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January continues as divorce month

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Thursday, February 4, 2016.

In the family law field, January is known as Divorce Month because it is one where attorneys often see a sudden influx of people wanting to know more about the legal and financial ramifications of ending their marriages. While many of these divorces won’t actually be finalized until months later, it’s important to gather as much information as possible so you can be prepared should you make the decision to move forward.

One possible reason for this increase is the normal self-reflection and reevaluation of life goals that happens around the first of the year. Many people are taking stock of their lives, relationships, current obstacles and where they hope to be in the next five to 10 years. This thought process often leads people to reconsider whether they are truly happy and fulfilled in their marriages or if they are just going through the motions.

The beginning of the year is also the calm after the storm and stress of the holiday season, and many couples find themselves dealing with unmet expectations and frustrations from the months before. However, a divorce should never be an impulse decision. It’s important to really think through your situation and discuss the particulars with a family law attorney who can provide some legal guidance and outside perspective.

It’s important to be fully informed of the possible options and outcomes. If you do decide to move forward and file for divorce, your attorney can help you understand what paperwork you will need and what particular issues you may be facing, whether they be child custody, complex property division or alimony.

Source: Huffington Post Canada, “Divorce Month: Why Marriages End In January,” Nathalie Boutet, Jan. 22, 2016

Coquitlam BC Lawyer

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Billionaire’s divorce finally settled

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorceon Wednesday, November 4, 2015.

High-asset divorces come with their own unique set of issues. Because of the world’s fascination with the wealthy elite, it’s also common for these divorces to play out in the public eye at least to some degree. This can mean that the couple’s private marital issues and their financial standing end up being discussed by the public at large. Such was true for one Russian couple who reportedly just finalized what was known as the “most expensive divorce in history.”

The couple’s divorce took six years to come to an end, and the final settlement remained undisclosed as the time of reports. However, the long legal battle caught the attention of the international media as people across the globe watched to see what would happen. According to reports, the Russian billionaire involved in the divorce has a net worth of $8.5 billion and is the 165th richest person in the world, as of 2015.

According to reports, the divorce was a contentious one, starting with the wife’s filing. The man was reportedly notified of the divorce petition at a New Year’s party after it was brought to his attention that his assets had been frozen. The man’s wife alleged that infidelity played a role in her decision to file for divorce. The divorce proceedings went on for years and were heard in several different districts. The wife was originally awarded $4.5 billion in the divorce settlement, but this was reduced to just less than $600 million after the husband decided to bring it to an appeals court.

In high-asset divorce, appeals are a common occurrence, and, as shown here, are important not to be discounted. Understanding how settlement decisions are made in these cases and who has the right to appeal is an important part of protecting your financial interests.

Source: Forbes, “The Saga Of Russian Billionaire Dmitry Rybolovlev’s $4.5B Divorce Comes To An End,” Agustino Fontevecchia, Oct. 20, 2015

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Ben Affleck and Jennifer Garner attend divorce counseling

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Thursday, September 24, 2015.

Ben Affleck and Jennifer Garner are one of many celebrity couples to announce they are going their separate ways this summer. The couple has made headlines for their continuing commitment to co-parenting their children and have even gone so far as to take the children on joint outings as a family.

The couple was recently photographed coming out of a counselling centre, and this led to some media speculation that they were attempting to reconcile. However, reports later surfaced that the parents made a decision to attend counseling through their divorce process to help smooth the transition for the children and work on keeping their personal issues out of their parenting relationship.

While it may initially seem odd to go to counseling with your ex after the decision to divorce has been made, it can be helpful in many ways. Divorce brings up many issues, and no matter how prepared you think you are to deal with your ex as a coparent and keep your relationship civil, it’s very common for situations to get contentious as the parties move forward with their lives, establishing separate residences, executing the visitation schedule and even dating other people.

Keeping the lines of communication open with your ex is crucial to keeping a divorce centered on the two most important aspects: property division and the best interests of any children involved. Attending counseling as a couple or as a family if the children are not too young can help give everyone a safe space to express their feelings and work through budding issues before they become legal battles.

Source: International Business Times, “Ben Affleck-Jennifer Garner Visit Marriage Counseling Center To Make Divorce ‘As Easy As Possible’,” Minyvonne Burke, Sep. 04, 2015

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Miranda Lambert and Blake Shelton announce divorce

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Friday, August 7, 2015.

Taking precautions before you get married to protect your assets is one of the most important things anyone can do. A prenuptial agreement, while not pleasant to deal with when you’re envisioning spending the rest of your life with someone, can take the fights over who will get what out of the equation so you can focus on navigating this very difficult time.

