Divorce or separation can be an emotional and challenging time, and one of the most complicated aspects is dividing assets. Registered investments, such as pensions, RRSPs, and LIRAs, are often a significant part of a couple’s financial picture, and understanding how to divide them can be confusing. Registered investments have special tax considerations. More specifically,…
So you are married or living together and one of you owns a property, and you are thinking about putting it in joint names. Tread carefully, this can be a minefield. Putting a property in joint names (joint tenancy) means that if either of you dies the property will automatically go to the survivor. This…
During divorce or separation, many people search for help on how to start organizing themselves and prepare for the money matters that will inevitably come up. Most people start out with the feeling that everything will be divided equally and will be handled in a respectful manner. However, money can be a contentious issue and…
Introduction During separation and after divorce, the higher income person (the “Payor”) may be obligated to pay spousal and / or child support to the lower income person (the “Recipient”). The amount of the support payment is dependent, in part, on the Guideline Income of the Payor and, in some situations, that of the Recipient….
The word finance evokes so many emotions in people that it can stop them in their tracks. Add in the word divorce and it becomes debilitating to a lot of people. The basic fear of not knowing what the end result will be can create more havoc, conflict, time loss, and ultimately, higher costs to…
A growing trend in the divorce rates in Canada appears to be for middle age or older adults. Thus the term “grey divorce”. There are many concerns that middle age or retired couples may have with regards to splitting their retirement assets and adjusting their retirement goals. If the divorce is close to their anticipated…