Archive for month: July, 2017

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Complete disclosure essential to high-asset divorce in B.C.

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On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Monday, July 31, 2017.

Sometimes, even being high school sweethearts and launching a home-based business together is no guarantee against the eventuality of a divorce. Divorce is one of the most challenging transitions in life, carrying in its wake the dismantling of a simple, shared lifestyle. In a high-asset divorce, it can happen that the securing and management of finances have been taken for granted on the part of one spouse or even both.

When this is the case, it is crucial to ensure that a family law practitioner experienced in complete and thorough assets discovery is available to assist. Shared finances in high-asset divorce cases in which spouses have teamed together towards acquiring all the more beautiful things in life can be complicated. As couples in British Columbia and elsewhere may discover, when it comes to complete disclosure, it does not love that wears thin, but patience.

In a recent high-asset divorce case that fanned across the Canadian media, a billionaire blindsided all attempts towards complete disclosure of the couple’s monies and holdings, which apparently spanned continents. Offshore accounts, laddered profit-sharing, and reliable financial records made access fraught with difficulty. His long-time spouse was shocked that the man she had met and fallen in love with in high school adamantly refused to share any of their joint assets with her.

Her patience sorely tried, the Edmonton-born wife sought and received the assistance of a family law practitioner who swiftly proceeded to close the knowledge gaps in the family’s finances. The resourcefulness and quick action required to remedy a high-asset divorce in which one partner risks becoming disentitled are likely only available by securing legal counsel. While not all high-asset divorces feature such lurid details, this case serves as a cautionary tale to all British Columbia couples considering a good separation of highly valued, shared assets.

Source: National Post, “Exclusive: This man went to jail rather than pay his ex-wife $10 million in epic divorce battle“, Adrian Humphreys, July 21, 2017

Lawyers Coquitlam

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

Divorce mediation helps separating couples stay strong mentally

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On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Monday, July 31, 2017.

Couples facing divorce have much on their minds — sometimes overwhelmingly so. Separating British Columbia couples, especially those with children, must realize they need to take care of their well-being to continue to be active parents. Divorce is one of the most stressful experiences in life, second only to the death of a child or partner. Divorce mediation can make what can be a very rocky path much easier to navigate.

In a divorce situation, those involved must acknowledge that things are hard. Researchers have proved that when people understand and give their fears credence, what they think are shortcomings and what causes them shame helps them to grow in maturity and strength. Divorce mediation can be a process that strengthens separating British Columbians.

Agreeing to divorce mediation can help a couple leave the negatives of their situation at the door and deal with difficult issues like adults. Asking for this help can reduce anxiety, help the couple to develop a new, co-operative parenting strategy for their children and help them to deal with the changes that are happening in their lives. There are healthy ways to get through a divorce, and engaging in divorce mediation is one of them.

Even for couples who have the help of an expert seasoned in divorce mediation, having the help of a lawyer experienced in family law will be invaluable. Any couple living in British Columbia considering divorce mediation over litigation will find that a family law lawyer will be able to recommend a mediator. A lawyer will also provide legal counsel regarding any agreements before being signed and given to the court.

Lawyer in Coquitlam

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

Source: canada.ca, “Helping children and youth live with separation and divorce,” Accessed on July 29, 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

Couples can specify division of property wishes in a contract

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Two parents disagree in an argument

On behalf of Laughlin & Company Lawyers Mediators posted in Division of Property on Thursday, July 13, 2017.

More and more British Columbia couples enter marriages with already acquired assets in their respective names. For this reason, signing marriage contracts are becoming a more accepted process than what it was years ago. Marriage agreements give both parties the opportunity to discuss goals, expectations, and plans for the future. The contract will contain their agreements related to the division of property in the unfortunate event of a divorce, and although that is a thought often rather avoided, getting it out of the way can provide peace of mind.

British Columbia has laws that provide guidelines for property division by the court. Couples who want to create rules that differ from those that will apply under the province’s family law can do it by drafting a marriage or cohabitation agreement. However, advisors suggest people must not sign such a contract before fully understanding the legal requirements and applications of it.

Such a contract will determine how assets gathered during the marriage or common-law relationship will be divided upon separation — also in the event of one spouse passing away before separation. The income, debts, and assets of each partner must be fully disclosed, and the signing of the contract must not take place on the eve of the wedding. Each spouse must fully understand the contents of the contract and the consequences of signing it.

The court will also prefer each spouse to have independent legal counsel when signing a marriage agreement. All the plans worked out for the division of property can be disregarded by a British Columbia court if it finds the marriage contract to be invalid. This can happen if the court finds that one spouse did not provide full financial disclosure or if one party can show that he or she did not fully understand what the agreement entailed. A marriage contract that was not signed well in advance of the wedding ceremony can indicate coercion or duress, in which case it can be declared invalid.

Got any family law questions? Contact our family lawyers in Coquitlam:

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

Source: business.financialpost.com, “What you need to know before you say ‘I do’ to a marriage contract“, Laurie H. Pawlitza, Accessed on July 7, 2017

Changing circumstances may justify child support modification

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A father holds his young child in his arms.On behalf of Laughlin & Company Lawyers Mediators posted in Child Support on Wednesday, July 5, 2017.

British Columbia authorities recognize the fact that circumstances change in the lives of divorced parents and allow them to petition the court to make certain modifications under complex child custody rights. If a parent who has to pay child support becomes unemployed has significant unanticipated medical expenses or for any other reason becomes unable to comply with a child support order, he or she may seek a modification of the court order. However, this is not easy, and it will require ample proof to be provided to substantiate a claim of undue hardship.

Another instance that may lead to a request to end child support is when a child becomes self-sufficient. British Columbia regards children to be old enough to care for themselves once they turn 19 years old. That is called the age of majority, and a parent’s child support obligations typically end at that time. Some circumstances may require the continuation of child support payments beyond a child’s 19th birthday. These include a child that continues to be a full-time scholar or one who is ill or disabled.

However, the court will allow child support payments to stop before the age of majority if he or she becomes independent and no longer needs parental care. Such circumstances could include the child moving in with somebody who provides for him or her, or if the child leaves the family home with no inclination to return. A child who lives separately and has employment that enables him or her to live without financial assistance from his or her parents before turning 19 is independent, and the court may cancel the child support order.

A British Columbia parent who has a court-ordered child support responsibility may not decide to stop paying without the court’s permission. For any changes to child support, or to cease payments, the parent must go to court and provide substantiating proof that a child has become independent or that changed circumstances would cause undue hardship if child support payments continue. This is a complicated field of the law, and the support of an experienced family law lawyer, like Laughlin Law, may ease the process and lead to an acceptable new arrangement.

Family Lawyers Coquitlam

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

Source: bc.familieschange.ca, “Are there exceptions to how much a parent has to pay?“, Accessed on June 30, 2017