Archive for month: September, 2017

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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 Income from an RRSP will be taxed as money is withdrawn.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

Canada Revenue Agency may require child custody proof in Canada

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Laughlin Law's Divorce Attorneys Logo

On behalf of Laughlin & Company Lawyers Mediators posted in Child Custody on Monday, September 18, 2017.

Single parents who have custody of their children may get some tax benefits from the federal government. But there are times British Columbia parents might have to prove to the Canada Revenue Agency that they’re the custodial parent. When people fill out their tax returns in Canada, the government assumes citizens have declared all their income, but the agency has ways of checking these things. The CRA matches income slips to returns using Social Insurance numbers, making sure citizens have claimed everything. Essentially, claimed expenses, when they come to child custody, must be able to be proved should the government ask for clarification.

Single moms and dads have found that if they claim an eligible dependent (AED) for one child, it may attract the CRA’s attention. The AED can save about $1,700 in taxes, with further savings in each province, so it is a large claim. The CRA is requesting custody proof for many of these claims.

As long as single, custodial parents can provide the right documents to the CRA, the review should go smoothly. Those queried have 30 days to prove custody. Proof may be in the form of a birth certificate and a letter from the school the child attends or from the family doctor. The right paperwork must be presented to prove eligibility for the AED tax credit and without it, the CRA will recalculate tax returns by assuming the claimant doesn’t qualify for the credit.

There are many questions regarding child custody issues that an experienced British Columbia lawyer may be able to answer. A family law lawyer may also be able to point his or her clients in the direction of others knowledgeable in the issues surrounding custody, like those familiar with tax issues such as accountants. The guidance of a lawyer may prove invaluable in these cases.

Family Lawyers in Coquitlam

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

Source: huffingtonpost.ca, “The CRA Might Ask You to Prove Custody of Your Kids“.

Child support issues when one parent lives outside B.C.

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On behalf of Laughlin & Company Lawyers Mediators posted in Child Support on Tuesday, September 12, 2017.

Getting a court order for child support when a former spouse is living outside the province or even outside the country was once a tricky situation. However, British Columbia now has agreements with all provinces and territories. Agreements also exist with several other nations that will honor child support and spousal support arrangements fashioned in the region.

The province wanted to make sure both parties involved in the process were treated fairly and that, if needed, both people could present any evidence before the order was entered. The former process could be long and arduous. So, B.C. provincial and supreme court judges discussed the matter with the provincial Ministry of Justice, which culminated in a new way of doing things — the Interjurisdictional Support Order Act (ISO).

Lawyers in the process, appearing as a “friend of the court,” should be at the ready if the case goes to trial. However, lawyers, except for Surrey and Vancouver Robson Provincial Courts, appear by video or can phone in. Standard forms are also now available to help in the timely preparation of any child support orders.

The average decision time on an application has been reduced from more than 20 to 9.3 months. Not one form has been put off without a set date since the new process has been in place. The process continues to be evaluated.

British Columbia residents who experience child support issues would do well with the guidance and experience of a family law lawyer. He or she knows the ins and outs of the process in place regarding the legalities of child support. A lawyer will be able to offer solid advice on how to address any issues.

Source: provincial court.bc.ca, “Dealing with child support issues when one parent lives outside BC,” Accessed on Sept. 11, 2017

Lawyer Coquitlam

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

Divorce mediation: Transforming parenting roles during divorce

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A family enjoying time together before a divorce lawyer is involved

On behalf of Laughlin & Company Lawyers Mediators posted in Divorce Mediation on Monday, September 4, 2017.

Waving the white flag is the first order of business when it comes to making the best out of a less than stellar divorce situation. Divorce is usually not looked upon as a positive regarding any familial area. But by adopting a divorce model used in British Columbia divorce mediation, divorce couples can parent their children as separate individuals as well as they were able to as a couple.

No couple wants any animosity that may be between them to be transferred to their children. There are times when children — in as much pain about the divorce as they may be — may use the situation to their advantage, and this is where having a parenting plan or map comes in handy. A family mediator may be able to diffuse situations where a child or children are pitting one parent against the other.

Focusing on the children is of the utmost importance when working out parenting roles during and after divorce. Children often think that they are responsible for their parents splitting up and that they must fix things. Part of the role of family mediation is to help parents deal with these emotions in their children.

Children deal with divorce differently at different ages, according to experts in psychology. When parents realize that if they don’t work as a team when it comes to their kids, their kids will try to pit them against each other mainly for attention. How children act could also be a reactionary way of how each parent is coping with the separation.

These are the kind of issues that can be discussed with a British Columbia lawyer experienced in family law and divorce mediation issues. A caring and concerned lawyer would be able to help divorcing parents and their children to get the help necessary to help through an emotional time. As well, a lawyer will make sure all the legalities of the divorce have been addressed, and that’s what lawyers do.

Coquitlam Lawyers

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

Source: mediate.com, “A Transformative Parenting Mediation Model,” Wayne Plenert, Accessed on Sept. 1, 2017