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  • Missing bank info 13.1

    Bonjour! I will save you the entire backstory, but my ex and I are about to sign our separation agreement. We have one kidlet who is 5 and while I do make a bit more than him, he comes from a lot more money than I do and his family can be a bit domineering / particular about that. This hasn't really played out in our marriage but but I've witnessed them going after others by using legal means and lawsuits. They are also currently paying my STBX legal fees and his lawyer is pricier than mine.

    Anyway, we are nearing the end of it all and I JUST found out that STBX hasn't declared a TFSA in his 13.1. Note that HE insisted on doing a very thorough 13.1 and his lawyer sent me several letters asking for details which I thought were a bit offside but complied for the sake of full disclosure (e.g. I put $150 a month in my budget for parking and she insisted on a receipt to justify that). The fact that I didn't know he had a TFSA is pretty bad too considering that throughout our marriage I always did the taxes / budgeting.

    Should I say something? OPening this up could derail what I think has been a pretty amicable process as the means in which I learned about it were a bit sketch. My Nancy Drew-ing will not sit nicely with either him or his family but my lawyer thinks I should bring it up at our next (and last) mediation session, and by telling our mediator in advance about it so she's not blindsided either. Note that I have no idea of the amount in the TFSA, just that he had his brother (who works at a bank) close it after our separation date and deposit the money in a new account.

    Thoughts? Thanks in advance!!

  • #2
    Originally posted by ensorcelled View Post
    ... he comes from a lot more money than I do and his family can be a bit domineering / particular about that.
    I am sure your lawyer has told you this and if not... This information is irrelevant to the court and your case. The only matter before the court is your finances and the other party's finances. The assets of anyone outside of your immediate family unit is of no consideration. I would recommend you and your lawyer not even utter this in a court room. Especially if your matter is being heard in Toronto, Peel, Halton or Durham region. I have seen justices from all of those courts lose it on litigants and their negative advocate solicitors who attempt an argument that they are being "abused" by the other party because they have a "wealthy family".

    Originally posted by ensorcelled View Post
    This hasn't really played out in our marriage but but I've witnessed them going after others by using legal means and lawsuits. They are also currently paying my STBX legal fees and his lawyer is pricier than mine.
    Again, it is a RIGHT to bring someone to court to have a matter resolved. If they are acting in bad faith there are a number of elements of the Courts of Justice Act for which you can leverage to recover your costs if the litigation is deemed frivolous.

    Again, a pricy lawyer doesn't always equate to a good lawyer.

    Originally posted by ensorcelled View Post
    Anyway, we are nearing the end of it all and I JUST found out that STBX hasn't declared a TFSA in his 13.1.
    Well, there can't be more than something like 50,000 + interest. (Don't quote me on the numbers just giving an example.) I do realize that there are some people who have managed to accumulate incredible sums in their TFSA but, that is rare.

    So, if you "found" it simply ask for the disclosure in accordance with the new rules and add it to the list of elements that need to be equalized. It isn't a huge sum (maybe 25,000 to 35,000 when cut in half) so it isn't worth spending 10,000 to 15,000 in legals fighting over in court.

    Originally posted by ensorcelled View Post
    Note that HE insisted on doing a very thorough 13.1 and his lawyer sent me several letters asking for details which I thought were a bit offside but complied for the sake of full disclosure (e.g. I put $150 a month in my budget for parking and she insisted on a receipt to justify that). The fact that I didn't know he had a TFSA is pretty bad too considering that throughout our marriage I always did the taxes / budgeting.
    You really should read the new rules for income disclosure. (Rule 13 of the Family Law Rules) There isn't much that isn't "out of bounds" anymore.

    Originally posted by ensorcelled View Post
    Should I say something? OPening this up could derail what I think has been a pretty amicable process as the means in which I learned about it were a bit sketch. My Nancy Drew-ing will not sit nicely with either him or his family but my lawyer thinks I should bring it up at our next (and last) mediation session, and by telling our mediator in advance about it so she's not blindsided either.
    Your lawyer sounds like a real ass if I am reading this correctly. The lawyer wants you to withhold the disclosure and request until the LAST mediation meeting. That has "negative advocate lawyer" written all over that tactic. I would advise the other party and make a formal request in accordance with Rule 13 for the disclosure on the account and provide the account number. Don't worry about the reaction. Rule 13 provides you the right to request and be provided this information.

    Don't blind side the mediator. It won't work in your favour.

    Originally posted by ensorcelled View Post
    Note that I have no idea of the amount in the TFSA, just that he had his brother (who works at a bank) close it after our separation date and deposit the money in a new account.

    Thoughts? Thanks in advance!!
    Again, provide the disclosure and request the information. Rule 13 and Rule 20 require the disclosure but, you have to request it. Again, balance how much $ it really is and if it is worth the hassle. Is the 25,000-35,000 you get worth the issue or possibly having to go to court over?

    Ultimately you have to decide.

    Good Luck!
    Tayken

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    • #3
      Thanks for typing all that Tayken. I appreciate it. I don't have an account number so this will be tricky. I will keep you posted.

      Comment


      • #4
        I'd mention it to the mediator and how you came to learn of it. There is no benefit to a blind side.

        TFSA's haven't been around very long and with the low caps in their early years there won't be a lot of money in it. And, as it has been an amicable process overall you'll need to consider the risk of disrupting that and maybe delaying the signing. Good luck.

        Comment


        • #5
          Well, there can't be more than something like 50,000 + interest. (Don't quote me on the numbers just giving an example.) I do realize that there are some people who have managed to accumulate incredible sums in their TFSA but, that is rare.
          Actually the TFSA contribution cap is up to 10k this year...so the max he'd have is 41k if he's maxed it out already for the yearly contribution (which is unlikely halfway through the year...most people adjust at the beginning of the year for monthly deductions to hit the cap).

          Anyway, you'd be entitled to half of that if you pursue it.

          Comment

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