this week both mention i would get spousal support due to needs basis..
      she mentioned the range would be 1447-1803 a month child support even though it will be shared custody 634 a month..

      started councelling this week, my counceller mentioned possibly go through family mediation which will be cheaper..than going through lawyer
      guessing we both see the same mediator and see if we can come up where both agree,,,

      wife just wants this over with, a seperation agreement...if pretty sure she be ok with child support figure,,and paying the spousal support,,probably lower end...
      my question is ,,even though mediation way would be less expensive, but i think through the mediator,,i would get less than if i went through mu own lawyer
      we both dont have a lawyer,,but both of us through our works, there is 25 percent off the hourly fee..

      so again for seperation agreement...were ok with 50 50 split of the house which is paid for...50 50 for shred custody of our son,,,
      equalization of assets...
      The law requires the person with the higher net family property to pay his or her spouse an "equalization payment." The equalization payment is half of the difference in value between the two spouses’ net family properties. In other words, the equalization payment is the amount necessary to ensure that both parties have equal net family properties
      ( for this abover,,dont think if through lawyer or mediator the equalization payment would change..

      so again in my situation to get most that i can for spousal support which would be indefenite due to rule 65 according to the lawyer i spoke with
      would you through a lawyer for the seperation agreement and for this spousal support or through medaition

      thanks

      Comment


      • #4
        You can do mediation to reach a settlement and have your lawyer look it over. You don't need to battle if both parties agree.

        Now, one thing you need to keep in mind though is there may be a battle over spousal. If you have potential to make more money or have never made an effort or her income was just recently increased, she could potentially argue it. Or she could argue for it to be reassessed. Yes spousal is to equalize but there are other arguments to be made. You do need to become self sufficient. That may have been the reason for the marital breakdown—she grew tired of the income discrepancy. From what you have posted it appears you are more worried about being without her income. Which isn't fair to anyone. You will need to learn to function on your own. Especially when there is no child support.

        Comment


        • #5
          after talking with her today...dont think mediation will help for spousal..as when i chatted with 2 lawyers this week, they mentioned i should be able to get spousal from 1400-1800 range
          wife does not think she should be anything..especaillly after today we went through financials and her new worth 450000 while mine 250000...so if to make qual, she would end of paying me
          100000...so looks like a lawyer for our seperation agreement with spousal support to fight for...they asked for $3500 retainer to start...​

          Comment


          • #6
            Just because the lawyer said it might be an amount doesn't mean it will. There could be extenuating circumstances. My husband had the rule of 65 in his marriage and had given up his career to support her and stayed home with the kids but she argued against it and the cost to fight it to have a judge decide was around 60-75,000 with no guarantee it would happen.

            Lawyers can and do blow smoke up your ass to get you on board and then you end up paying more. You should not be depending on your ex to keep you comfortable financially and divorce means a change in lifestyle. You need to do some serious thinking about what you are willing to lose in this fight because she will fight it. And you may want to look at your own financials and consider lifestyle changes. Like I said, do a deep dive in the forum on spousal and look at other views. You can also do a search through canlii on spousal support cases and see how they played out in court.

            Comment


            • #7
              thanks for response curious what was the judgement is your husbands case as well how long of a trial it was ..defenitely will check into case studies,,
              thanks

              Comment


              • #8
                Originally posted by jays2017 View Post
                thanks for response curious what was the judgement is your husbands case as well how long of a trial it was ..defenitely will check into case studies,,
                thanks
                He didn't take it to trial as he wasn't interested in spending tens of thousands to get minimal money back. He wanted to get on with his life so he took the money he was owed in equalization and moved into his own place, got a new job and rebuilt his life.

                Comment


                • #9
                  curious if it went to trial,,how long approx it would take to get to trial
                  thanks

                  Comment


                  • #10
                    You're looking at possibly a two year wait at minimum. A judge will probably encourage you both to settle in that period. Then you are probably looking at at least $50,000 to $75,000 in fees. For a guy who is so worried about money, you seem to be willing to lose a lot of it.

                    Comment


                    • #11
                      well again wife and i talked about spousal support -child support,,,she is willing to pay $700 a Month Child Support and $1000 a Month Spousal Support but only for 10 Years
                      when i saw a layer this week, they mentioned range from 1400-1800 a Month Spousal support but Indefinate, for ever

                      would you take wifes offer or take your chances for more,,but than again maybe the courts might say no

                      thanks

                      Comment


                      • #12
                        I strongly suggest you go into canlii and search indefinite spousal support and read the decisions in the cases. A judge is who you need to believe not a lawyer. Your lawyer will tell you what you want to hear as they make money off your fight. Spending $50,000 or more for something that isn't guaranteed is a waste of money. Would you go into a casino and plop that kind of money down?

                        What you also need to understand is that there are other factors that will be put forward like your age, your earning potential, whether you are purposely making less money, whether her income is sustainable, what your retirement ages are etc. Fisher v Fisher is a good case as the marriage was 20 years but the wife was only 41 and therefore able to earn more money. Spousal is also taxable income so you would be paying tax on it which works out to be nothing gained.

                        From your posts you sound more upset at losing a large household income and a certain lifestyle. Spousal is not meant to keep you living the way you were living. You need to come to grips with what is happening and where your life is going. Your stbx wants a divorce for a reason and you need to look at those reasons why. You also need to give your head a shake when it comes to what you expect of her. If the roles were reversed would you be ok with paying her thousands a month because you wanted a divorce?

                        Instead of looking at this as my wife is leaving me and I can't live without her income, you need to look at how can I go forward on my own and be successful. What if she died without life insurance?

                        Comment


                        • #13
                          Originally posted by jays2017 View Post
                          but Indefinate, for ever
                          Indefinite does not mean forever!

                          Comment

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