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Division of property could be a kink in a retirement plan

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On behalf of Laughlin & Company Lawyers, mediators posted Division of Property on Monday, September 25, 2017.

Divorce can be a costly endeavor. When a divorcing British Columbia couple shares a lot of assets, splitting up could mean having to rethink any retirement plans that may have been in place for quite some time. That process typically includes the division of property, and some financial guidance may be prudent.

Most assets in a divorce situation in Canada are divided equally. But the way in which they can be separated can be done creatively. Divorce changes the spending forecast, and older couples may need to keep that in mind moving forward.

Planning will give each a picture of the financial future. Some questions that could be asked are: Will the house be sold? Are there any children who will need support? How long will each be working? How do they view spending retirement years?

Couples also need to figure out the process for dividing Registered Retirement Savings Plans as well. When figuring the approximate worth of an RRSP, each is given a notional tax, taking into account an estimate of the retirement tax bracket of the holder. Income from an RRSP will be taxed as money is withdrawn. An actuary may need to come up with those figures.

Each divorce is different, and so each financial plan for a divorce will be unique as well. There is not just one way to split assets. Division of property can be complicated. In addition to enlisting the aid of a financial planner, it may be wise to get the advice of an attorney in British Columbia who is experienced in family law. He or she will be able to answer any questions regarding the legalities of a divorce situation as it pertains to finances.

Source: cbc.ca, “Divorce: splitting your assets means rethinking retirement plan – CBC News,” Accessed on Sept. 23, 2017

Lawyers in Coquitlam

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca

Child poverty in Canada has child support connection

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A happy family currently going through a divorce case with our Laughlin and Company lawyers

On behalf of Laughlin & Company Lawyers & Attorneys Mediators posted in Child Support on Monday, August 28, 2017.

Single parents often have a tough time financially. The fact that child support payments are taken off social assistance cheques in Canada doesn’t make it any easier. Some single parents even find it difficult to pay rent, let alone to properly care for their children.

Child poverty is a problem in Canada, and British Columbia is no exception. In fact, B.C. takes first place in the nation with almost 18 percent of children in the province living below the poverty line. In a province that is known for being financially well off, lobbyists say parents should not have to pawn their children’s toys to get them shoes or to buy fresh produce. Single-parent families living on or below poverty levels should not have child support funds deducted from social assistance funds they receive — something most provinces do.

The British Columbia government lets those on social assistance keep some income over and above whatever the province gives them, but it will not extend the same regarding funds a person (usually a woman) gets from a parent who provides child support. So, earned income is exempt to a certain point but not if it comes to child support. Critics of the policy say this is nonsensical.

Yet, children have rights under Canada’s Charter of Rights and Freedoms. Some argue this policy violates those rights. Those who aren’t on social assistance and who have children get benefits from child support payments. Children whose parent are on assistance don’t reap those benefits.

British Columbia residents dealing with child support issues may do well consulting with a lawyer experienced in family law in Canada. A lawyer can provide invaluable guidance when it comes to legalities governing child support. A compassionate lawyer will do all he or she can to help with any problems.

Port Coquitlam Lawyers

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

Source: theglobeandmail.com, “Why has B.C. failed to address its child poverty problem?“, Gary Mason, Accessed on Aug. 25, 2017

Division of property may follow money disputes in marriage

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Thursday, July 20, 2017.

A child stuck in between two parents in a divorce

Getting married, or committing to a common-law relationship, is a significant life decision. The strength and stability of the basis for such a permanent connection require different bricks to provide security. One of those is open conversations about money matters. The number of divorced couples who blame their breakups on financial disputes underscores the importance of such talks. While couple’s in British Columbia start their new shared lives as spouses, they might not realize that conversations about the division of property may follow soon if they fail to establish a firm financial understanding.

Advisors say stress and arguments about money can be avoided by discussing the following matters before the marriage or moving in together. Talk about the financial goals and expectations of each spouse. If one is frugal and avoids spending money while the other party loves restaurant meals and expensive clothes, disagreements are sure to follow if no agreements are reached in advance. The financial histories of each could be discussed, with full disclosure of the debts each party will bring into the relationship.

