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

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Old 04-07-2006, 07:54 PM
Chopper Chopper is offline
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Default Freezing of assets

Excuse my ignorance.
My wife has now placed an application to the court.
On the extensive list of absurd requests one is the freezing of assets.
In Ontario....what is this?

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Old 04-08-2006, 07:32 PM
Grace Grace is offline
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If the courts freeze your assets each party will not be able to sell any property, or liquidate any investments.

This happened in my case, and it was horrible. I think it was a tactic. I was forced to stay in the house, which I could not afford to maintain for 4 years.
Also if assets get frozen make sure you have the funds now to cover legal fees.
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Old 04-10-2006, 01:19 PM
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Jeff Jeff is offline
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One thing I wanted to point out is that often a lawyer will just list everything under the sun in the application for a divorce. This is because it's a lot easier just to drop a claim than it is to go back at a later date and add one in. So, the freezing of your assets may or may not be something your ex is seriously pursuing.

The standard for freezing assets is pretty high and if you have sufficient security for future payments that can't easily be dissipated (e.g. property) then often your assets won't be frozen.

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Originally Posted by Grace
Also if assets get frozen make sure you have the funds now to cover legal fees.
It's pretty standard (at least in Ottawa) to allow legal fees to be paid for your family law proceeding, even if everything is frozen.
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Old 04-10-2006, 09:15 PM
Grace Grace is offline
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Chopper, sorry for stealing your post, but i need a vent.

Jeff, not only did the courts freeze all assets, they appointed an Interim Receiver who controlled the funds. Legal fees to pay our respective family law lawyers had to come from our salaries, not assets, or company funds, said the receiver. Of course both the receiver & the receiver's lawyers were paid by retainer up front. A receiver that is order by the courts is considered an "officer of the court" and his decisions carry much weight.

Thank goodness this is all behind me now, but it could happen to other members, that they are left with no money to pay their legal fees when there assets are frozen.

Thanks for the vent
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