In one of our posts from March, we discussed the upward trend of divorce among baby boomers and how separating seniors may have complex property division concerns. Dividing matrimonial property may be particularly complicated if either party has gone through a prior divorce or brought children into the marriage. A recent report on bankruptcy filings among seniors in Ontario underscores the importance of reaching a…
Recently we discussed the two ways in which spousal support is calculated in Canada: using the “with child support” formula or the “without child support” formula. Another matter to consider with regard to child support and alimony is taxes. Prior to May 1997, child support and spousal support were tax deductible by the payer and taxable to the recipient, but since then the rules have…
The federal Spousal Support Advisory Guidelines are commonly used to determine the amount and duration of spousal support to be paid. When using the guidelines’ formulas for calculating support, it is important that each party’s reported income is accurate. The guidelines are designed to generate a range of support amounts for a given situation, so really the guidelines provide a general starting point for deciding…
Ontario divorce law provides that divorcing spouses’ property will be divided down the middle so that each party receives an equal share of assets. The idea is simple, but the reality is that property division in Ontario is far more complex than a 50-50 split, especially with regard to the matrimonial home. Because each spouse is entitled to any increase in the value of matrimonial…
For an untold number of people, divorce results in financial strain. This may be especially true for parents whose marriage is ending. Suddenly you face the costs not only of finding and paying for a new home; many, if not all, of your children’s belongings may have to be duplicated for each household. During a time when you need to be focused on emotional healing…