Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Reply
 
Thread Tools
  #1  
Old 03-15-2021, 06:00 PM
trueblue22 trueblue22 is offline
Senior Member
 
Join Date: Dec 2020
Posts: 135
trueblue22 has a little shameless behaviour in the past
Default Interest on equalization payment

Hi everyone,

As some of you know I've been refusing to leave the matrimonial home until I get a good agreement with my ex unless he forces it to court He has an idea of what he thinks I'm owed re: equalization and I have a different idea.

I read about receiving interest on equalization payments. Would I be able to request for that? My ex says that any equalization he owes me will be given to me from the sale of the house but based on his financial disclosure he has more than enough to pay me if he sold off his investments.
Reply With Quote
  #2  
Old 03-15-2021, 06:09 PM
Tayken's Avatar
Tayken Tayken is offline
Senior Member
 
Join Date: May 2011
Posts: 7,307
Tayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant futureTayken has a brilliant future
Default

Quote:
Originally Posted by trueblue22 View Post
Hi everyone,

As some of you know I've been refusing to leave the matrimonial home until I get a good agreement with my ex unless he forces it to court He has an idea of what he thinks I'm owed re: equalization and I have a different idea.

I read about receiving interest on equalization payments. Would I be able to request for that? My ex says that any equalization he owes me will be given to me from the sale of the house but based on his financial disclosure he has more than enough to pay me if he sold off his investments.
Interest usually only occurs after an order is issued for equalization. The person who has the balance of the equalization may be hit with interest if the equalization payment is not made in accordance with the court order.

As neither of you know what the actual equalization how can interest be accumulating on something that is unknown?
Reply With Quote
  #3  
Old 03-15-2021, 07:03 PM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 5,930
rockscan will become famous soon enoughrockscan will become famous soon enough
Default

You also arent entitled to interest on back equalization that you claim he owes as it was never agreed to or ordered.

With respect to the investments, he would incur the taxes/penalties from selling his investments and its unreasonable for you to expect him to incur those costs when selling the home comes with less costs. If you hold out on an agreement because you think he should sell investments in stead of the house, you demonstrate you are unreasonable.


Sent from my iPhone using Tapatalk
Reply With Quote
  #4  
Old 03-15-2021, 11:02 PM
trueblue22 trueblue22 is offline
Senior Member
 
Join Date: Dec 2020
Posts: 135
trueblue22 has a little shameless behaviour in the past
Default

Quote:
Originally Posted by Tayken View Post
Interest usually only occurs after an order is issued for equalization. The person who has the balance of the equalization may be hit with interest if the equalization payment is not made in accordance with the court order.

As neither of you know what the actual equalization how can interest be accumulating on something that is unknown?
We have never been to court and there has been no court order for equalization. I thought that once we figure out an agreeable equalization amount I would be able to request interest on that amount for the last 5 years that I have not received it.
Reply With Quote
  #5  
Old 03-16-2021, 09:00 AM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 5,930
rockscan will become famous soon enoughrockscan will become famous soon enough
Default

No you cant request historical interest on an order that is given now. The date on the order would be now and interest is not owed.

As many of us previously told you, you agreed to the status quo the last five years. You got the house and he paid all your bills. You agreed to that by accepting it. You cant come back now and say oh hey I want interest because you should have been paying me more.


Sent from my iPhone using Tapatalk
Reply With Quote
  #6  
Old 03-16-2021, 10:06 AM
Stillbreathing Stillbreathing is offline
Senior Member
 
Join Date: Dec 2014
Posts: 621
Stillbreathing will become famous soon enough
Default

I have been embroiled in litigation for ten years now. If by some miracle he were to accept one of my multiple offers to settle then he would not have to pay costs or interest unless I factored either of those into the offer. However, if we go to arbitration/ trial then he would have to pay interest AND costs. We are asking for interest and do expect to get it at arbitration. He has had the use of my money and the children’s money for ten years and profited from same while the children and I have suffered due to his unwillingness to settle. Courts do take this into consideration, especially when there is a protracted history of bad faith behaviour by the losing party.
Reply With Quote
  #7  
Old 03-16-2021, 10:08 AM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 5,930
rockscan will become famous soon enoughrockscan will become famous soon enough
Default

