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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 10-23-2011, 03:47 AM
marymeagan marymeagan is offline
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Default Pensions and RRSPs

My ex and I divorced about 5 years ago and we are slowly getting back to talking terms with each other ( we were married 25 years )

I turn 65 this coming January 2011 and have started applying for all my pensions, 2 small company pensions and the CPP and OAS pensions.

One company I used to work for said I needed to have a signed waiver from my EX saying she is not going to put in a claim for half my pension, plus a copy of our divorce papers.

I did not think I would ever need my divorce papers for anything other than added clutter ( I had almost 2 boxes of paper work my lawyer charged me a fortune for ) and I disposed of them during a Spring cleaning.

I called my EX a week ago and asked her to sign a waiver and also send me a copy of our divorce papers and our conversation was almost nice but polite, ( she made a lot more money than I did as she is a high ranking Customs Broker and I worked as a carpenter/handyman.)

She didn't respond, so after a week went by I called her and she told me she wants half of my company pensions. ( She is still working making an upper 6 figure salary ) and even though our divorce was bitter ( we were starting to talk again within the past year ) I never thought that she would do this to me.

All the companies she worked for during our 25 year marriage paid her in RRSPs instead of a pension plan which I am really not too sure about, and she did cash a few of these RRSPs in when she wanted to buy something and I don't have any idea as to how much equity her RRSPs represent.

I just assumed that each of us would would leave each others pensions alone and if I had thought otherwise when we divorced I would have added these stipulations into our divorce papers and actually held onto them ( being naive will maybe cost me dearly )

I don't know very much about her RRSPs as I have never sat down and talked to her about them or what they are worth but what I would like to know since she opened this can of worms, what recourse do I have to find out about her RRSPs and if I actualy have a claim to a portion of them.

If she gave me the paper work I need for my pensions then I wouldn't be trying to dip into her retirement fund, as my old disliking for her has resurfaced and will be very prolonged if she chooses to go this route.

So is there anything I can do to either protect my pensions or retaliate and go after her RRSPs, plus how would I go about doing it ?

Larry
  #2  
Old 10-23-2011, 09:02 AM
standing on the sidelines standing on the sidelines is offline
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i know with my separation argreement there were 4 copies, one for me one for him and i am not sure about the other two copies.

contact your old lawyer and see if they have a copy
  #3  
Old 10-23-2011, 12:01 PM
LotusLand47 LotusLand47 is offline
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what province are you located in? rules are vastly different re pensions and entitlements in each.
Check with you provincial attorney general re whether the company is required to ask for the waiver.
if she insists, tell her to share half of her RRSPs with you - you did value them when you split?
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Old 10-23-2011, 03:06 PM
marymeagan marymeagan is offline
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Hi Lotusland47

I live in Barrie Ontario Canada, and I have never asked her about her RRSPs even when we were married and have no idea as to their worth, and RRSPs is something you can cash out at any time you please ( not like pensions where you can cash them out at age 60 with a waiver from the other party and after that you must wait until 65 )

My wife at the time when we were going through divorce proceedings was not above lying and did tell a few woppers such as " He was abusive " which almost floored me when I heard that ( I had never laid a finger on her in all the time we were married but I can't remember how many times she punched me, kicked me, slapped me or dumped an ashtray on me ) and when I phoned her to ask about this she hesitated and said it was the way I talked to her which was also incredulous as we both talked the same in our heated arguments. ( plus other tall tales in our divorce proceedings )

So you see the position I am in, I want to get on with my life and I have plans for when I retire in 3 months, but now she is going to do this and right now I am so angry with her that I could punch her if she were standing in front of me right now, ( I can't think of her reason as she is far better off than me financially and I thought all the bitterness was behind us )

My pensions in total don't add up to very much because I had my own business as a Carpenter/Handyman and did not have a pension plan, I had some savings but gave most of that to my youngest daughter to help them out as there are 3 grand kids involved and my son in law hadn't worked in 6 months ( has his own business framing houses ) was on the verge of loosing everything.

So I don't have hardly any savings left and a liveable but small pension and getting smaller if she gets away with taking 1/2 the company pensions.

I don't know if there is any way I can find out about how much her RRSPs accumulated 25 year value is worth ( during the time we were married ), and I really don't want her money but would like to have something such as the threat of her loosing half value on her retirement income and hopefully getting her to back off mine, ( this could cost us both a lot if she proceeds to go through with this. )

Larry
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Old 10-23-2011, 06:55 PM
LotusLand47 LotusLand47 is offline
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Her RRSPs and your pension should have been divided evenly.
You were married - the retirement assets were family assets - how was this not part of the separation agreemnt / divorce? Laywers are requred to keep files for some time - ask if a copy of yours exists and can be reprinted.

RRSPs have a balance every day - they are easy to value.
Pensions are more difficult and need an accountant / actuary.

have your pensions valued and tell her you want half of her RRSPs if she gets halk of your pension. Your banker can help you with the #s, if you want to send me a private message with #s I can run a quick NPV for you
  #6  
Old 10-24-2011, 12:36 AM
marymeagan marymeagan is offline
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Hi Lotusland
I called her today and asked her once again if she would sign the waivers and send me a copy of the divorce papers ( I also mentioned I wanted a tally of the worth of her RRSPs for the time we were married ) and I was going to go after half of the value of her RRSPs if she wanted to continue with this.

Our lawyers did document our pensions and RRSP contributions in our divorce papers and I thought at the time - whats hers is hers and whats mine is mine, and I didn't pay too much attention to it - and I left it like that thinking she was of the same mind, and last year I discarded all my divorce papers thinking I would never need them again.

Well she surprised me by saying she will send me the waiver and a copy of our divorce papers in the mail as I think I might have scared her when I said I wanted half of her RRSPs.

I never thought she would have tried to take a portion of my pensions because she is a very smart business woman and for her to even conceive of something so low really took the wind out of my sails, ( our divorce was on the bitter side and we both have our side of that sad tale, and maybe she was still lashing out at me as a punishment )

I did hope that one day we could have been sort of friends again especially for our kids and grand kids but now I don't think I could be in the same room as her without causing a scene, although I did thank her for doing this for me.

And I must thank you to Lotusland for your advice and your offer to help me, I'm glad it didn't come to another conflict between her and me as I just want to retire in peace and enjoy life. ( but then again I don't have the papers yet and I might be back LOL )

Larry
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