When British Columbia couples consider divorce, it might be a good idea to sit down and discuss how mutual debts will be handled before the divorce is finalized, rather than waiting to face the consequences afterward. With agreements regarding the division of property in place, those issues will not be left to the discretion of the court.  In divorce, debts will be treated in the same way as assets.

However, creditors are not interested in a couple’s marital status, and regardless of what a family law court orders, banks hold responsible those in whose names the debts are registered. When a marriage ends, and one spouse moves out, there’s typically less income to meet expenses such as rent, utilities, grocery costs and more. One spouse may be left with the cost of maintaining the family home, while the other could have the additional burden of child and/or spousal support. This may lead to an inability to keep debt payments current.

It is often advised that couples should close joint accounts and open personal accounts before the divorce gets underway, but they may not be able to settle the outstanding balances to enable them to close certain credit card accounts. Although a divorce will physically separate a couple, debts may keep them connected for some time. One option may be to apply for two separate bank loans to settle debts before the divorce, but only if both parties can afford the loan payments that will follow.

Any British Columbia individual who is heading for a divorce can find an attorney who can provide valuable advice along with support and guidance throughout the process, including the division of property. If the debt level is excessive, the possibility of filing for bankruptcy might be considered. This may allow the person to have a fresh start — both financially and personally.

Contact Laughlin & Company Attorneys if the division of property is a concern for you.

Source: globalnews.ca, “Heartbroken and bankrupt: Why divorce can destroy your finances“, Erica Alini National, April 17, 2017

Lawyers in Port Coquitlam, BC

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

Whenever British Columbia parents file for a divorce, both parents will be responsible for the welfare and care of the child. Regardless of whether they were in a common-law relationship or married, one parent typically has to pay child support. One of the first questions asked in such circumstances is regarding for how long child support must be paid.

Under the Family Law Act and the Divorce Act, child support must continue until a child turns 19 years old. Also, if the child is disabled or has an illness that prevents him or her from caring for themselves, the parent must continue to pay child support. Another situation in which a parent must provide for a child’s board, room and basic necessities of life even after his or her 19th birthday is when the child is studying at an accredited institution such as a technical college, university or college.

There are exceptions to these laws, and an unemployed child older than 19 years who continues to live in the home of the custodial parent may not necessarily be taken off child support. The court will consider the circumstances. If a child is not gainfully employed because he or she has not bothered to find a job, the court may order an end to child support. On the other hand, if the parent lives in an area known for high unemployment levels, ongoing child support might be ordered.

An experienced British Columbia family law child custody lawyer will be able to answer all questions about child support and other issues. If the custodial parent seeks more money, or the non-custodial parent wants a reduction due to financial hardship, a motion for child support modification can be filed. The support and guidance of the lawyer will be available. A skilled lawyer will assess the circumstances and explain the potential remedies to enable the parent to make an informed choice about how to proceed.

Source: familylaw.lss.bc.ca, “When does child support end?“, Accessed on April 5, 2017

Lawyers Port Coquitlam, British Columbia

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

Just like the changes that the internet has brought in which emails have replaced traditional communication methods, technology has made it possible for monetary transactions to be done without a bank or a government entity. This has created a means of hiding assets in a high\-asset divorce. However, such transactions are traceable and could adversely affect the manner in which the British Columbia court treats a deceiving spouse in a contested divorce.

Bitcoin is a virtual currency that its inventor calls a cryptocurrency, and it allows peer-to-peer transfers without third parties. Those who are in highly contentious divorces might think that Bitcoin transactions are anonymous. However, each registered user is assigned a wallet address where his or her Bitcoin funds are stored. This address consists of a number string by which forensic investigators can trace and identify the wallet owner.

During a forensic investigation, any monetary transfers that are substantial will be questioned. If it is determined that those transfers were for purchases of Bitcoin — or other cryptocurrencies such as Zcash or Monero — the court may see it as dissipating of marital assets. That person will likely not receive an equitable share of the property in the asset division process based on previous examples of family law cases.

British Columbia residents who suspect a soon-to-be former spouse of using devious ways to hide funds in a high-asset divorce may find comfort in knowing that an experienced divorce lawyer will likely have access to forensic specialists who can trace funds that are concealed. A seasoned Laughlin Law Divorce Lawyer can also provide support and guidance with other divorce-related issues. These can include the division of other marital property and matters related to child custody, child support, spousal support and more.

Source: The Huffington Post, “Hiding Assets with Bitcoin in Divorce“, David Centeno, Feb. 23, 2017

Port Coquitlam Attorney

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