If someone is contemplating divorce and wishes to minimize the negative financial impact, what strategies and plans should be underataken? Let's say there is at least several months but no more than 2 years, until proceedings commence.
Should one try to remove as much cash from accounts as reasonably possible? There is only one joint line of credit account, which is at $0. Should one start borrowing from the line of credit? There are no other joint accounts.
Should one try to minimize their income? Should one try to show negative cashflows and maximize expenses and withdrawls?
One party is self-employed, runs their own company, but has erratic income, how is the child support payments calculated for children 18 and 20 years old? The business income is like feast or famine, and is highly unpredicatable. The personal income follows the company cashflow. The other party has a nice steady reliable pension income. The retirement just commenced last year.
In the past, several years ago, common family expenses had been shared and pro-rated based on each party's income. Would this sharing of expenses continue after divorce and for what period of time?
Finally, the other party is expecting an inheritance, within the next 6 months to year. Let's say they put the inheritance into a new account, but withdraw monies from it to pay for the children's education. Would that new account then be classified as a family account and be subject to equalization? How could the new account funds become subject to equalization?
Should one try to remove as much cash from accounts as reasonably possible? There is only one joint line of credit account, which is at $0. Should one start borrowing from the line of credit? There are no other joint accounts.
Should one try to minimize their income? Should one try to show negative cashflows and maximize expenses and withdrawls?
One party is self-employed, runs their own company, but has erratic income, how is the child support payments calculated for children 18 and 20 years old? The business income is like feast or famine, and is highly unpredicatable. The personal income follows the company cashflow. The other party has a nice steady reliable pension income. The retirement just commenced last year.
In the past, several years ago, common family expenses had been shared and pro-rated based on each party's income. Would this sharing of expenses continue after divorce and for what period of time?
Finally, the other party is expecting an inheritance, within the next 6 months to year. Let's say they put the inheritance into a new account, but withdraw monies from it to pay for the children's education. Would that new account then be classified as a family account and be subject to equalization? How could the new account funds become subject to equalization?
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