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Concealed marital property in a high-asset divorce

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Our location at Laughlin Law Coquitlam

On behalf of Laughlin & Company Lawyers Mediators posted in High-Asset Divorce on Wednesday, February 8, 2017.

In many British Columbia marriages, one spouse would be in charge of the finances, leaving the other spouse vulnerable in the event of a divorce. The lack of financial skills and a comprehensive knowledge of the marital assets — especially in a high-asset divorce — can leave one spouse ignorant of the other’s attempts to hide assets. People in this position may want to question and examine the property declared by their soon-to-be ex.

Common ways for hiding assets include transferring mutual funds into personal accounts, or to friends who would pay it back after the divorce is finalized. It is possible to shield assets by the overpaying of income tax and arranging with an employer to postpone a promotion, salary raise or bonus. Payment of expected commissions can be delayed in a similar way. Another trick is to frequently withdraw small amounts of cash while grocery shopping because cash withdrawn at the checkout will show as part of the purchases on the receipt.

If the deceptive spouse owns a business, the opportunities to hide assets are even more. Some hold back on issuing invoices to clients, thereby creating false cash flow problems. It is also easy to record false expenses by pre-paying vendors, adding fake employees to the payroll and more. Augmenting business expenses by purchasing costly pieces of art or paying for exotic holiday packages can also reduce the value of marital assets.

It may be comforting for divorcing spouses to know that a seasoned British Columbia divorce lawyer will likely know where to look for concealed marital property. Experienced legal counsel will assist a client in gathering the necessary financial information. A lawyer with substantial work in commercial law will have the skills to understand multifaceted financial portfolios and know how to deal with business valuations and other intricacies of a high-asset divorce.

Source: aol.com, “10 Easy Ways to Hide Assets From Your Spouse“, Robert Pagliarini, Accessed on Feb. 3, 2017

Attorneys Port Coquitlam

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

Divorce mediation: Can a mediator also be legal advisor?

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A beautiful family who don't need a family lawyer quite yet

On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Thursday, January 5, 2017.

British Columbia residents who are considering ending their marriages might have heard that they can avoid the costs and trauma typically associated with litigation. Opting for divorce mediation can provide a platform for peaceful negotiation by which both spouses have the opportunity to discuss their concerns. A qualified divorce mediator will facilitate the negotiations and encourage communication — and compromise when necessary — to help couples reach agreements that suit all concerned.

However, even though a divorce mediator can be a qualified lawyer, to avoid a conflict of interest, he or she may not give legal advice to either spouse. For that, and for valuable input, each party may have his or her legal representative present during mediation sessions. So, how can the mediator help? The experience of a qualified divorce mediator allows him or her to explain the laws related to property division, spousal support, child custody and child support.

After assessing the family dynamics, the mediator can make suggestions that may guide spouses to resolve their issues. These may include parenting plans, and although the court makes decisions about child support, spouses may discuss additional payments. The same goes for spousal support, financial decisions and property division for which couples may find their own solutions. Once the parties understand the laws related to these issues, it may be empowering to be able to make these decisions together rather than leaving it to a judge who has no intimate knowledge of the family.

Throughout negotiations, the respective lawyers can ensure their clients have fair participation. If couples can agree on all issues, their respective divorce lawyers can make sure the settlement agreement complies with the laws of British Columbia. However, if some issues prove unsolvable, couples may choose to let the court decide on those and then come to divorce mediation to draft a final agreement which the lawyers can present to the court.

Source: divorcesupport.about.com, “What Legal Issues Can a Divorce Mediator Discuss?“.

Ask a legal question? Call Laughlin Law!

Family Lawyer Coquitlam

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

Unable to pay child support? Modification can be sought

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On behalf of Laughlin & Company Lawyers Mediators posted in Child Support on Saturday, November 26, 2016.

While most British Columbia parents who have to pay child support want the best for their children, some may find it tough to keep up with the payments. The problem is often not a case of the inability to pay, but rather a negligence, such as forgetting to pay on time or spending the child support money on something else. However, falling behind with child support can quickly lead to significant amounts of debt, and the other parent may pursue legal action.

Arranging an automatic payment through a bank account and drafting a proper budget may remedy these issues. Maintaining careful records of all payments made is vital. There are various ways in which such records can be kept, and some online payment methods may include a program to keep these files. In the event of the other parent claiming non-payment or late payment, accurate records can provide the necessary proof.

