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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 05-13-2022, 08:18 AM
Connery Connery is offline
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Default What would you do ?

What would you do? We sold our home for 875,000. Stbx wants to keep the proceeds of home sale, around 740,000, this is after payment of realtor fees, line of credit and property tax payments and legal fees.

I would then keep my omers pension, evaluated at 500,000 back in 2012 and i would pay no spousal support, which could be $2200 a month.(less after I retire)

I am 60 and want to retire due to health issues. Stbx wife never really worked for 27 years of the marriage and receives disability support for anxiety.

I was looking forward to receiving half of the proceeds from the home sale, ($370,000) but then I would give her half my pension and pay spousal support.

So my options are:
(1) accept her offer as is and get it over with
(2) receive $370,000 now , give her half my pension and pay spousal support

Any comments would be greatly appreciated.
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  #2  
Old 05-13-2022, 08:51 AM
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Tayken Tayken is offline
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Originally Posted by Connery View Post
What would you do? We sold our home for 875,000. Stbx wants to keep the proceeds of home sale, around 740,000, this is after payment of realtor fees, line of credit and property tax payments and legal fees.

I would then keep my omers pension, evaluated at 500,000 back in 2012 and i would pay no spousal support, which could be $2200 a month.(less after I retire)

I am 60 and want to retire due to health issues. Stbx wife never really worked for 27 years of the marriage and receives disability support for anxiety.

I was looking forward to receiving half of the proceeds from the home sale, ($370,000) but then I would give her half my pension and pay spousal support.

So my options are:
(1) accept her offer as is and get it over with
(2) receive $370,000 now , give her half my pension and pay spousal support

Any comments would be greatly appreciated.
Do a spreadsheet. I suspect that it will come out that getting 370,000 now won't even come close to the long-term benefit of your pension and not paying SS.

If you are 60 now and live to 85 you will have paid 2200 a month until you were 85 its 600,000 in loss. Double the 370,000 and I doubt you could double the 370,000 if you invested it. You are on a public forum asking basic math questions.

Talk to an accountant they will show you pennies from the pounds.

Don't be penny wise and pound foolish.
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  #3  
Old 05-13-2022, 10:34 AM
DHTO DHTO is offline
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I am an accountant and can let you know without a doubt that option 1 is 100% better for you.

If you took the $370,000 and invested it in preferred stocks (at your age I wouldn't suggest anything more risky than that), you would likely get somewhere around 5% return, or $18,500 per year.

Alternative 2 costs you $2,200 per month + half your pension? It's a no-brainer. Keep your pension and no spousal.

The only time I would suggest #2 is if you thought you were in serious health problems and could die within a short timeframe.
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  #4  
Old 05-15-2022, 07:51 AM
Connery Connery is offline
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Thank you for your comments. Much appreciated.
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  #5  
Old 07-23-2022, 04:39 PM
velas velas is offline
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Also, once this is all done you will have forever cut ties with her. No transferring money every month, no having to go to court to reduce the amount if you retire, or have her come back for more.
Just make sure your agreement is iron clad as possible and that you both have competent legal representation.
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  #6  
Old 07-25-2022, 09:12 AM
Bogdan Bogdan is offline
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Option #1 comes with risk!!!!

You can sign a legally binding document for lump sum payment which future spouse or child support fees waived .....

Ex can come back after you after a few years asking for money (including spousal support) pleading some Sob Story that she didn't understand the contract and undue hardship.

This exact same thing recently happened to a colleague of mine, judge sided with the ex-wife IGNORING the previous contract .. (there were NO kids involved).

This also happened with Canadas infamous "worst deadbeat dad" .. Hans Mills (look it up).

Mr Mills said: 'Donna got the million dollar lakefront mansion and full custody of the children with child support, but no spousal support, in exchange for the house.

'Everyone at the time agreed that my spousal support obligation had been met fully.'

The feud grew for several years until a new trial was scheduled for autumn 2011 after Mr Mills had reportedly tried to take his ex-wife to court three times.

She decided to use it as an opportunity to ask a court to grant her spousal support. This was granted before the trial when, in June 2011, a judge issued a temporary order for the payments.

He also awarded her retrospective payments and court costs.

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  #7  
Old 07-26-2022, 03:12 PM
AlexLitty AlexLitty is offline
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Quote:
Originally Posted by Bogdan View Post
Option #1 comes with risk!!!!

You can sign a legally binding document for lump sum payment which future spouse or child support fees waived .....

Ex can come back after you after a few years asking for money (including spousal support) pleading some Sob Story that she didn't understand the contract and undue hardship.

