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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 12-12-2009, 11:29 PM
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Red face starting court application and need help..

I received a copy of the court application from my lawyer. He did a fantastic job flling in most of the application and now I am left to do the financial part and I am very much confused.

ex. matrimonial home- estimated market value of your interest: on date of marriage, ON VALUATION DATE and today

when is ON VALUATION DATE mean?

part7b general houshold items and vehicles;

household goods and furniture - do i have to list all the items I removed and left behind?

7c i recently opened a savings account for my daughter and put all money she received for birthday, christening etc- do i need to add that too?

My lawyer did say if I need help to call but he charges, this forum doesn't so any extra help is appreciated.

Anything else I should know or do when preparing the court application?
thanks
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Old 12-12-2009, 11:32 PM
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Oh and I can't find all my income tax returns--- left the matrional home in a hurry, packed up stuff and have no idea where anything is.... Im just not good with keeping paper work... what can I do?

Also, what a direction in form 13A signed by me to the taxation branch of canada revenue agency?
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Old 12-13-2009, 11:12 AM
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For income tax returns, you can register an account at Revenue Canada webpage and download copies of your previous Assessments.

The financial disclosure is hard work, it was stressful and took me weeks, and I like to think I am organized. I also had to get copies of statements I had lost. Go to your bank to ask for statements of accounts from years ago, lot's of people get divorced and they know what you are asking for.

The Valuation date is the date you separated. You need to establish what date that is. For us, I filed a form with Revenue Canada 90 days after we separated so there is a clear legal date of separation. Otherwise you and ex need to agree because the value of some assets may change over just a few months.

OK, valuation of household items, etc, yes this is everything you left, you have a right to half the value. This is an area where you can't be exactly accurate but do your best. My ex and me split everthing before doing the statement so we just put "already divided" and both signed off on that. For you, estimate the current resale value of what you own, not the replacement value of buying new (like you would do for insurance.) Like for your couch, just put $100 like you might get selling to a neighbour at a yard sale, you know? This is estimated at best. Appliances are tricky, for most stuff a good idea is to go through Craigslist for sale and just pick similar items and use those numbers. If you can save the results from your Craigslist seach (screenshot or whatever) this could save you trouble if your ex disputes it.

When you both submit your financials, your ex will also list the same items hopefully for the same amounts. You many need to discuss this and combine lists. It is a pain, but it has to be done.

Your child's savings account is after valuation date, I think that section for bank accounts has three parts, before marriage, v date and current. So put that in current, and name it as your daughter's account. This won't count for anything against you, but you are doing a full disclosure, don't play games. It is probably a few hundred right? Just put it in the right category.
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Old 12-13-2009, 06:18 PM
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Ok, how about items I received and brought into the house? Example:furniture I received as a shower gift or bought before marriage? And how about applicances do they count?
How about his car? Do I add that to it?
We pretty much agreed on the items I removed and left behind. We have a signed paper, do I still need to include this? Man, this is going to take forever.....
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Old 12-13-2009, 08:22 PM
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Yes, it takes forever, I spent weeks on mine and it was simpler than yours. Just set aside an hour every day to sit down and plug away, and it will gradually get done.

Shower gifts just before you married are tricky, I would tend to call them a marital asset but I am a man, I didn't get a bridal shower . Use your best judgement.

For everything else, just think of it this way. You are doing this to set out what are the marital assets that you two divide, and what are the personal assets you already owned before you married.

So that old stereo was his before you married. You brought in the microwave. The blender was a gift. You put each item in the list accordingly.

There is no hard and fast rule, but I would leave out anything under $100 unless you have a ton of small appliances and tools that would bring in several thousand if resold. Most of that stuff you should ideally just be able to agree that you take a few and he takes a few.

Large appliances and the car and such, they are to be split if they were bought during the marriage. If either of you had them beforehand, then they stay with that person.

If you have a car from before marriage and it is now years old and worth less, it could represent a loss of asset. The original value goes in the before column and the later value goes in the v-date column, so it can represent lost asset during marriage. Be careful about these, both yours and when you look over what your husband claims. A car that was 2 years old when you married, don't let him claim the full cost of the car in the before column, it had already depreciated. This is a real pain in the butt process, there is no way around it.

If there are a lot of items you already agreed on, you can simplify this by just putting "Already divided". If you can, do this for a whole category of household items and furniture, work it out with your ex and make a list and both sign it and move the stuff later. But if he tries to screw you over and not give it to you, you could end up wasting thousands in legal fees for a few hundred dollars of stuff.
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Old 12-13-2009, 08:47 PM
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Thanks alot for the information! I have added in the application that we have already divided our personal effects and chattels from the matrimonial home and did this already a few months prior. So, is it safe to not add these things on the application?
We made a list of things that I took and both signed it. I did sell a few items because I needed money to pay movers. We don't have a list of things I left though.
As for the cars- we both don't have anything fancy. Mines a 98 and his is a 95.
I am quite overwhelmed with all this and am terrible with keeping records and anything that deals with financial things.
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Old 12-15-2009, 11:46 PM
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I made an appointment with my bank to go over some of my finances over the years. Is there anything in particular I should be asking for and should I be getting copies of these items?
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Old 12-22-2009, 10:54 AM
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Under debts and liabilities- there is a section for details- what needs to be added here? I noticed there isn't a section for account number. Help please!! What if I can't get all my information can I submit without it?
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Old 12-22-2009, 10:56 AM
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Also, if Im the applicant- is there a time limit for me or is it 30 days for a response from my ex?
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Old 12-23-2009, 06:13 PM
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You need to add anything you accumulated during the marriage.
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