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  • Pension Payout

    We are looking at splitting my pension and the ex is seeking a pension payout. We separated on January 30, 2018. Would I use that date (January 30, 2018) to determine the pensions payout or the current date as we are looking at entering mediation.

  • #2
    Property division is at date of separation
    Last edited by Abba435; 03-19-2020, 10:25 PM.

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    • #3
      Thanks that is what I though but the ex seems to think it’s for the current date

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      • #4
        Pension Payout

        Originally posted by YYC_SingleDad View Post
        Thanks that is what I though but the ex seems to think it’s for the current date

        Date of separation is typically the date used for all calculations. If you can negotiate a pay out - do it! My ex spouse wanted half my pension worth 250k at separation. I gave him 40k immediately, free and clear and he basically waived his rights to my defined benefits pension.

        My step dad didn’t do this and to this day 25 years after his divorce, way after his children are middle aged he is treated like a commodity by his ex. She pressured him to retire right away (she had vested interest!), she’s worried if he will live so she can continue to receive her ‘allowance’, always wanting to purchase additional life insurance policies on him. His divorce feels like a life long sentence.


        Sent from my iPhone using Tapatalk

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        • #5
          An ex buying life insurance as beneficiary if he dies?
          Yikes

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          • #6
            Regarding pension, whether you settle with a cash payout or agree to a percentage of pension transferred to an RESP or other bank savings how can ex come back for more? I'm asking because I'm trying to settle. My lawyer offering ex half my pension transferred to an RESP. I can't afford a payout of any amount. Seems generous I think to just offer the half at the beginning. Is half a given if we went to trial?

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            • #7
              Originally posted by Helpmyspouse View Post
              Regarding pension, whether you settle with a cash payout or agree to a percentage of pension transferred to an RESP or other bank savings how can ex come back for more? I'm asking because I'm trying to settle. My lawyer offering ex half my pension transferred to an RESP. I can't afford a payout of any amount. Seems generous I think to just offer the half at the beginning. Is half a given if we went to trial?
              Net family property has to be calculated properly.
              You each keep what you came in with on date of marriage. Value that first.
              Then value everything (including pensions valuation) on date of separation.
              Do not include any inherited value that you got during the marriage unless you paid off any mortgage amount on the matrimonial home. If yes then that is family property unless you have a written l,oan agreement with your ex.
              Take total asset value on separation date and deduct total value on marriage date.
              Divide by two, then split up the assets and get it in writing.
              Unfortunately if you had stocks or vested stock options on separation date that tanked recently you have to use the value on separation date.
              Lots of nasty Nortel and JDS stories out there.
              Call a medium size accounting firm if you need advice.
              They are much less costly than lawyers and know this inside out.

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              • #8
                Originally posted by Abba435 View Post
                Net family property has to be calculated properly.
                You each keep what you came in with on date of marriage. Value that first.
                Then value everything (including pensions valuation) on date of separation.
                Do not include any inherited value that you got during the marriage unless you paid off any mortgage amount on the matrimonial home. If yes then that is family property unless you have a written l,oan agreement with your ex.
                Take total asset value on separation date and deduct total value on marriage date.
                Divide by two, then split up the assets and get it in writing.
                Unfortunately if you had stocks or vested stock options on separation date that tanked recently you have to use the value on separation date.
                Lots of nasty Nortel and JDS stories out there.
                Call a medium size accounting firm if you need advice.
                They are much less costly than lawyers and know this inside out.

                This is exactly how our mediator approached division of property and assets!

                If you did have stocks, vested or otherwise would you recommend delaying mediation until we are over this world crisis + for example 60 days or proceed at this time?


                Sent from my iPhone using Tapatalk

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                • #9
                  Originally posted by Mom2414 View Post
                  This is exactly how our mediator approached division of property and assets!

                  If you did have stocks, vested or otherwise would you recommend delaying mediation until we are over this world crisis + for example 60 days or proceed at this time?


                  Sent from my iPhone using Tapatalk
                  Have you agreed on a separation date?
                  If yes then you use the values on that date.
                  Options are very tricky to value. You need an expert accountant for that.
                  If stocks only then what is the difference if they are net family property?
                  The issue is when you have options that are high in value on sep date and tank after because you do not own the underlying equity instrument until you strike the option. If you have to include the high value of options on separation date and then your options become worthless you are stuck in the future.
                  Get some expert advice on stock options. BDO. Welch. Ginsberg Gluzman

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