Life sometimes has strange and unexpected turns, and an unanticipated surgical procedure, illness or job loss can make it impossible for a parent to pay child support. That parent may seek a child support modification through the court. By providing proof of the reason for the financial difficulties, the court may agree to modify the court order.

It may only be a temporary problem, and, although parents may be able to negotiate a more affordable amount until circumstances improve, they may want to avoid making verbal agreements. Utilizing the services of an experienced British Columbia family law lawyer to help draft a documented agreement may be more appropriate. A lawyer can then present such a request for modification of child support to the court, and with both parents already in agreement, the court may issue a modified court order without any delay.

Source: marriage.com, “Strategies for Paying Child Support“, Accessed on Nov. 25, 2016

Lawyers Coquitlam, British Columbia

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

How is division of property handled in common-law break-ups?

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Wednesday, November 2, 2016.

Residents of British Columbia who have been in common-law relationships for two years are regarded by law as the same as married couples. However, they may not be aware that it is not the case in other provinces. In fact, the laws related to cohabitating couples vary from province to province. In the case of such a relationship ending in British Columbia, the division of property will be handled according to the same laws as those covering a divorce.

In a common-law break-up in this province, assets acquired during the period of cohabitation will be divided equitably between the two parties. Assets owned by one party before the couple moved in together will remain that person’s property — unless the value of that asset was increased during the common-law relationship, in which case the growth amount will be divided. How will the property be divided if a couple who has lived together under British Columbia laws relocates to another province and then the partners decide to go their separate ways?

Even if domestic partners meet the requirements of their province to be recognized as common-law partners, this will have no impact on the division of property in the event of a break-up. In any other province, a partner must prove ownership of any assets he or she claims after the end of a relationship. This is required except when the couple signed a legal cohabitation or other agreement, which will determine how the property will be divided.

Common-law partners in British Columbia may benefit from each consulting with an experienced divorce lawyer who can explain the applicable laws and assist with the drafting of a cohabitation agreement, if necessary. This will provide protection of each party’s interests during the division of property in the event of a break-up. The court typically requires such an agreement to comply with applicable laws, and the legal counsel of each party must have been present during signing to prove neither party signed the agreement under duress.

Source: CBC News, “4 myths about common-law relationships“, Alexandra Kazia, Accessed on Oct. 29, 2016

Law Firms Coquitlam

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

Divorce mediation can be a good process

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On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Friday, October 21, 2016.

We recently discussed how important it is for people who are going through a mediated divorce to go into the process prepared. You can do this by thinking about what points of the settlement you can negotiate on as well as the points that you need to hold firm on. We can help you evaluate your assets and other points to determine a course of action.

While you are going through divorce mediation, the property division process isn’t the only one that you have to think about. You also have to consider matters such as spousal support and child custody. These matters can often be even more stressful than trying to divide property.

We know that you might have some questions about the decisions you will need to make during the divorce process. We can help you understand what Canadian law, as well as provincial law, says about the matters pertaining to your divorce.

As you go through the mediation process, you have to be willing to keep an open mind. There is a chance that you will be presented with an option for settling matters that you didn’t think about. By keeping an open mind, you might be able to settle things in a way that works for you but is slightly different from what you were thinking about.

We know that all of this is a lot to think about. At Laughlin & Company, we can help you sort through things in a manner that helps you to fully understand what options you have that are viable in your case.

Law Firms in Coquitlam

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

Your divorce settlement is the springboard to your future

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On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Wednesday, September 7, 2016.

In our previous post, we discussed how watching pornography without your spouse can lead to divorce. That probably doesn’t come as a shock to some people, but it does bring up an important point. There are various reasons why marriages don’t last. No matter what the reason for your marriage is ending, you must take the steps necessary to protect your future. Your divorce settlement is the end of the marriage, but also the springboard to your future.

We know that the end of your marriage is likely to lead to some thoughts of uncertainty. There is no guarantee how the property you and your ex-amassed will be divided. If you have children, you might be worried about how they will handle the divorce. You might also wonder about child custody. Who will get the children when and who will pay child support are likely concerns.

Every point in your divorce settlement must be considered very carefully. When you are dividing property and trying to determine child custody solutions, you have to think about the options. You can’t let your heart rule during this time. We are here to help you look at the possible options and weigh how each one will affect you.

When it is time to try to negotiate the points of your divorce, mediation is one possible option. We can work with you to determine what points you will hold fast on and what points are up for negotiation. We try to help you think about your future and how the possible settlements might affect you now and then.

Lawyers Coquitlam

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