Quote:
Originally Posted by Stillbreathing View Post
I have been embroiled in litigation for ten years now. If by some miracle he were to accept one of my multiple offers to settle then he would not have to pay costs or interest unless I factored either of those into the offer. However, if we go to arbitration/ trial then he would have to pay interest AND costs. We are asking for interest and do expect to get it at arbitration. He has had the use of my money and the childrens money for ten years and profited from same while the children and I have suffered due to his unwillingness to settle. Courts do take this into consideration, especially when there is a protracted history of bad faith behaviour by the losing party.

Yes but your case involves interest from the start of litigation/temporary orders. OP wants to agree to a set amount of spousal support going forward from now and then say he should have been paying that since she locked him out of the house and claim he owes her interest on that. There was no original court action, it was an agreement between the parties that was supposed to be short term.


Sent from my iPhone using Tapatalk
Reply With Quote
  #8  
Old 03-16-2021, 10:40 AM
Janus's Avatar
Janus Janus is offline
Senior Member
 
Join Date: Jul 2012
Posts: 2,645
Janus will become famous soon enoughJanus will become famous soon enough
Default

From what I have seen, post-judgement interest is often applied. However, pre-judgement interest is rarely applied.

The only time I seem to see pre-judgement interest ordered is when the payer knew that the money would be owed, but tried to stall.
Reply With Quote
  #9  
Old 03-16-2021, 01:09 PM
trueblue22 trueblue22 is offline
Senior Member
 
Join Date: Dec 2020
Posts: 135
trueblue22 has a little shameless behaviour in the past
Default

Quote:
Originally Posted by Janus View Post
From what I have seen, post-judgement interest is often applied. However, pre-judgement interest is rarely applied.

The only time I seem to see pre-judgement interest ordered is when the payer knew that the money would be owed, but tried to stall.
What would be considered attempts to stall? I am living in the matrimonial home but he knows he can force me to sell but he hasn't taken any action by taking me to court to force the sale of the home. He knows I want to be paid out first before I agree to sell the house but he won't pay me unless it's using funds from the sale of the house. I don't care if he doesn't want to pay taxes on his investments by taking out the money from those accounts. Does he have a right to decide which assets he needs to sell to give me my money or is it unreasonable for him to insist he only wants to use MH funds?
Reply With Quote
  #10  
Old 03-16-2021, 01:11 PM
trueblue22 trueblue22 is offline
Senior Member
 
Join Date: Dec 2020
Posts: 135
trueblue22 has a little shameless behaviour in the past
Default

Quote:
Originally Posted by Stillbreathing View Post
I have been embroiled in litigation for ten years now. If by some miracle he were to accept one of my multiple offers to settle then he would not have to pay costs or interest unless I factored either of those into the offer. However, if we go to arbitration/ trial then he would have to pay interest AND costs. We are asking for interest and do expect to get it at arbitration. He has had the use of my money and the children’s money for ten years and profited from same while the children and I have suffered due to his unwillingness to settle. Courts do take this into consideration, especially when there is a protracted history of bad faith behaviour by the losing party.
I haven't been to court yet but that is my biggest fear. I don't want to end up in a situation where I have no assets, everything is tied up in trust meanwhile my ex is still making 500k+ a year and my business revenue has dried up. He would bankrupt me into giving up.
Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Net family property and the equalization payment dadtotheend Financial Issues 35 05-29-2021 09:59 PM
Period allowed for Equalization payment menchia Financial Issues 17 02-14-2019 11:07 AM
bankruptcy to avoid equalization payment amin99 Divorce & Family Law 36 10-25-2011 08:10 PM
taxes on equalization payment? CMG Financial Issues 11 07-07-2011 02:29 PM
Equalization Payment dad6041 Financial Issues 2 11-20-2008 09:23 PM


All times are GMT -4. The time now is 11:19 AM.