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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

Child support orders might need to be changed

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On behalf of Laughlin & Company Lawyers Mediators posted in Child Support on Thursday, October 6, 2016.

Paying child support has to be a priority for parents. As we discussed in the previous blog post, child support agreements can be made between parents, or you can turn to the court to determine who is going to pay what. In either case, child support has to meet specific points.

If you are going through a child custody case, the child support agreement is a significant component of the order. The child has needs that can only be met if there is money available, but both parents need to have money to support themselves. If you are trying to work out a child support agreement with your child’s other parent, we can help you to learn about the options that are available for child support agreements.

As the child grows up and circumstances change, there might be a need to revisit the child support order, or the child custody order as a whole. In those cases, it might be possible to have those changed. There are specific instances in which this might be possible. If you need to seek out a modification of these orders, be sure that you take action as soon as you discover the need for the change.

It is best to take swift action on any matter about your child. Your first course of action should be finding out what you can do. From there, you can make decisions about how you are going to proceed with your case. We can help you to explore the possible options and learn how they will affect you and your child.

Coquitlam Lawyers

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

Know what is allowed and what isn’t in child custody

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On behalf of Laughlin & Company Lawyers Mediators posted in Child Custody on Friday, August 26, 2016.

Canadian law has very specific points about what can happen in a child custody case. These custody agreements are very serious because they set the tone for the rest of your child’s childhood. When the child custody agreement gives your child stability, your child is going to be more likely to thrive.

We know that your emotions are probably playing a part in the child custody case. It is easy to see how that could happen because you love your child and you want to see your child as much as possible. You know that your way of wanting things done for the child is what is best. You should realize that your ex feels the same way, and that is why a child custody agreement is necessary.

During the child custody proceedings, whether these occur in a cooperative manner or in court, we can help you to keep your focus on what the law says regarding issues. We can help you ensure that your rights are respected and that your child’s best interests are truly kept at the heart of the case.

If you already have a child custody case and need to have it modified, we can help you with getting that done. There are some very specific situations in which a modification is warranted. Learning about those and finding out if your situation is one of those is the first step in your plan.

No matter what kind of child custody issue you are having, you have to make sure that you know what solutions are possible. That gives you a good starting point for getting things resolved.

Port Coquitlam Lawyers

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