Each spouse must know the income of the other, and agreements about whether they will pool their incomes, or keep them separate is best resolved before the case is taken to child custody court. Couples who have no financial secrets and precise guidelines about how they will handle marital incomes and expenses are said to be less likely to disagree about money. Even those who are at different ends of the scale when it comes to financial personalities may be able to agree on workable money management plans for the family.

However, any British Columbia person who is the victim of a marriage that did not survive financial disputes may find that the division of property may be equally contentious. An experienced divorce lawyer may the appropriate person to provide support and guidance during this challenging time. A lawyer may even arrange divorce mediation that may help the spouses to agree on a settlement that will save time and money.

Lawyer Coquitlam, BC

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

Source: globalnews.ca, “5 financial facts every couple should know about their partner before getting married“, Dani-Elle Dube, Accessed on July 15, 2017

High-asset divorce need not be a high-priced process

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A highlighter outlines the word 'divorce'On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Tuesday, June 27, 2017.

When wealthy British Columbia residents file for divorce, they typically have different concerns than those with more typical incomes. For most people, the costs of a divorce are the primary concern, and litigation is often too expensive. When it is a high-asset divorce, the process is usually affordable, and the concerns of both parties are often more focused on protecting their wealth.

However, even a high net-worth couple can limit the costs of a divorce if they are able to avoid litigation. Collaboration or mediation are alternatives that allow divorcing couples to maintain control of the outcome — something that may be lost if the judge is the one to make important decisions that can affect post-divorce financial stability. The level of a couple’s wealth should not determine their ability to negotiate contentious issues and compromise when necessary.

Another process that can save significant amounts if avoided is valuation battles. Going to court to fight these battles can ruin anyone’s finances, while the services of forensic accountants can obviate the need to litigate. Spending thousands of dollars to seek hidden funds is also best avoided unless there is definite proof rather than gut feelings.

The truth is that any British Columbia couple committed to resolving their divorce issues without litigation may be able to save hundreds of thousands of dollars along with a lot of time and trauma. However, a vital ingredient in this recipe is an experienced divorce lawyer who is skilled in navigating a high-asset divorce. Such a professional will have the necessary resources to get valuations and assessments done. These may include forensic accountants, tax advisors, realtors and more.

Check us out if you have any questions about family law:

Laughlin & Company Lawyers Mediators
2755 Lougheed Hwy #710, Port Coquitlam, BC V3B 5Y9
(604) 945-4370
https://www.laughlinlaw.ca

Family Lawyers in Coquitlam

Source: theglobeandmail.com, “Note to wealthy people considering divorce: Stay out of court“, Danielle Boudreau, Accessed on June 23, 2017

Child Custody: Can technology aid parent-child relationships?

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The definition of child custody.On behalf of Laughlin & Company Lawyers Mediators posted in Child Custody on Tuesday, June 6, 2017.

Following a divorce in British Columbia, circumstances often cause one of the former spouses to relocate. This could be difficult for children who may then have little contact with the parent who moved away. However, with the accessibility of the internet, it might be a good idea to work out a communication schedule for video calls as part of a child custody agreement.

A professor in another province has launched a study to evaluate the manners in which technology such as the internet could benefit parent-child relationships when distance or child custody rights is a problem. Data is being collected byways of a survey to study the pros and cons of FaceTime, Skype, and other communication technologies when it comes to dissolution of marriages. The objective of the study will be to build reference material for judges and lawyers, mental health professionals and others who deal with divorces and long-distance parenting.

While the study will provide conclusions, the professor predicts that these communication options will prove to be of significant value in maintaining relationships between parents and children who live far apart. However, she believes that the potential remains for children who were victims of abuse or domestic violence to be subjected to ongoing abuse and control via the avenues offered by this technology. For this reason, some control measures will have to be developed.

British Columbia parents who are separated by great distances from their children after divorce may want to establish an internet communication plan. With the help of an experienced family law attorney, the child custody agreement might be reviewed, and through further negotiations, both parents may establish a workable plan. The lawyer can present it to the family court, and if the court finds the arrangements to be in the best interests of the child, it may modify the existing court order.

Family Attorney Coquitlam

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

Source: FindLaw Canada, “Study will examine use of technology in child-parent communication during divorce and separation“, Alexia Kapralos, Accessed on June 2, 2017

Can bankruptcy resolve debt issues in division of property?

