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  • #16
    I am happy to hear judges are on too people with medical issues to trump up support. My spouse never works and never wants to work and all of a sudden she has hip leg neck back yadda yadda problems and all they can confirm is she has a bad versa brae

    I have had 11 brain surgeries in 8 years and the final one they said there was nothing more they could do.

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    • #17
      Let me tell you how this will play out.

      Your wife will get a lawyer. A good lawyer because the two of you have assets. You will get a lawyer who will blow smoke up your ass and tell you that due to your poor health he will get you out of spousal support. You will believe this nicely-dressed person in the fancy corner office. You will sign a retainer agreement for at least 350.00/hour. Your wife will do the same thing.

      You and your wife are sitting ducks for lawyers. The lawyer will keep the two of you in litigation for years. You can kiss that cottage lifestyle you are dreaming of right now, right down the toilet. You will have to liquidate your assets to pay your lawyers. Your wife will get an obscenely large temporary (interim) spousal support order where you have to pay over 6,000.00/month (or possibly more depending on your financials). Your lawyer will be billing your ass to extract every last cent possible. Retire? You won't be able to.

      Do yourself a favor and talk to your ex and come to some sort of agreement that will keep the two of you out of the courtroom.

      You are young and own a real estate company. You can have people work for you and still make an income while you go fishing at the cottage or build sandcastles or whatever you enjoy doing. Work out a realistic plan. Offer to get your wife some financial planning assistance.

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      • #18
        I keep hearing the lawyers are going to get us issue. I have seen 2 so far he spouses the let us keep the fees down and basically said what you said. Today's said could be as much as 20-30 grand and needs 6g down. Tomorrow I see final lawyer who is charging 395.00 for a sit down 1 hour consult. I need to really be careful on the ownership of the limited co I beleive that will definitely effect the equalization payment. Right now it her lawyer demanding 4k interim support. I guess I have to face reality.

        I just cannot imagine having a bad year and having to pay her support and it is more than what I made but I imagine that can be written in somehow as a clause. What you think?

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        • #19
          I think you're getting off easy with 4K a month. Keep in mind it is 100% tax deductible to you but fully taxable to her. (Taking that into consideration her lawyer is lousy IMO).

          My ex and I were partners in a limited corporation. Even if ex had owned the company 100% it would have made absolutely no difference, particularly after a 30 year marriage.

          I can tell you that if you get away with only paying 30,000.00 to a lawyer for this then you will have done very well. 60,000.00 is more realistic but then the lawyers don't want to scare you off do they?

          I would emphasize how important it is to keep lines of communication open with your wife. You'd probably both be better off to spend a few thousand on some financial advice - get together with your ex and meet with the accountant for starts.

          In the end no one cares who charged up the most on the cards or how sick you think you are. It comes down to the "spoils" - what's left over.

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          • #20
            Sounds like solid advise. I was panicking some before talking to you experienced guys. I guess I just got to get my financials in order and play damage minimization. That does not mean I have to enjoy it. Best regards

            Craig

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            • #21
              drop in any time and ask away

              many of us have learned our lessons the hard way

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              • #22
                I'm thinking if you can settle on $4K/mo for 5 years, with minimal legal fees, jump on it. Limiting the time frame will be key for you.

                Careful with a one-time lump-sum SS payment, as it might not be tax-deductible for you (and even if it is, you probably don't WANT to have that huge deduction all in one year anyway, nor would she want to pay tax on the full lump in one year).

                Can you show the LOC $'s disappeared all in one lump when she left? If so, then that should be considered as $ towards equalization (or SS) i.e that debt is HERS alone.