Country music couple Blake Shelton and Miranda Lambert are finding this out for themselves after announcing on July 20 that they had divorced. The couple had been the subject of divorce rumors almost from the moment they were married, but it seems there will be relatively little media fodder as the couple had a prenuptial agreement, known as a marriage agreement in Canada.

When a divorce is handled quickly and without any battles over assets or money, those involved are also able to begin the healing process and move on with the next chapter of their lives faster as well. However, in some cases, even with a marriage agreement there may be issues that require more involvement from the courts.

If a marriage agreement is contested or is found to be invalid by the courts, it may mean that the couple has to go through the usual process for deciding how to split the marital assets. Whether you are dealing with a contested marriage agreement or are dealing with a standard property division situation, a lawyer can help you understand your options and work with you on deciding how to move forward to protect your interests in a high-asset divorce case.

Source: CBC, “Blake Shelton and Miranda Lambert divorce after 4 years,” July 20, 2015

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Know the grounds for divorce in Canada

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Friday, June 26, 2015.

When you want to get a divorce, there are a few things you’ll need to do. The main thing is providing evidence that you have the grounds for divorce that fall under the federal guidelines. In Canada, one of the three grounds for divorce is a one-year separation. During the last 365 days, if you haven’t lived with your spouse in the same home, you can apply for your divorce without any other reason.

If that option won’t work for you, you have two others to choose from. If you can prove adultery took place or cruelty is the cause of your divorce, those are also grounds for divorce. Generally speaking, most Canadians move forward by separating for a year, and during that time, they work through issues like how to divide assets or working out spousal support payments.

During the separation term, you can work out a separation agreement with your soon-to-be ex. If the agreement works out well for you, it can eventually be used in your divorce as your guideline for asset division, child support and other important decisions.

You don’t need to get a divorce if you want to live separately, but if either of you ever want to marry again, it’s necessary to do so. You can reach a settlement and divorce privately, or if you can’t decide in private, you can go to court and have a judge do so for you.

Our website has more information on divorce in Canada and how you can avoid a drawn-out divorce. With a year between filing and getting a divorce, you can make the best of it with mediation and a separation agreement, so you can have a speedy divorce as soon as you’re legally able to.

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Pension division and disability benefits in British Columbia

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Wednesday, April 8, 2015.

When couples divorce in British Columbia, the former spouse of a person who is receiving a pension may be eligible for a share of that income. In the event that benefits are being paid to the one party because of their disability, special rules apply before a division of that portion will occur.

If an agreement is reached regarding the division of disability benefits, the court will make the agreement a part of its orders. A court may also order the division of disability benefits on its own if no agreement is reached. If the court does not rule on the disability portion of a spouse’s pension, the benefit will be allocated solely to the holder of the pension.

Division of disability benefits in a pension plan will continue until the pension holder spouse passes away or until the disability benefits are terminated according to terms of the plan. The plan member’s eligibility for disability benefits has no effect on how other portions of the pension will be divided by the court.

The division of property may be very complex as well as highly contentious in many divorce cases. When a couple’s property includes different types of holdings, such as retirement and pension accounts, it can be difficult to determine how the assets should be divided. People who have pensions, disability payments and retirement accounts may benefit by seeking the help of a family law lawyer during divorce proceedings. A lawyer may be able to determine whether a client’s benefits are divisible during dissolution of the marriage.

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

How divorce affects a person’s income tax

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorceon Wednesday, February 18, 2015.

Readers who are considering divorce in British Columbia may be wondering how their income tax might be affected once the divorce is finalized. The answer to this question may be complicated, depending on the person’s situation. For example, as part of the division of property, a residential property might be sold. The property could be designated as the primary residence, which would allow the owner to shelter the capital gain generated by the sale from tax.

If a couple owns more than one property, such as a condominium in the city and a cottage in the country, it may be possible to shelter a portion of the capital gain tax on each property by declaring each one a primary residence for a portion of the total time that the couple owned the properties. This protection from taxation is due to the principal residence exemption provided in the tax code. However, a homeowner or family unit can only designate one property per year as a principle residence.

If a divorce occurs, any tax-shielding years claimed by the couple will still apply to the individuals. For example, a family that owns two properties for 10 years and sells one may apply the exemption to that property. If they divorce, one party may take possession of the second property. If that person chooses to sell that property after five years using the exemption, they will still be required to pay taxes for the other ten years that the property was owned before the divorce because those years were claimed previously.

Individuals who own multiple properties, stock portfolios, retirement accounts and other assets may face difficulties in assessing, valuing and dividing their complex estates. A lawyer with a background in high-asset divorce may have in-depth knowledge regarding the complexities of this type of property division. Throughout the divorce process, a lawyer may work to protect an individual’s interests and ensure that the finalized divorce agreement is equitable and fair.

