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Property refers to all Assets and Liabilities accumulated during the marriage including the Matrimonial Home. The goal is to achieve an equitable division of all property and to maintain the financial health of both parties.
Issues to be addressed include, but are not limited to:
- Full Financial Disclosure
- Net Family Property Statement (NFP)
- Equalization (amount and payment options)
- Matrimonial Home
- Excluded Property such as date of marriage assets and debts, inheritance and gifts
In any family conflict the children are considered the priority and decisions should always be made in their best interest. In most cases spending time and having a relationship with both parents is preferred. However, even with the best of intentions, when a marriage breaks down communication often becomes difficult. Therefore it is helpful to have a document outlining the details of the children’s care in case issues arise. A thorough Parenting Plan reduces stress on both the parents and the children.
Issues to be addressed include, but are not limited to.
- Custody & Access
- Living Arrangements
- Daily Schedules
- Holidays & Special Occasions
- Extracurricular Activities
Is based on the number of children, custody and the gross annual income of the payor. It is intended to meet the children’s essential needs. Mandatory amounts are determined by the Federal Child Support Guidelines under the Federal Divorce Act. Additional expenses such as extracurricular activities, medical costs, and post-secondary education are considered in addition to the table amounts. These costs are typically shared proportionate to income.
Child support payments are non-taxable to the recipient and non-deductible to the payor.
When determining spousal support parties must consider income, length of marriage, need and the ability to pay. Mandated amounts are not legislated by the federal nor provincial government, however the Spousal Support Advisory Guidelines (SSAG) were established and are recognized by the courts as the basis for negotiation. The intention is that both spouses maintain an equitable standard of living and the recipient will work towards financial independence. Amount, payment arrangements (scheduled vs. lump sum) and duration are all issues that need to be addressed when negotiating spousal support.
Scheduled support payments are taxable to the recipient and deductible to the payor. A lump sum payment is a non-taxable transaction.