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                • #23
                  I was just trying to figure out equalization payment with my cash flow and hanging on to my cherished cottage the business ( the cash cow needed to support her SS ) and the 600 sq ft condo that was going to be a investment. It is ugly. I got more RRSP than I initially thought but is there such a thing as negotiating a equalization payment schedule? If company valuation is too high than I am definitely not liquid enough. I am also banking on the idea that I am a 2/3 share owner of the Limited Co but getting mixed opinion from posters on this. Lawyers do think it will make a difference. Thoughts on all anyone?
                  Last edited by Craigerst; 10-14-2014, 10:07 PM. Reason: Spelling

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                  • #24
                    I don't think the share ownership % will make a difference - it is an asset that is to be shared 50-50. BUT - it can be useful to negotiate as if it DOES make a difference.

                    Exclude $50K of the LOC - it's hers only (perhaps it should be more?).

                    Does this work? (you may need to borrow against the cottage for cashflow - if you can)

                    Yours: ($555 )
                    Business 500k
                    Cottage. 200k
                    LOC: 200K
                    RRSP $55K

                    Hers: ($555)
                    Asset. 450k matrimonial home
                    Investment condo. 30k into it due February (is this an asset right now?)
                    RRSP 75k

                    Both you and she can choose to sell the cottage/condo if you need/want.
                    Last edited by dinkyface; 10-14-2014, 10:40 PM.

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                    • #25
                      If she wants to be difficult you can propose splitting WVERYTHING in half, credit line, cottage, house, everything. She won't want that at all. Decide on what is important and divide it all up one way or another. Recogize that asset division is a totally separate matter from spousal.

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                      • #26
                        I am really struggling with the share issue and getting mixed opinions. I will not know for a day or to until I get to my minute book. I am hoping I am 2/3 owner which will make a big difference if in fact it means a large asset I get 3/4 of it. My other Hope is she recognizes is she does not want to kill the cow that feeds us. I will be looking closer into my assets today for a noon hour lawyer appt.

                        I did not even mention to you guys that I do have a marriage contract but at this point every lawyer has stated it will never hold. I very much appreciate your feedback. Cash flow will be key as well.

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                        • #27
                          Oh boy. Just opened up a envelope from the bank and even though I never remember applying for one I got turned down for a credit card. I suppose that is because my ex maxed out the lines of credit when she left. I now worry how I will get a mortgage for the condo I got 30 K sunk into and manage a equalization payment. The sacred cottage is looking kind of dismal. I must remain calm. I have 80k in business bank account now and 75k is owed to me as a accrued bonus but I am like a deer in the headlights right now until I get good lawyer accountant advice. I feel like a cat on a hot tin roof. This situation is very stress ful and very fluent. Never in my last 35 years have I ever had credit issues. All this stress on being turned down over a CIBC tim Horton double double card that I must of accidently applied for when I opened my first "single" account. I guess I am just venting now I will shut up. Sorry.

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                          • #28
                            Originally posted by Craigerst View Post
                            Oh boy. Just opened up a envelope from the bank and even though I never remember applying for one I got turned down for a credit card. I suppose that is because my ex maxed out the lines of credit when she left. I now worry how I will get a mortgage for the condo I got 30 K sunk into and manage a equalization payment. The sacred cottage is looking kind of dismal. I must remain calm. I have 80k in business bank account now and 75k is owed to me as a accrued bonus but I am like a deer in the headlights right now until I get good lawyer accountant advice. I feel like a cat on a hot tin roof. This situation is very stress ful and very fluent. Never in my last 35 years have I ever had credit issues. All this stress on being turned down over a CIBC tim Horton double double card that I must of accidently applied for when I opened my first "single" account. I guess I am just venting now I will shut up. Sorry.
                            better to vent here then to your lawyer who will charge you money to listen.

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                            • #29
                              Don't forget that along with that debt that she accumulated that you both are on the hook for, you are also entitled to half of whatever assets she accumulated from that debt.

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                              • #30
                                Family debt includes debt incurred after separation if the debt was incurred to pay for or maintain family property. If she incurred debt after seperation and it was not incurred to pay for or maintain family property you might be off the hook for it. Is that the case?

                                Comment

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