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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 05-23-2019, 09:01 AM
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cashcow4ex cashcow4ex is offline
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Default Post secondary question

I have searched the forum and found tons of threads on how these costs get split.

I am a little unclear on one aspect. Does the RESP's that both the Ex and I have been contributing 50/50 too both pre and post marriage, get removed from our 2/3's balance before we split it by income or afterwards?


Some post say before some dont mention it at all.
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Old 05-23-2019, 09:19 AM
rockscan rockscan is offline
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My partner is going through this. First, you should have stopped contributing to the joint RESP after you married but too late now if you didnít. If you did and you opened your own RESP then great.

The money in the joint RESP would come off your joint share before splitting it. If you have your own RESP opened after the divorce, you can use that for your share.

To make it clearer:

Costs are $9000. Kid takes 1/3 share. Remaining $6000 split between you and ex. You have a joint RESP and use $3000. The remaining $3000 is split as net cost proportionate to income.

In my partners case, the ex is arguing that she doesnít claim the tax benefits so they should not come off. The judge said flat out that the divorcemate calculations are the correct ones for the court. His ex is also claiming the kids have a right to every penny in his RESP he opened. The judge said no.
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Old 05-23-2019, 10:14 AM
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Thanks Rockscan. Always appreciated!


Yes, we just continued with the RESP contribution 50/50 every month after divorce.
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Old 05-23-2019, 10:16 AM
HammerDad HammerDad is offline
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Quote:
Originally Posted by cashcow4ex View Post
Thanks Rockscan. Always appreciated!


Yes, we just continued with the RESP contribution 50/50 every month after divorce.

My ex and I do as well as it made sense from the government benefit, and trying to maximize that. The RESP is in my daughters name, and I have paid by cheque marked RESP from day one. I doubt my ex would pull a stunt with it, but I have prepared for her to try by making sure every cheque is noted accordingly.
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Old 05-23-2019, 10:25 AM
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Same here. Cheques every month from me!



Speaking of cheques, did y'all see that guy who was paying ridiculous sums of SS to a bitter ex. He went and had personal cheques printed up with pictures of him and his hot younger bride on them to write his SS cheques with every month. The bonus was each cheque had a different picture of him and his new bride all happy along with a written caption saying stuff like "happier than ever" and "worth every penny"


Amazing!
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Old 05-23-2019, 10:37 AM
HammerDad HammerDad is offline
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Same here. Cheques every month from me!

Speaking of cheques, did y'all see that guy who was paying ridiculous sums of SS to a bitter ex. He went and had personal cheques printed up with pictures of him and his hot younger bride on them to write his SS cheques with every month. The bonus was each cheque had a different picture of him and his new bride all happy along with a written caption saying stuff like "happier than ever" and "worth every penny"

Amazing!

I hadn't heard of that one. Awesome!
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Old 05-23-2019, 10:52 AM
momof2teenboys momof2teenboys is offline
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Quote:
Originally Posted by rockscan View Post
Costs are $9000. Kid takes 1/3 share. Remaining $6000 split between you and ex. You have a joint RESP and use $3000. The remaining $3000 is split as net cost proportionate to income.
How about scholarships? Are they considered the child's contribution? (my thinking is yes as they are earned by the child but who knows...)

Youngest is working out his options and he has been offered different academic scholarships from each of his choices. The program he is leaning towards has a one-year scholarship that will cover a part of his tuition with the opportunity to continue based on marks annually.
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Old 05-23-2019, 10:57 AM
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Scholarships would go to kids portion but prepare for an argument about it. My partnerís case is now about what is a reasonable contribution from the kid and how will they pay it. The judge outlined a few factors like decision to go away, what they did during the summer and what the family income is.

I would suggest you work out the numbers twiceóone with the scholarship off the top and one with it off kids share.
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Old 05-23-2019, 11:06 AM
momof2teenboys momof2teenboys is offline
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Yes - we're definitely talking through different scenerios with the numbers. I'll start a new thread for opinions so I don't highjack this one.
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Old 05-23-2019, 11:22 AM
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Originally Posted by momof2teenboys View Post
Yes - we're definitely talking through different scenerios with the numbers. I'll start a new thread for opinions so I don't highjack this one.


I wrote a sticky on it based on my legal research and experience. You may want to look at that first. Its in the financial issues thread as 1/3 something.
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