Hi, I hope you can help me with my situation.
I just found out that my husband has an affair and his wish is that I will accept it. He did not know that I have found out the truth and that I am planning a divorce. In recent months, he has been writing out lots of cheques (around $500 every week) from our joint account and told me that he lost in gambling. I know the money is going to her but haven't confronted him yet.
My questions are:
1. I can't let him eat into our asset any further and I am planning to protect myself by setting aside money now. Are the debts or assets (under one of our names and not joint) be susceptible to the 50/50% rule at the time of splitup? If I withdraw money from the credit line or credit card now (still married) that is in my name, is he responsible for the debt?
2. I have some investments (non RRSP) that is under my name only and I am planning to transfer it to my parents so that the asset doesn't have to be split up with him. Can these investments be transferred without having any tax consequence?
3. I make 50% more income than him. He is now unemployed but is looking for a job. Am I in a situation that I will have to support him? Should I wait until he has a job before asking for a separation?
4. Can I transfer the asset to my young children (5 and 2.5 yrs) eg. RESP, bank account etc., without having to split it with him?
This is a very difficult time in my life. I can't stand someone not working, having an affair, and spending my money on someone else and lie lie lie all the time. Please help. Thanks.
I just found out that my husband has an affair and his wish is that I will accept it. He did not know that I have found out the truth and that I am planning a divorce. In recent months, he has been writing out lots of cheques (around $500 every week) from our joint account and told me that he lost in gambling. I know the money is going to her but haven't confronted him yet.
My questions are:
1. I can't let him eat into our asset any further and I am planning to protect myself by setting aside money now. Are the debts or assets (under one of our names and not joint) be susceptible to the 50/50% rule at the time of splitup? If I withdraw money from the credit line or credit card now (still married) that is in my name, is he responsible for the debt?
2. I have some investments (non RRSP) that is under my name only and I am planning to transfer it to my parents so that the asset doesn't have to be split up with him. Can these investments be transferred without having any tax consequence?
3. I make 50% more income than him. He is now unemployed but is looking for a job. Am I in a situation that I will have to support him? Should I wait until he has a job before asking for a separation?
4. Can I transfer the asset to my young children (5 and 2.5 yrs) eg. RESP, bank account etc., without having to split it with him?
This is a very difficult time in my life. I can't stand someone not working, having an affair, and spending my money on someone else and lie lie lie all the time. Please help. Thanks.
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