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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 03-19-2020, 09:38 PM
YYC_SingleDad YYC_SingleDad is offline
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Default 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.
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Old 03-19-2020, 09:45 PM
Abba435 Abba435 is offline
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Property division is at date of separation

Last edited by Abba435; 03-19-2020 at 10:25 PM.
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Old 03-19-2020, 10:03 PM
YYC_SingleDad YYC_SingleDad is offline
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Thanks that is what I though but the ex seems to think its for the current date
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Old 03-20-2020, 06:44 AM
Mom2414 Mom2414 is offline
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Default Pension Payout

Quote:
Originally Posted by YYC_SingleDad View Post
Thanks that is what I though but the ex seems to think its 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 didnt 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!), shes 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.


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Old 03-20-2020, 08:06 AM
Abba435 Abba435 is offline
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An ex buying life insurance as beneficiary if he dies?
Yikes
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Old 03-20-2020, 08:07 AM
Helpmyspouse Helpmyspouse is offline
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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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Old 03-20-2020, 09:16 AM
Abba435 Abba435 is offline
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Quote:
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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Old 03-20-2020, 09:31 AM
Mom2414 Mom2414 is offline
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Quote:
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?


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Old 03-20-2020, 10:10 AM
Abba435 Abba435 is offline
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Quote:
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?


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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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