Ottawa Divorce .com Forums

User CP

New posts


  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Closed Thread
Thread Tools
Old 04-28-2010, 04:39 PM
noblefather noblefather is offline
Junior Member
Join Date: Aug 2009
Posts: 17
noblefather is on a distinguished road
Default Exactly when is the equalization payment due

I am looking for the specific and correct legal position and process on when the equalization payment is due. My ex-wife and I have been separated for a year, our home has been sold. Additional funds are owed (beyond 50% of RRSP) to her as I am retaining our vacation property. I am unable to split my RSP's via a T2220 without a signed separation agreement. I have paid some of the additional funds (cash) as we continue to haggle over our separation agreement. Additionally the Net Family Property Statement has not been signed by my ex. The property statement is fairly straight forward however I did agree to inherit additional debt as part of our negotiations.

I have requested that she sign the net family property statement witnessed by her lawyer. My ex is stating that this is irrelevant. I am aware of the risk of paying her prior to settling however I would like to know the exact legal process of how and when the equalization payment is and when it should processed.
Old 04-28-2010, 06:42 PM
Mess Mess is offline
Senior Member
Join Date: Aug 2009
Location: Toronto
Posts: 5,448
Mess is a jewel in the roughMess is a jewel in the roughMess is a jewel in the roughMess is a jewel in the rough

I was told by my lawyer and the senior law clerk that the payment would be due essentially when the agreement was signed unless otherwise stated. . We included a clause that payment would be due in 30 days.

Our finances were comparitively simple, no house etc. I would imagine if you had various properties to be split you would specify a timetable for each.
Old 04-29-2010, 06:51 AM
OttawaM43 OttawaM43 is offline
Join Date: Feb 2009
Location: Ottawa
Posts: 48
OttawaM43 is on a distinguished road

I would not send another penny until everything is signed and stamped with a date of payment on it. When you have outstanding issues and paperwork isnt signed it could be drawn out for years. Been there done that.
Closed Thread

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Net family property and the equalization payment dadtotheend Financial Issues 35 05-29-2021 09:59 PM
bankruptcy to avoid equalization payment amin99 Divorce & Family Law 36 10-25-2011 08:10 PM
taxes on equalization payment? CMG Financial Issues 11 07-07-2011 02:29 PM
Equalization Payment masterplan Financial Issues 2 07-23-2009 01:17 PM
Equalization Payment dad6041 Financial Issues 2 11-20-2008 09:23 PM

All times are GMT -4. The time now is 03:39 AM.