Is this news to you? I just read about a 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%) and investments (13%). When I see these numbers, I am not surprised in the … [Read more...] about News Flash: Finances are a Top Concern for Divorcing Couples
Division of Property
Sharing Post-Divorce – For The Kids’ Sake
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 want to consider continuing to share your matrimonial home with your ex-spouse. “How on … [Read more...] about Sharing Post-Divorce – For The Kids’ Sake
4-Part Series: Aspects of Separation & Divorce – Part 4: Division of Property
Before deciding which spouse will keep what property, spouses must determine whether their property is inside or outside the realm of “divisible” property. The determination may be different depending on which side of the Alberta / Saskatchewan border you are on. The one important difference is that the Alberta Matrimonial Property Act applies only to married couples, whereas the … [Read more...] about 4-Part Series: Aspects of Separation & Divorce – Part 4: Division of Property
What information do I need to gather to give to my divorce lawyer?
There are a number of items which you will need to gather to provide to your lawyer when you are in the process of separating. In anticipation of meeting with your lawyer, you should gather such disclosure as: Your (and your spouse’s) Income Tax Return &Notice of Assessment – 3 most recent yearsIf you are an employee: 3 most recent pay stubsIf you own your own business: financial … [Read more...] about What information do I need to gather to give to my divorce lawyer?
What type of property needs to be divided when we decide to divorce?
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 mortgagesPension Plan details – obtain a Statement of Division of … [Read more...] about What type of property needs to be divided when we decide to divorce?
If my spouse and I hold property in joint names, how does that affect the division of property on separation and divorce?
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 to the house during the relationship, that non-contributing … [Read more...] about If my spouse and I hold property in joint names, how does that affect the division of property on separation and divorce?
Divorcing This Year? Consider Your Options
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 certain to choose the one that is right for you. During their initial consultations, I … [Read more...] about Divorcing This Year? Consider Your Options
Do I have to update my will upon getting married or getting divorced?
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 do not change your will to include your new spouse, … [Read more...] about Do I have to update my will upon getting married or getting divorced?