Question RE: RRSP

[Martin Onza]

Prior to meeting my wife, I had about $15,000 in RRSP and during our marriage we racked up some debt. I eventually slowly depleted my RRSP in order to get rid of debt.

How does this impact, if any, when we come to split our finances?

Thanks.

MO

 

[Mess]

You will calcuate your net worth on the date of marriage, your assets minus your debt. You will calcuate your net worth on the date of separation, your assets minus your debt. You will subtract the two, to determine how much your net worth increased during the marriage. If your net worth was less at separation than when you married, the result should be '0', not a negative.

Your ex will do the same. If you are both at '0', it is a wash, there is nothing to equalize.

Any joint holdings and joint debt, including the marital home should be split first, equally. The split should be distributed to your individual totals.