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Money & cars can be considered wealth to be divided.On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, April 26, 2017.

When British Columbia couples consider divorce, it might be a good idea to sit down and discuss how mutual debts will be handled before the divorce is finalized, rather than waiting to face the consequences afterward. With agreements regarding the division of property in place, those issues will not be left to the discretion of the court.  In divorce, debts will be treated in the same way as assets.

However, creditors are not interested in a couple’s marital status, and regardless of what a family law court orders, banks hold responsible those in whose names the debts are registered. When a marriage ends, and one spouse moves out, there’s typically less income to meet expenses such as rent, utilities, grocery costs and more. One spouse may be left with the cost of maintaining the family home, while the other could have the additional burden of child and/or spousal support. This may lead to an inability to keep debt payments current.

It is often advised that couples should close joint accounts and open personal accounts before the divorce gets underway, but they may not be able to settle the outstanding balances to enable them to close certain credit card accounts. Although a divorce will physically separate a couple, debts may keep them connected for some time. One option may be to apply for two separate bank loans to settle debts before the divorce, but only if both parties can afford the loan payments that will follow.

Any British Columbia individual who is heading for a divorce can find an attorney who can provide valuable advice along with support and guidance throughout the process, including the division of property. If the debt level is excessive, the possibility of filing for bankruptcy might be considered. This may allow the person to have a fresh start — both financially and personally.

Contact Laughlin & Company Attorneys if the division of property is a concern for you.

Source: globalnews.ca, “Heartbroken and bankrupt: Why divorce can destroy your finances“, Erica Alini National, April 17, 2017

Lawyers in Port Coquitlam, BC

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

Disagreements about money not limited to a high-asset divorce

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Tuesday, April 18, 2017.

Disagreements related to finances cause a significant number of marital problems in British Columbia. Regardless of whether it is a high-asset divorce or a middle-income couple’s divorce, money often brings contempt. It has been suggested that many couples go for marriage counseling when financial counseling is what they really need.

The importance of having a money talk before the wedding is often emphasized. Not doing so could lead to disastrous consequences for couples with markedly different ideas about financial management. Some understanding and compromise will be necessary when two people from different socioeconomic backgrounds come together to share one budget. One may be a big spender while the other partner might have lived a life of saving and strict budgets.

Some advisors suggest that couples may do well to share the financial responsibilities and work together when budgeting and balancing finances to avoid any mistrust if only one spouse takes responsibility for managing family finances. Furthermore, many advise that a bank account for household expenses and other mutual financial obligations should be shared. It is often said that most financial problems in marriages stem from the lack of continuous open discussions about finances that ultimately lead to suspicion and doubt.

It is therefore not surprising that many divorces in British Columbia involve allegations of hidden assets by one of the spouses — especially if it is a high-asset divorce. The answer to such a situation would be to secure the services of an experienced legal aid attorney whose skills include the ability to seek and identify hidden assets. The attorney can protect the rights of his or her client and work to secure a fair and lasting divorce settlement.

Source: kiplinger.com, “5 Signs Couples Need Money Counseling“, Ash Toumayants, Accessed on April 14, 2017

Lawyer in Port Coquitlam

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

Woman admits ex not the father — judge waives child support

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On behalf of Laughlin & Company Lawyers Mediators posted in Child Support on Wednesday, March 22, 2017.

In British Columbia, child support obligations are not necessarily determined by paternity. A person whose name is on the birth certificate, who had taken care of a child as his own, can be assumed the father and held responsible for child support. However, in an unusual ruling, a British Columbia Superior Court judge recently declared a man free of any child support obligations.

A report indicates that a child was born after a couple had been married for three years. The man automatically accepted that he was the child’s father and cared for the boy. Three years later, under unknown circumstances, the husband learned that somebody else was the child’s father. The couple separated and, a year later, DNA testing confirmed that fact.

After another 15 months, the couple divorced, and the mother left their home province to relocate to British Columbia, telling the court she did not want child support because her ex-did not father the child. Reportedly, since their divorce in Sept. 2014, the couple had no contact — until Feb. last year when the mother suddenly demanded child support. She claimed the man acted as the child’s father until their divorce, but the man claimed to have had no contact since shortly after they separated.

