Hello,
In an initial draft Form 13.1 Financial Statement (Ontario), I've listed my credit card, line of credit and vehicle all as 100% mine. This is causing my Net Family Value to be MUCH higher than I think is realistic, and Ex's to be much lower.
Questions:
1) For my Credit Card - The DOM value is high, as I had a lot of debt when we got married, which has since been paid off. This debt was largely wedding related and purchased related to the home we were both living in (for 5 years prior to the marriage). Some purchases were made on a Spousal card attached to this account. Is there an argument to make this debt joint, or distributed between both of our Financial Statements?
2) We purchased a vehicle on a Line of Credit during our marriage. Both are in my name, however, it was used as a family vehicle. We didn't have a second vehicle. Can this be considered a shared or joint asset?
3) My RRSP is the only source from which I can pay an equalization payment. If I withdraw from my RRSP to pay her, I'll have to pay close to 50% on it as a result. (Example: If I owe her $20,000, I'll have to withdraw close to $40,000 from my RRSP to pay the deferred tax).
Can anyone offer any guidance here? My lawyer seems to be acting very passively, like he just wants to pay and close the file. Before going to another lawyer, I would like to know if there's a reasonable argument here.
Thanks in advance!
In an initial draft Form 13.1 Financial Statement (Ontario), I've listed my credit card, line of credit and vehicle all as 100% mine. This is causing my Net Family Value to be MUCH higher than I think is realistic, and Ex's to be much lower.
Questions:
1) For my Credit Card - The DOM value is high, as I had a lot of debt when we got married, which has since been paid off. This debt was largely wedding related and purchased related to the home we were both living in (for 5 years prior to the marriage). Some purchases were made on a Spousal card attached to this account. Is there an argument to make this debt joint, or distributed between both of our Financial Statements?
2) We purchased a vehicle on a Line of Credit during our marriage. Both are in my name, however, it was used as a family vehicle. We didn't have a second vehicle. Can this be considered a shared or joint asset?
3) My RRSP is the only source from which I can pay an equalization payment. If I withdraw from my RRSP to pay her, I'll have to pay close to 50% on it as a result. (Example: If I owe her $20,000, I'll have to withdraw close to $40,000 from my RRSP to pay the deferred tax).
Can anyone offer any guidance here? My lawyer seems to be acting very passively, like he just wants to pay and close the file. Before going to another lawyer, I would like to know if there's a reasonable argument here.
Thanks in advance!
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