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Protect combined funds during the division of property

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Sunday, November 20, 2016.

When British Columbia couples get married, many changes take place in the lives of both parties. Along with having to get used to each other’s habits and ways of life, the unique financial profiles of two entirely different people are combined — often with the little prior discussion. Finances are blamed for many arguments in marriages, and if these issues are left unaddressed, it may even lead to divorce. What makes decisions about combining funds difficult is the fact that couples who are very much in love must also consider the possibility of divorce and division of property in those proceedings.

Although the dynamics of each couple are unique, a professional financial advisor says that allowing each spouse to maintain some economic freedom may avoid serious arguments. Some prefer to have their separate accounts with an arranged list of financial obligations for each spouse. Others find that a “yours, mine and ours” system works best for them. This allows each partner a personal account and some independence while they pay household expenses from a joint account.

Another option that works for some is for each spouse to be allotted a weekly or monthly amount of money — similar to an allowance — to do with as they please. Spouses can use this to treat themselves or to treat each other with a special gift or surprises. In cases in which one spouse tends to be a spender, this may be an effective way to control such habits without making it feel like punishment.

While each couple can work out a financial strategy that works for them, it may be wise to record the arrangement in a prenuptial agreement. This may avoid contention during the division of property in the event of a divorce. The assistance and experience of a British Columbia divorce lawyer to provide advice can prove to be invaluable.

Source: businessinsider.com, “Here’s how to combine your money when you get married, according to a financial planner“, Tanza Loudenback, Accessed on Nov. 18, 2016

Lawyer Coquitlam, British Columbia

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

Property division in British Columbia must follow certain rules

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

Divorcing your spouse means that you will have to divide your property based on the laws that pertain to your case. Some property, such as the marital home, are always divided. Other property, such as certain inheritances, aren’t subject to the property division property.

In British Columbia, the property division process sets some specific property as separate property that doesn’t have to be divided. This includes money that is received or is payable through an insurance policy, a settlement or award that is compensation for an injury, inheritances to one spouse, a property that was owned before the relationship began and property that is in a discretionary trust for one spouse.

It is also possible that gifts would be considered separate property if those gifts were specifically given to one spouse. In many cases, how the property is handled once it is given to a spouse matters. If the property is held with marital property or if it is cared for by marital funds, it might be considered marital property during the property division process.

No matter how property is obtained or when it is obtained, the presence of a valid marriage contract means that the property would be divided how the contract notes it should be divided.

As you can imagine, the dividing property can be complex in some cases. If you and your spouse have considerable assets, this might be the case. It is crucial that you have a complete understanding of how different assets and liabilities should be handled in your case so that you can know what decisions you need to make.

Source: FindLaw Canada, “Gifts, inheritances and other excluded properties,” Miriam Yosowich, accessed Oct. 28, 2016

Law Firm Coquitlam

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

Keep an open mind and clear head during divorce mediation

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On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Thursday, October 13, 2016.

The mental trauma of going through a divorce is something that some people don’t expect. Even if you are the one who decides that divorce is the best thing, you are likely still going to have some emotional reaction to the filing and finalization that signals the end of your marriage.

If you are going through mediation to end your marriage and get the terms of the divorce settled, you have to make sure that you don’t let your emotions stand in the way of making progress. Your emotional ties to the marriage and the assets could hinder you from being able to negotiate.

Negotiations are the key to getting the divorce terms worked out. You have to be willing to stop and think about how various terms will work out for you. While you are going through the negotiations, make sure that you take the time to listen to what is being said and offered. This can be difficult, but being able to distance your emotions can help.

One thing that you can do that might help you to remain focused on the issues is to do your research before the negotiation process starts. If you have a marital home, for example, know the value, what is owed on it, what the typical upkeep is and any other factors that could affect the home or your finances in the future. Being armed with facts and figures could help you out.

While you are going through the mediation process, try to stay positive. It is easy to be discouraged when it seems like progress is slow. Sometimes, slow progress is exactly what you need to give you time to ensure that the issues you think are important are addressed.

Source: Family Affairs, “7 Tips on Preparing for Divorce Mediation,” Joy Rosenthal, accessed Oct. 13, 2016

Law Firm in Coquitlam

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

Your marriage might be ruined by pornography

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On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Thursday, September 1, 2016.

A recent study that was presented at the American Sociological Association meeting found that watching pornography can lead to the end of your marriage. The study hasn’t been peer-reviewed yet, but there aren’t any major methodological flags present.

The study used data that was from a poll that asks Americans about a host of activities. The data came from the 2006 to 2014 General Social Survey. When the data was studied, it was found that women watching porn is more likely to kill a marriage than men watching porn.

For men, the rate of divorce doubled from 5 percent to 10 percent when he watched porn. For women, the divorce rate tripled from 6 percent to 18 percent when she watched porn.

There is a difference in what happens when women and men stop watching porn. If the woman stops watching porn, the divorce rate goes back down to 6 percent. That isn’t necessarily the case for men, but the study was cautious about making statements in this regard because most of the men who reported they were watching porn didn’t stop.

There are many other factors that can affect whether porn leads to divorce in a marriage. Typically, people who attend regular religious services are less likely to divorce because of porn, while younger couples are more likely to divorce because of porn.

No matter what is causing you to end your marriage, you should take steps to make sure that your interests are protected. Divorce mediation can often help you to get a settlement that puts you in the best financial position as possible.

Source: Science Magazine, “Divorce rates double when people start watching porn,” David Shultz, Aug. 26, 2016

Lawyer Coquitlam

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