Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

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

Reply
 
Thread Tools
  #1  
Old 10-15-2019, 10:29 AM
Wid Wid is offline
Junior Member
 
Join Date: Oct 2019
Location: Canada
Posts: 17
Wid is on a distinguished road
Default Undervalued Assets on Financial Statement

My STBX and I exchanged financial statements and despite the fact that she makes almost double what I do, has RRSPs etc. and even a more expensive vehicle etc.. I was $30k above on the NFP.

I looked more closely and one thing that caught my attention was the house was undervalued by approx $100-130k.

I made mention of it and she responded, well maybe my lawyer was just trying to do this in my best interest?

Also, when I said, there is no mention of any debts at the date of marriage?, she said, that doesnt matter. When, I said, I included mine and adjusted everything accordingly she was now in support of this, but proceeded to say, how would I know what my debts and credit card was that long ago?.

I have since had the home appraised and currently she seems on board with agreeing to a more acceptable value.

This entire process honestly just feels like a waste of time and excess money as it feels more like I am bartering with a dirty salesman as opposed to trying to accurately, fairly and efficiently assess the situation.

I am sure there is nothing that I can do but it is frustrating to say the least. Any comments?
Reply With Quote
  #2  
Old 10-15-2019, 04:51 PM
Stillbreathing Stillbreathing is online now
Senior Member
 
Join Date: Dec 2014
Posts: 573
Stillbreathing will become famous soon enough
Default

Welcome to the family law litigation arena where lies reign supreme and justice is a Hollywood fantasy. The goal is to get out as quickly as you can before youve been financially, emotionally and psychologically devastated by the system. What you are going through is a mild and perfectly normal part of family litigation.
Reply With Quote
  #3  
Old 10-15-2019, 04:54 PM
Wid Wid is offline
Junior Member
 
Join Date: Oct 2019
Location: Canada
Posts: 17
Wid is on a distinguished road
Default

What a shame

It is what it is then....

Thanks
Reply With Quote
  #4  
Old 10-15-2019, 05:06 PM
rockscan rockscan is offline
Senior Member
 
Join Date: Mar 2014
Posts: 5,463
rockscan will become famous soon enoughrockscan will become famous soon enough
Default

Major debts should be included. Minor ones like a few hundred on a credit card are irrelevant. Value of the home is subjective and hard to agree to.

Ask yourself this: would the cost to fight her on a few thousand be worth having that few thousand on the balance sheet?

If you are fighting for a result that is equal to or less than your legal bill you see nothing. If you have proof of the debts and assets and a medium range appraisal on the house then put it forward in your material, otherwise let it go and move forward on your case.

Little things like this are frustrating but they cost more than they are worth.
Reply With Quote
  #5  
Old 10-15-2019, 05:11 PM
Wid Wid is offline
Junior Member
 
Join Date: Oct 2019
Location: Canada
Posts: 17
Wid is on a distinguished road
Default

Thanks for the common sense. I am not too worried just frustrated. The amount is likely $20k (my recorded debt at date of marriage was $24k). I am tempted to hand over all money to her in exchange for equal custody. I know it doesnt work that way but money and materials just look like meaningless stuff... however security and providing for my children cant come second place. It just feels like either I burn it on legal fees or use it as leverage for what really matters... our children. It all feels like a gamble and a waste.

Thanks
Reply With Quote
  #6  
Old 10-15-2019, 05:21 PM
iona6656 iona6656 is offline
Senior Member
 
Join Date: Jun 2018
Posts: 863
iona6656 is on a distinguished road
Default Undervalued Assets on Financial Statement

Quote:
Originally Posted by Wid View Post
I know it doesnt work that way but money and materials just look like meaningless stuff... however security and providing for my children cant come second place. It just feels like either I burn it on legal fees or use it as leverage for what really matters... our children. It all feels like a gamble and a waste.



Thanks


It worked for me. I took a 40k hit to get the parenting arrangement I wanted. My ex felt like he won when it came to money. Cause he did. But custody was the only thing that mattered to me.

And I did use money as leverage because I knew my ex wanted it. He got it. But if I had just said oh well, its just money- i wouldnt have had any bargaining chip. Dont let her know you dont care about the money if she does.
Reply With Quote
  #7  
Old 10-15-2019, 05:47 PM
Wid Wid is offline
Junior Member
 
Join Date: Oct 2019
Location: Canada
Posts: 17
Wid is on a distinguished road
Default

Very good point. Thanks
Reply With Quote
Reply


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
Financial Statement and mediation inseperationhell Financial Issues 13 08-02-2011 11:28 AM
Financial Statement Q - Help! Rico Financial Issues 1 07-26-2011 02:02 PM
Ex is Military stillstrong Financial Issues 22 06-03-2011 06:31 PM
Serving a Blank Financial Statement? PLEASE help?? representingself Financial Issues 5 12-02-2010 11:05 AM
Settlement Conference Adjournment... but only 21 days McBroke Divorce & Family Law 5 04-23-2009 05:44 PM


All times are GMT -4. The time now is 01:28 AM.