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

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Old 11-10-2011, 12:20 PM
tmac tmac is offline
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Default wcb pension

I have done some searching and wondering in anyone has any info?

is a WCB pension considered a part of matramonial asset to be divided 50/50.

as my past thread. my x has disappated over 200k in assets and this may be the only way of getting any part of the assets I should be entitled.

so to the equilization amount it would be half of 200K plus half of the pension would be 100K (pension til 65 and he is 45)
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Old 11-10-2011, 12:52 PM
ddol1 ddol1 is offline
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look on canlII for hamilton vs Hamilton - it is the best all ecompassing look at disability/ wcb/cpp pensions - the works.

long story short - wcb pensions are looked as an injury to which you recieve money in pension form. They look at this as akin to income from regular employment that will be used to consider CS and SS but it is NOT Property. To also consider it to be property would be double dipping. The biggeest difference in the pension is it is deamed as a rresult of an accident.

So I am now going to qualify everything I just put down - I assume you wcb is part of an injury as the result of an accident which is treated completely diferent than a disease type of disability which can be the case for some wcb claims. If your claim is the result of a disease type issue where you are restricted in your employment possabilities then you are facing a case where you may be forced to divide the actuarial value and owe half to your spouse.
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Old 11-10-2011, 12:58 PM
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it was an injury in 1990, he went from full wcb to pension in 2000
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Old 11-10-2011, 08:26 PM
ddol1 ddol1 is offline
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So my first answer is right. If you know my posts this is a very big issue for me. I had my accident maybe a year or two before they changed the laws regarding settlements and my settlement was in the "In Lieu of Cash" instead of straight cash or in your husband's case a lifelong pension paid out monthly. Today is really not a good day for me so the message may be able to be presented much better than what is here but it gives alot of issues to make you at least aware of mosst relavent issues.

I am finishing this post right here - there is alot of basic info which is written from the perspective of the recipient (like myself!) for you as the spouse of the recipient who indeed is recieving a WCB, a CPP, or any other similar benefit for an injury it does not look good for you. But at least you will understand what he can and should do if he understands the family law act. Most (nearly all in my humble opinion) lawyers do not understand the issues involved with what I call "disability benefit payments" and most lawyers and unknowledgeable "spouses" do not know either. Like my wife, who is depending on her work benefit 'call a lawyer' for legal advice, or any other person who does not provide full information, acurate description of the information or even the circumstance of the diferent payments will provide this statement to the inquirer/client...... "WCB pays out an income replacement and the income replacement is shareable" this is not true as not all the benefits paid out by WCB is income related.

Next is the issue of WCB recipients who one day need to stop working "for the rest of thier life" which I italicized because although it may be termed for life until the recipient turns 65 in the case of WCB but over time some people could improve to the point that they can returrn to work. Why the distinction? Because if it is for sure a for life pension the lawyers will take this as a retirement benifit and try to get it valorized just like a regular age 65 workplace retirement pension. BIG DOLLARS! Remember what I will try and explain - how important it is to establish 100% if the work stopage is for an injury or a disease sickness - they are treated VERY differently and the difference is BIG DOLLARS!

Normally any guaranteed source of money generation like an income trust or rent from an apartment or a WCB/CPP one lawyer will try and get the item in question classified as property which means getting it valued and forcing it to be added to the recipient on the date of seperation which will greatly affect the balance for equalization in such a huge way.

You didn't supply enough info but there are a few other tidbits that you may have to think about as well. Here goes (you can ask more later if req'd)

ANY PAYMENT RECIEVED THAT GETS PUT INTO THE MATRAMONIAL HOME IS DIVIDED 50/50 NO MATTER WHAT AS STATED IN THE FAMILY LAW ACT

1. Initial accident injury would have triggered a payment by rating his injury in the form of a percentage of disability. (his then yearly benefit x % of loss = $$$?) English - if he was determined to have a 26% loss of the issue of the injury and his yearly benefit was$50,000 then it would be:

$50,000 x 26% = $13,000 for pain and loss of enjoyment of life.

this number is important because it doesn't matter what was done with the cash, it doesn't need tracability as it is looked upon as Pain which is something that is not truely shareable with anyone including your spouse. (right here I put a *** for the issue of the matramonial home for this payment type only!!!! It is not my circumstance so I did not study this but the Pain and Loss of Enjoyment of life may be special and even if it was put into the house it will still be excluded from his net income.)

****You will read in the Hamilton case that this payment is treated in such a way as after you both determine your individual net worth and are ready to calculate the equalization payment this WCB Payment is classified as (this is not word for word from Hamilton) "paid to the injured spouse and to be considered as paid to the injured spouse as it was recieved on the date of marriage" As worded it explains how it is above the tracability requirement - even if it ended up in the house so it would be Very important to get this verified by a very knowledgable professional. most lawyers have NO understanding of this area of family law.

What i just said applies to all injured persons who get a pain and loss of enjoyment of life settlement payment.

2. Any regular income like payment from WCB is shareable up to the date of seperation only. After that it is concidered regular income which is used to calculate support only.

3. I recieved a "In Lieu of Cash"settlement in the form of getting retrained to work again in a different job. For me I went to college for 4 years and everything was covered - every expense, travelling, books, tuition and normally an injury settlement that is not for any lost income is not shareable - any part of the full settlement can be determined to be an income replacement is fully shareable. This going to school settlement I am still researching fully.

4.if he is getting a payment that can be classified as a lifelong retirement type benifit or just a regular stream of income is considered to be an asset that say it was $200 a month - they will try and say this needs to be figured like a retirement pension and get the acturarial figure which depending on his age will be a huge dollar figure even if it is just $200 a month.(200/month x 12 months x 45 years to age 90 if he is now 45 years old but just looking at it simple..... no interest and the adjustment for a frontload payout this figure comes out to be $108,000! ----HUGE DOLLARS!
This is why there is a push to get it treated as a pension!!!!!

Again if it is an injury as a result of an accident, even at work, it is super important to get it treated this way for the recipient.
  #5  
Old 11-10-2011, 10:31 PM
tmac tmac is offline
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thanks for the info

it was 6% disability and he has been working ft
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