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I was married for 27 years, divorced for about 4 yrs. I receive spousal and child support from my ex. He is going to retire from GM after 36 years. I am entitled to a portion of his pension. He is receiving a buyout of 100,000 and a voucher for a new car. Am I entitled to any of his buyout? Also he says my child support will go down because he will be making less money on pension, but will it not stay the same or go up for the next year since the 100,000 buyout he gets will be included in his income for the year?
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i cannot see you being entitled to any portion of his buyout unless it was mentioned somehow in the divorce settlement.
I would think that the child support will go up for the next year due to the added 100,000 from the buyout but then it will go down the year after. -
I would imagine some things may change, what do you expect in terms of spousal and child support if his income is reduced due to his change in circumtances.
In my own limited opinion I would imagine cs will go up for one year then down based on his then income based on hs pension, sounds fair to me, are you good with this? what would you consider fair for all involved?Comment
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I would go back and check over your seperation agreement, I find it hard to believe that a lawyer would of missed his pension during the equalization stage. The pension is generally the bigest thing on the list. You would of been entitled to 50% of it for the years you were married unless you took something else of equal value....maybe like a paid for home.
If I were in his boots, and I am, I would look at the buy-out, determine how much more child support this would generate, then I would go to a bank and open a RESP for the kids in that exact amount and drop the remainder into my RRSP. I would get the tax break on both accounts and you would be hard pressed to find a judge who would force cash up front when considering you are still receiving your regular child support payment.
And he can also petition the courts to reduce his payments on retirement. If for example you change the rate every Jul, after he receives his tax assesment, he can motion to the courts to change it early to reflect his retirement date. Generally most don't do this because we avoid the courts as much as possible but if you are going after his buy out, what the hell, he'll be there anyway.
After re-reading your post, I'm left with one question: How old are your kids that are receiving child support?Comment
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My son is 18 and will be finished school possibly by the end of Feb or the end of June unless he goes on to college which unfortunately I doubt. On the child support issue I am only asking that he keep paying the amount he does now till my son is finished high school. If my son goes to college then the child support can be geared to my ex's income and he can possibly help pay for college tuition. On the matter of pension. I will receive pension, that was done in court. I will receive about 75% of 1/2 his pension. The lawyer I had before had told me I would probably also get some spousal support on top of that but really I don't even care about that. I just want to know what I am entitled to. At first my ex said I was entitled to almost half his buyout, then he said around 30,000 now he says none. He is trying to force me to come to some agreement with him, always giving me two day deadlines for some reason. He has a lawyer who is his friend and he continually takes me to court while I have to pay $1500 or more to my lawyer each time . When I do ask questions at a lawyers I always get the standard answer of.."I don't know" I figure I can't be the only woman around that is divorced from a GM worker who retired and received a buyout. I am hoping someone else on here has been through the same thing and will be able to give me advice.Comment
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The buyout can simply be considered part of his income for that year and then you can just follow your separation agreement on what to do when his income changes.
The other thing is to look at what his buyout represents and your spousal support agreement. I guess the buyout represents a severance - payment to compensate him for future lost wages. If your spousal support is a fixed amount not geared to his income then I would think that this buyout does not effect you and you are not entitled to it any more than if he had kept the job, did not receive a buyout, and your SS would have stayed the same.
On the other hand if you look at it as a return on an 'investment' of his years at GM, of which you are connected to as his spouse during that time, then perhaps it is in effect a marital asset and you are entitled to a portion of it.
I think it is severance and it should not effect your SS (unless your SS is adjusted to his income in your agreement).
CS should be geared to income, so if he says that his CS will go down because his income goes down, then it should also go up for the year that he received the 100K - he can't have it both ways!Comment
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I don't believe there is any tax break for contributing to an RESP??Originally posted by TimS View PostComment
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