The British Columbia Supreme Court judge ruled that it would be grossly unfair to order the father to pay child support after the essential misrepresentation of the facts by the mother. Any person in British Columbia who faces a similar problem may find answers and support by consulting with an experienced family law lawyer. Skilled legal counsel can assess the problem, suggest potential remedies and provide the necessary guidance throughout any legal proceedings.

Source: nationalpost.com, “B.C. woman who concealed her ex-husband was not the father of her son loses child support bid“, Keith Fraser, March 15, 2017

Need your family law questions answered free? Us at Laughlin Law can help you today! Call (604) 945-4370 for your free consultation.

Port Coquitlam, BC Lawyers

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

High-asset divorce need not cause financial ruin

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On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Wednesday, December 28, 2016.

One of the primary concerns of people in British Columbia who are considering divorce may be the cost. Contested divorces — especially a high-asset divorce — can cost tens of thousands of dollars and in some cases even hundreds of thousands. However, some steps can be taken to limit the costs — before, during and after the filing.

Before filing for a divorce, each spouse may want to prepare him or herself financially by educating themselves about all their debts and assets. Then, they should draft a budget based on the money currently spent on all expenses, followed by a post-divorce budget. This must include rent, vehicle costs, living expenses, child-care charges and — where applicable — spousal and child support. Not only assets are split in the property division process, but also debts, so attention should be paid as to how that will be divided. Discussing the divorce options with an experienced divorce lawyer can further help to identify ways to save time and money.

It may be best to try to check emotions during this time and avoid any actions that involve revenge, payback or settling of scores. Couples who can communicate and compromise to reach mutual agreements can bring about significant savings. During negotiations, it is important to understand how the court will determine child support and an estimate of the amount the court will order. Also, remember that spousal support is not guaranteed and settling that in negotiations may be wise. Each party may benefit from adding professionals, such as tax and property advisors, to their respective support teams to provide advice on tax implications and more.

During all the preparation and negotiation proceedings, each spouse’s legal counsel can provide valuable support. The time and money involved in a high-asset divorce depend largely on the ability of the parties to resolve contentious issues. However, with the professional guidance of a seasoned British Columbia divorce lawyer, a divorce that fits the family dynamics while being financially fair at the same time can prevent either party from going broke in divorce.

Source: business.financialpost.com, “Divorce is never easy and your heart may be broken, but that doesn’t mean your wallet needs to be too“, Melissa Leong, Accessed on Dec. 24, 2016

Coquitlam, British Columbia Lawyers

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

How do the British Columbia courts handle division of property ?

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Thursday, November 17, 2016.

Dividing property in a divorce or separation of common law partners may sound like a simple process. However, in real life, it is a stressful and emotional process and could be as difficult to navigate as child custody issues. In British Columbia, laws related to the division of property apply to married spouses and common-law couples who have lived together as spouses for two years or more.

For the process of equal property division, certain assets do not qualify. The excluded property typically comprises everything each partner brought into the marriage or relationship. Also excluded are inheritances, gifts, and awards for damages. However, if, for example, one partner owned the family residence before the couple moved in together, that person will be entitled to the value of the property before they got married or became a couple. In the event the marriage or relationship ends, the partners will share the amount by which the value of the house had increased over their time together.

In contrast, if a couple purchased a family home during the marriage or common-law union, it will be considered the marital property to be divided. The couple can sell the house and share the profits, or one partner can buy the other’s share and keep the residence. In addition, Registered Retirement Savings Plans, investments, and bank accounts will be shared equally, along with pensions, insurance policies and business interests.

Couples may negotiate a property division plan and present it to the court for approval. If they fail to come to an agreement, the court will determine the division of property. However, couples may be proactive and sign agreements such as prenuptial, postnuptial or cohabitation agreements to protect the interests of both parties in the event a relationship does not last. To ensure such agreements comply with legal requirements in British Columbia and will hold up in court, the guidance of an experienced divorce lawyer may be necessary.

Source: gov.bc.ca, “What happens to family property when spouses separate?“, Accessed on Nov. 11, 2016

Coquitlam Law Firms

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