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Controversy swirls over mayor and wife

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Monday, July 14, 2014.

As the mayor of Vancouver goes through a reportedly amicable separation from his wife, he is enduring false attacks and alleged rumours from one of his political opponents, the NPA. After three decades of marriage, the mayor moved out of the couples’ recently purchased residence into a condo. As the rumours swirled, Vision Vancouver released numerous media information that seemed to pull NPA into the conflict.

The couple later released a statement that said they were separating. They did not address the issue of divorce. However, the mayor’s team was surprised by the statement as they hoped they would not have to say anything about the mayor’s relationship with his wife. Within minutes, Vision requested information from the NPA about false accusations against the mayor and his family.

An email from an NPA official included accusations of philandering against the mayor. A representative from Vision questioned NPA leadership and the personal attacks toward the mayor. A news release from Vision requested that the NPA candidate for mayor explain why the party was attacking the mayor. The Vision questioned the sling tactics of the NPA and the type of campaign that brought personal matters into the public arena. A representative with the Vision categorically denied the rumours although the mayor himself did not comment. The representative further requested privacy for the family. However, an NPA representative denied the claims that the party is attempting to discredit the mayor. Through the years, the mayor has put his family in the spotlight with publicized photos of all of them together.

When a public figure decides to end their marriage, rumours could make their way into the media even when the couple wants to keep things private. A family lawyer might be able to lessen the public damage to a high-profile figure.

Source: The Province, “Vision Vancouver accuses NPA of personal attacks in Gregor Robertson’s separation from wife”, Sam Cooper, July 07, 2014

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Real Housewives’ divorce underway

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Thursday, July 3, 2014.

Drama filled a Canada courtroom as one of the stars of Real Housewives of Vancouver testified in a divorce case. Jody Claman provided testimony for several days during the divorce trial that endured two weeks. Specifically, she was asked questions about her income, assets and spending.

Claman was married to a mining executive. He filed for divorce in 2013. While the show lasted for only two years before being cancelled in 2013, Claman provided information regarding her income that she earned on the show. She said that she received $800,000 for the two seasons in which she appeared on the reality show. She told the media outside court that she was being sued for half of her assets, spousal support and child maintenance. She had to answer questions about how much of her earnings were derived from her daughter’s clothing store and how much members of her staff were paid.

Her present financial state is reportedly in stark contrast to the income she was yielding while on the reality show. She testified that she was currently in $148,000 of debt. She reported her monthly expenses at $50,000 which allegedly include three monthly mortgage payments and $6,000 for monthly credit card payments. She said that she had not yet earned any income in 2014 and that she wanted to run her catering company again. However, she reported that she lacked the necessary funds for equipment.

Individuals who are concerned that divorce may be looming in their future may opt to discuss their case and options with a family law attorney. In some cases, individuals can settle a dispute instead of litigating it in order to avoid the expense, time and lack of privacy that a trial might entail.

Source: The Province, “Real Housewives’ divorce trial plays out like, well, a reality TV show”, Susan Lazaruk, June 28, 2014

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370

Divorcing Hollywood couple may have $50M in assets at stake

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Friday, June 13, 2014.

British Columbia readers may be interested in the divorce proceedings of one famous Hollywood couple. At issue in the divorce is custody of a teenage daughter and various properties across the globe valued at tens of millions of dollars.

Actors Melanie Griffith and Antonio Banderas met while working on a film together in 1995. The couple married afterwards and had a daughter together, who is now 17 years old. Now, the pair has decided to divorce, citing irreconcilable differences. This is the fourth divorce for Griffith, and Banderas has been divorced once before. The split happens amid rumours of the end of their marriage that have persisted for months.

In her divorce filing, Griffith has requested spousal support payments and joint custody of their daughter. She is also seeking sole physical custody of her daughter.

According to reports, the couple owns property in various locations across the world, including in Los Angeles, New York and Spain. Additionally, their assets include various commercial properties and restaurants, both in the U.S. and in other countries. An acquaintance says that Banderas makes “smart” business decisions and the couple is very careful with how they spend their money. The friend also assured media sources that money was “not the reason” for the divorce. Reports indicate that the couple’s net worth could be valued at around $50 million.

In high-asset divorce situations like this, it can be difficult to value and divide the property owned by a couple. This can lead to a contentious divorce. A lawyer may be able to help guide the spouses through this process, from the division of property to negotiation of potentially contentious issues like child custody and spousal support.

Source: Daily Mail, “Melanie Griffith and Antonio Banderas’ ‘$50M divorce’: Estranged couple are ‘worth more than you think’ with homes all over the world“, Shyam Dodge, June 11, 2014

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370