assets and pension splitting

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nomad

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ok so the wife kicked me out two years ago , we were both broke she bummed money from a family member and moved the kids and got a job 6 hours away .
now we sold the house at a loss cause i couldn't afford it with out skipping on child support .
now all that is left is 9000 grand in debt.
7500 for credit card 1500 for an over draft account .
I paid the 1500 off in full she racked it up again .
I gave her the car for the credit card debt.
i have a letter witnessed from her that states I am free of these debts .
she has done nothing to release me from these debts .
I have pension that she wants half of her split is 7 grand .
I was left with nothing.
about a month ago she sent me a letter from the insurance company asking me to sign off on 25 grand worth of insurable contents .
i won't sign it becuse I have nothing no house no car nothing from the house except personal stuff .
I have 12grand in debt my job my pension thats it , can i keep her out of my pension instead of fighting for half the insurable assets.
i think she plans to take the pension money to pay off the debt but fails to see it is not a cash deal she will have it put aside till she retires .
so what do I do ?
go bankrupt or will i be able to just keep my pension and call it even .
help I can't afford a lawyer .:eek:
 
Another story of "she took the kids".....what do you mean she kicked you out, were you abusive / violent? I hate to break it to you, but it looks like she has managed to build up a status quo, that can now be used against you.

To anyone else reading this.....the 1st thing you should have done, is close all joint accounts, and I mean CLOSE THE DAMN THINGS ASAP. The house has sold, so it's only right that you use whatever little is left to pay off the debts first, and share what is left.

The key here is that you want to cut the umbilical cord between you and the ex as soon as possible. You are also jeorpardizing your credit rating by leaving the accounts open.

If you haven't already, get yourself a lawyer and file court papers like yesterday, outlining what orders you are requesting. Yes she might be entitled to half your pension, but so are you to her pension
 
Hi thanks for you response
no wasn't violent or abusive
we just fought about debt and stuff.
she has the kids I pay support and now we have to file for divorce
I guess my question is I already paid my share of the marital debt have proof
but now she wants half my pension , i want her to leave it alone cause she got everthing else .
so can i protect my pension or does she get everything plus my pension.
 
My understanding from reading, is that no matter what you do, no matter what you sign, she can apply for pension splitting. You could have done a really extensive NFP, gotten your divorce, and she can still apply any time.
 
nomad said:
so can i protect my pension or does she get everything plus my pension.
Click to expand...

Yes she gets half your pension. Not what you want to hear, but welcome to my and others world. On the other hand, I get half of stbx pension also, but it's only good for equalization purposes (not really interested in it)

Yeah..you might have paid your share, but if she doesn't give a damn about paying because she is now with someone else, then she can just ignore it and it hurts your credit score if you plan to get financing in the future.

I hope you heed that advice and close the joint accounts today as you read this. There is no reason whatsoever for you to have it open still in both names.
 
Please take the previous advice above with a grain of salt...
  1. Equalization means you take her assets at the date of separation, and your assets at the date of separation, subtract each of your debt. You split the difference.
  2. There is no law that says you must split your pension IF YOU DON'T OWE HER ANY EQUALIZATION.
  3. From the sounds of things, and I don't mean this in a nasty way, you don't know what you are doing. You need some professional advice, which will cost you. You have to decide if you want to spend some money getting this straightened out, and how much.
  4. There is a half of your pension she can get, it is the CPP. She can "equalize" both of your CPP. This is the only law that absolutely requires a split in pension.
  5. If your company pension is your largest asset and you owe her money, then most people would opt to split the pension and there is a method for doing this. But if you don't otherwise owe her money, she cannot just take your pension.
  6. Does she have entitlement to spousal support? Does she work? These are issues that may come up.
 
Credit card: You say you gave her the car in exchange for her taking the debt. I guess that the card is either joint or in your name. Go to the bank and require that the card is closed or frozen. You should have done it the day she left. If you don't do it, no one else is going to do it for you.

Overdraft: Same thing. Close it or freeze it if it is joint or still in your name. No one is going to do it for you. How the hell did she max it out again after you paid it? Was that anyone else's fault?

Marital home: Sold at a loss, there is no money you owe her for that.

25 grand in insurable contents: This is property that should be valued for equalization. The insurance company is valuing it at 25 grand, that is the amount that it is worth. She owes you $12,500 for this property.

Unfortunately Ontario law allows her to contact your pension provider. If you sit around and do nothing she can play games. You would have to take her to court for any money she owes you. I can't do your accounting from here. You need a full financial disclosure from her, and a professional to do your equalization. You will need a court order to shut her down if she is intent on being an ass.

If you play this right, you will get your 12k in debt paid from the assets she is sitting on in her living room. You will have your pension protected. You have a paper trail, bank statements, etc. What you need is a legal settlement or court order.
 
Unfortunately, you have done a lot of things wrong from the start. I don't know if you can dig out from them now very easily.

First, why did you let her move the kids six hours away!?!

Why wasn't equalization done properly at the time of the breakup? You are going to have a tough time disentangling it now. Things like giving her the car for your share of the joint debt don't work very well for your credit rating if you can't make sure she pays it off and get your name off it.

As for your pension, it should have been included in the equalization as an asset. If she got other assets the equivalent of half of its then-value, she can't ask for more. The hard part, since equalization doesn't appear to have been done very well, is to prove she got out of the marriage with a disproportionately high share of the assets. Did she get all the furniture? I don't know what you are referring to by insurable contents. If she has the car but didn't pay off the credit card with it, you could possibly argue that the car was in lieu of the pension. Then you would keep your full pension but have to pay off the credit card. Which you should do just to get your finances separated!
 
hi thanks for all the input.
ok regarding my kids i had no money for a lawyer and she got a job up north and i was living in a rooming house paying child support so i fought her using a duty council lawyer and lost becuse she moved for work .
love is blind .
as for the house hold stuff she promised to pay me and has yet too, we had to sell the house in a hurry cause she was starting work up north and i couldn' t carry it and pay support . we were drowning in debt .
she wanted me to sign a seperation agreement she down loaded from the internet giving her sole custody i refused . so she finally went court when i set up FRO payments. now she wants me to split my pension and I want her to leave it alone becuse I paid the debt off and she got everything from the house. I have gone to the bank and ask to have my name removed from the accounts they won't till they are paid in full again or i have a court order.
in a nutt shell i paid off share of the debt and can prove it.
she has everything else i just want her to leave the pension in tact and walk away file for divorce and let me rebuild my life.
thanks for the input . by the way the pension is at 19 grand right now it was at 12 when we split
 
She has given you a summary of the value of the belongings from the insurance company so you have somethng concrete and factual with a number. Use that to get this done. You really have to deal with the equalization properly, especially since she's playing games now.

You cannot trust her with a personal deal of any kind, you need something legally binding. You need to take steps and deal with this.
 
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