This exact same thing recently happened to a colleague of mine, judge sided with the ex-wife IGNORING the previous contract .. (there were NO kids involved).

This also happened with Canadas infamous "worst deadbeat dad" .. Hans Mills (look it up).

Mr Mills said: 'Donna got the million dollar lakefront mansion and full custody of the children with child support, but no spousal support, in exchange for the house.

'Everyone at the time agreed that my spousal support obligation had been met fully.'

The feud grew for several years until a new trial was scheduled for autumn 2011 after Mr Mills had reportedly tried to take his ex-wife to court three times.

She decided to use it as an opportunity to ask a court to grant her spousal support. This was granted before the trial when, in June 2011, a judge issued a temporary order for the payments.

He also awarded her retrospective payments and court costs.

I would have done the same thing if I was in Hans Mills shoes . Maybe I am in a still better position than him ,as I have PR status in Canada and can go back to my home country and I have been moving assets there . Any unfair Canadian Court order would have to run through the court system in my home country to see if they are in conformity with laws there. I know of a friend where he essentially told a court judge in a video trial during COVID19 ,that he would wipe his ass with their written court order and challenged him to enforce the order in Morocco. You should have seen the judges face .ROFL
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  #8  
Old 07-26-2022, 03:22 PM
rockscan rockscan is offline
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Originally Posted by AlexLitty View Post
I would have done the same thing if I was in Hans Mills shoes . Maybe I am in a still better position than him ,as I have PR status in Canada and can go back to my home country and I have been moving assets there . Any unfair Canadian Court order would have to run through the court system in my home country to see if they are in conformity with laws there. I know of a friend where he essentially told a court judge in a video trial during COVID19 ,that he would wipe his ass with their written court order and challenged him to enforce the order in Morocco. You should have seen the judges face .ROFL

All of this will get you in trouble. You should not be hiding assets or thinking you can leave and not worry. More and more countries have extradition treaties with Canada and you will be jailed for violating a court order.

Not to mention what you are doing to your kids. What a terrible approach.
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  #9  
Old 07-26-2022, 03:49 PM
AlexLitty AlexLitty is offline
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Originally Posted by rockscan View Post
All of this will get you in trouble. You should not be hiding assets or thinking you can leave and not worry. More and more countries have extradition treaties with Canada and you will be jailed for violating a court order.

Not to mention what you are doing to your kids. What a terrible approach.
Rockscan
1) I have declared all assets,both foreign and Canadian . The issue is whether Canadian courts have the jurisdiction or powers to enforce the verdict on a foreign asset. Secondly ,can they enforce a verdict of Canadian family law on a foreign national ?
2) Just look at the number on Non Hague signatory countries . You could simply buy a Dominican passport for 100k and Dominica does not extradite their citizens period with or without a extradition treaty PERIOD.
3) Kids have foreign passports/dual nationality . I can as well move to my home country and obtain a court order seeking 100% custody as the sole earning/ providing parent with visitation rights to ex .Unfortunately no canadian court will agree to that order ,so why would you expect a foreign court to agree to a canadian court order . So ,if the canadian courts are stacked up and unfair to men here , then why would you accede to the laws here . Simply packup and leave to a friendly jurisdiction . This is exactly the reason ,not a lot of men choose to marry ,women misusing the law to seek support .I can point out the example of California where NBA players are routinely told to flush their condoms down ,so that their partners dont get pregnant to seek support or look at how Boris Becker was screwed for support in British courts .
Its the family law which is responsible for this mess and needs to be updated to reflect the fact that women are capable of earning more than men in todays world . Look on this forum , the number of men paying support vs the women . You will have your answer as to who is reponsible for the mess or the tragedy that befell his children ,its not Hans Mills .
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  #10  
Old 07-26-2022, 03:57 PM
rockscan rockscan is offline
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Blah blah blah> horrible person.

I dont like the laws here so I will go somewhere else to get what I want. Wah wah wah big baby.

Meanwhile your kids are left to deal with you being a spoiled brat who doesnt want to take responsibility. Good news kids!

How about you man up and remember you married this person, you chose to have kids with them, you chose to build a life with them and when it didnt work, you actually accept that this is how things go and dont complain about how unfair life is.

This forum is NOT a healthy barometer of Canadian family law. There are plenty of men out there who have gained shared or full custody and manage themselves quite well. Unfortunately the men that do come here are predominantly unhappy with not getting what they want and choose to bitch about how unfair things are. Look up WorkingDad. He had an actual shit show of a case and he was successful while also being honest, up front AND took responsibility. There are a lot of men here who took responsibility and dealt with their shit like adults.

But hey, go book your flight to la la land where you think you will get a better go.
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