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Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

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  #1  
Old 06-01-2011, 10:27 PM
newone newone is offline
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Default Should He Exchange Financials - Vote now (please)

My friends story:

My spouse and I have been seperated for 4 years and divorced for 2 years. The final order was issued in early 2010. It said "each year commencing June 1, 2010 the parties shall exhange financial disclosure as mandated by section 21 of the Federal Child Support Guidelines to calculate available income for child support ie. in June 2010 the income information for 2009 shall be exchanged. Either party may bring a motion to vary child support provisions retroactive to January 1st 2010 and forward only". We have both released each other from spousal support and neither pay each other any child support.

Neither of us requested/exhanged financials in June 2010.

At the moment it does not appear that there is any significant difference in income (my ex has been spending quite a bit of money home improvements, vacations etc.). Both of our incomes seems to have grown since the last exchange of financial information in 2009. In reality, mine probably grew a bit more and may grow more in the future.

I would prefer to not rock the boat and ask for financials. I am pretty sure my ex will ignore my request because she will think there isn't enough income differential to cash in on. If she thought there was she definitely would.

Does the fact that I ask to exchange financials help if she ever tries to seek support retroactively. I only want to ask to exchange finacials if there is any advantage to me. Otherwise I will let sleeping dogs lie. My previous lawyer seemed to think I should exchange every June whether she asks or not.

Bottom line, do you think I should ask to exchange financials in June 2011?
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Old 06-01-2011, 11:23 PM
HammerDad HammerDad is offline
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Simple answer is yes. You have an agreement that provides for it, so you abide by it. Provide yours, request her's.

Should she not provide her's to complete the circle to adjust any support payments, then that is on her. It would be hard for her to say 3-4 years down the road that c/s or whatever hasn't been adjusted so she is entitled to retro if he has always given his and requested hers.

Oh, and always send the financials by either a) registered mail with return receipt or b) via email, with a follow up email 2-3 weeks down the road.

If you don't want to be screwed down the road for not following the agreement, the easy answer is to follow the agreement as best you can.
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Old 06-01-2011, 11:32 PM
newone newone is offline
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Thank you for your response. I understand from a contractual standpoint he is supposed to do it. But when you say getting screwed down the road - will there really be any difference whether he discloses now or not?
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Old 06-01-2011, 11:41 PM
HammerDad HammerDad is offline
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Quote:
Originally Posted by newone View Post
Thank you for your response. I understand from a contractual standpoint he is supposed to do it. But when you say getting screwed down the road - will there really be any difference whether he discloses now or not?
Remember, this is a two part process:

1. he gives his info

2. she gives her info

For process to be completed, both must happen. If he can prove he sent his info AND requested her's, what kind of argument will she have to ask for retro? If she doesn't comply, what kind of argument will she have? "Yeah, I deserve retro. He gave me his info, but I didn't give him mine so we can adjust c/s."

Whose fault would it be at that point, his or hers?
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Old 06-02-2011, 06:26 AM
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NBDad NBDad is offline
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Do it, every year without fail. If there is a year where there is a significant difference, then use offset and either pay the difference or request she pay the difference. Stick it into an RESP or something if you don't need it day to day.

The point is that it protects you. Even if the difference is minimal, ASK if the other person is ok sticking to the existing "no cs" agreement. Totally nips the whole arrears thing in the bud.

Think of it this way...you have an agreement that allows for retro back to Jan 1, 2010. Not important now...but 5 years down the road? 10? All because you didn't take the time to scan your Notice of Assessment into the computer and email her the damn thing.
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