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 Income from an RRSP will be taxed as money is withdrawn.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

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“.

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

When a man who was shelling out money to support two families dies, some sticky problems can arise. The deceased, a citizen of Canada, was paying spousal and child support to his ex-wife. They had two children. However, he was also caring financially for his fiancee and their unborn child. When the married couple divorced, the man not only agreed to support payments but also to keep his former wife on his life insurance policy as the irrevocable beneficiary.

The man agreed to keep up his million dollar policy without an end date or a reduction. But when the couple separated, the man, who continued to live in Canada, became involved with a woman who lived in the United States. He developed cancer around the same time his girlfriend — who would become his fiancee — became pregnant with their son. The man died before his divorce became final.

The man had a will prepared before his death and in it — contrary to a court order — he wanted his estate, and life insurance shared between his wife, their two kids and his fiancee and her yet unborn baby. This resulted in a trial and two appeals. The man’s estate was insolvent, so the only asset was the life insurance policy.

Ultimately, the court of appeal decided that the man’s wife and their children were creditors but limited their rights. The court said they were creditors only in that proceeds of the policy were needed to satisfy the deceased man’s obligations for the child and spousal support. Any remaining amount would be considered as dependant’s relief for his fiancee and their son.

Sometimes family law issues can get complicated. It’s vitally important to sit down with a lawyer to discuss issues like child support in the event of filing a divorce or separation. A lawyer in Canada who is experienced in family law can answer any questions, provide guidance and offer ongoing support.

Divorce Lawyer Coquitlam

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

Source: financialpost.com, “Support payor’s death leads to complex court case involving estranged wife, fiancee and an unborn child,” Laurie H. Pawlitza, Accessed on Aug. 11, 2017

There are few things more heated in a family dynamic as discussing an impending divorce. British Columbia couples who are separating — especially when there are children involved — might do well to seriously consider divorce mediation. Solving issues peaceably is emotionally healthier for everyone involved.

Mediation may be less expensive and less stressful than going to court. The divorce mediation process will help both individuals learn how to best resolve contentious issues in positive, constructive ways. Mediation is also an informal, private process, which is conducive to constructive problem-solving. A licensed mediator will work with each party to iron out issues while still considering the needs of both people.

Essentially, there are three types of mediation: civil lawsuit, family and child protection. Once the couple agrees on issues, the mediator will help them put pen to paper regarding their agreements. Any agreements made under these umbrellas are legally binding and are viable alternatives to going to court. Mediation addresses all kinds of disputes.

Mediation not only helps to find solutions to issues not initially agreed upon, but it empowers each individual with negotiation skills. It may also give each party the skills to be able to maturely discuss issues in the future regarding any children they have. Once soon-to-be-former couple understands the legalities surrounding these issues, they will be more apt to make joint decisions rather than having their fate decided by a judge.

Even though divorce mediation in British Columbia avoids the litigation process, individuals have the right to get a divorce lawyer experienced in family law to give them valuable advice and guidance throughout the mediation process. A lawyer will make sure any settlement agreement complies with British Columbia’s family laws. He or she will present any accepted agreement to the court to be approved.

Coquitlam Divorce Lawyer

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

Source: mediatebc.com, “Mediate BC Why Choose Mediation?“, Accessed on Aug. 4, 2017