If spouses hold property in joint names, the law presumes that you intend to share that property equally. When you and your spouse separate, once joint tenancy is severed, you will be presumed to each have an equal one-half interest in the property. Therefore, although it may be that one party did not contribute financially … Continue reading If my spouse and I hold property in joint names, how does that affect the division of property on separation and divorce?
Yes. It is very common in separation agreements or court orders to separate property that RRSPs are also subject to a division, or effectively redistribution, between former spouses. Canada Revenue Agency (CRA) imposes certain technical requirements on you and your spouse before it will allow such a division. The first hurdle: you and your spouse … Continue reading Can my wife and I divide our RRSP money without feeling the tax consequences now?
You are in the right frame of mind. If you are thinking of leaving, and aren’t sure of your next steps, it doesn’t hurt to do some research. I highly recommend that your first stop be to seek the advice of a divorce professional. This may seem self-promoting, but there’s a reason for it. In … Continue reading I want to leave my spouse, but I don’t know what I need to consider first. Please help!
In Alberta, new legislation was passed on February 1, 2012 with sweeping changes to how marriage and divorce affects your will. It used to be that entering into a marriage or an Adult Interdependent Partner Agreement revoked any existing will. Under the new legislation, these events do not revoke an existing will. However, if you … Continue reading Do I have to update my will upon getting married or getting divorced?
Can “sharing” and “divorcing” go together in the same sentence? As you work out your parenting plan, and determine where the kids are going to live, have you come to impasse where you truly believe that you cannot come to an agreement on who will get the kids when and for how long? You may … Continue reading Sharing Post-Divorce – For The Kids’ Sake
When you separate from your spouse (common-law or married), your entitlement to government benefits may change significantly. Remember, the amount of your CCTB and your GST credit payments is dependent on your family net income based on the information Canada Revenue Agency has from your income tax returns. Once you have been separated for 90 … Continue reading Does my Canada Child Tax Benefit change when I separate from my spouse?
While you are working, you will acquire CPP credits to you as an individual. Similarly, your working spouse will accumulate CPP credits. The number of credits you receive is based on your income level. These credits are considered to be assets when you and your spouse separate. Just like your vehicle or your house, these … Continue reading What happens to my Canada Pension Plan when I separate from my spouse?
Is this news to you? I just read about a recent survey conducted by BMO in August 2011 of Canadians going thru divorce suggesting that financial security over the short- and long-term are of primary concern when deciding whether to split from their spouse. The top 3 concerns were: the family home (53%), pensions (17%) … Continue reading News Flash: Finances are a Top Concern for Divorcing Couples
Before you get too far into your thinking of what solutions you want as far as your post-separation life, you should figure out how you want to get divorced. There are 3 common approaches you can use. At the very least, I recommend that you become informed about these process choices so you can be … Continue reading Divorcing This Year? Consider Your Options
When you meet with your lawyer or mediator, they will provide a questionnaire for you to complete which includes a list of all of your assets and debts. The following is a list of common types of property which you will have to provide details about: Real estate – matrimonial home, recreational properties, etc. including … Continue reading What type of property needs to be divided when we decide to divorce?