This is my first post. My situation is:
- married for 20 years, co-habiting for 25
- 3 kids 18 (in university), 16, and 10
- I am the primary earner - annual income over $150,000, but amounts over $150,000 base are highly variable commissions paid very intermittently
- my job requires me to travel frequently on no fixed schedule - we're talking overnighting in a hotel 60-90 times a year more or less. In effect I am away from home on average 1-2 nights a week over the course of a year
- she's had jobs part time, none at the moment, annual income $10-$20,000
- while she is the primary care giver and whil I am away frequently I have been actively involved in my raising my kids - from decisions on schools, extra curricular activities, running them around to activities, doing groceries, taking the kids around to parties, the library, shopping, etc.
- she turns 50 in a few months
She decided to end the marriage some months ago, and after butting my head against the wall trying to save it, I have accepted that she does not wish to reconcile under any circumstances.
I agreed to move out last weekend. I gather is is an extremely bad idea from a legal perspective without a separation agreement in placde especially as regards to custody.
I have a lot of questions but they mostly revolve around shared custody, child support payments and spousal support, and their interdependence.
My guiding principle is to ensure that my (ex)wife will have a close to equal amount of net income as I do after all the numbers are crunched, with an appropriate amount of child support on top. her monthly housing expenses (property tax + utilities + house insurance on the fully paid off home) will actually be some $500 or so lower than my initial estimate of my rental+utilities+insurace costs for an apartment.
1. Spousal support appears to be a superior income splitting vehicle since it is tax deductable. If we agree to a large amount of spousal support, is that considered in the calculation of child support?
2. Child support - is this an amount dictated by law? Can it be set to any amount based on mutual agreement between parents? Can we eliminate the children from the calculations as they turn 18? The RESP is fully funded and even based on currrent levels is already capable of delivering $10,000 a year for 4 years to each of the children for post secondary studies - that is approximately 2/3 of current annual costs of university and housing, based on the costs incurred in my eldest's first year.
3. Custody - I see that shared custody (60-40) is one recognized path to reducing child support using the offset method. Would the calculations include spousal support payments as part of my wife's income? If I give her 50% of my base salary do we effectively reduce CS to zero in a shared custody scenario?
Thanks and regards,
- married for 20 years, co-habiting for 25
- 3 kids 18 (in university), 16, and 10
- I am the primary earner - annual income over $150,000, but amounts over $150,000 base are highly variable commissions paid very intermittently
- my job requires me to travel frequently on no fixed schedule - we're talking overnighting in a hotel 60-90 times a year more or less. In effect I am away from home on average 1-2 nights a week over the course of a year
- she's had jobs part time, none at the moment, annual income $10-$20,000
- while she is the primary care giver and whil I am away frequently I have been actively involved in my raising my kids - from decisions on schools, extra curricular activities, running them around to activities, doing groceries, taking the kids around to parties, the library, shopping, etc.
- she turns 50 in a few months
She decided to end the marriage some months ago, and after butting my head against the wall trying to save it, I have accepted that she does not wish to reconcile under any circumstances.
I agreed to move out last weekend. I gather is is an extremely bad idea from a legal perspective without a separation agreement in placde especially as regards to custody.
I have a lot of questions but they mostly revolve around shared custody, child support payments and spousal support, and their interdependence.
My guiding principle is to ensure that my (ex)wife will have a close to equal amount of net income as I do after all the numbers are crunched, with an appropriate amount of child support on top. her monthly housing expenses (property tax + utilities + house insurance on the fully paid off home) will actually be some $500 or so lower than my initial estimate of my rental+utilities+insurace costs for an apartment.
1. Spousal support appears to be a superior income splitting vehicle since it is tax deductable. If we agree to a large amount of spousal support, is that considered in the calculation of child support?
2. Child support - is this an amount dictated by law? Can it be set to any amount based on mutual agreement between parents? Can we eliminate the children from the calculations as they turn 18? The RESP is fully funded and even based on currrent levels is already capable of delivering $10,000 a year for 4 years to each of the children for post secondary studies - that is approximately 2/3 of current annual costs of university and housing, based on the costs incurred in my eldest's first year.
3. Custody - I see that shared custody (60-40) is one recognized path to reducing child support using the offset method. Would the calculations include spousal support payments as part of my wife's income? If I give her 50% of my base salary do we effectively reduce CS to zero in a shared custody scenario?
Thanks and regards,
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