Here’s how family lawyers can approach life and health insurance upon a separation or divorce
Only if prepared correctly
In light of the news, help your clients understand the implications a divorce would have in their own lives.
Advisors who are afraid to touch such an emotionally charged issue miss important opportunities to connect with clients.
Negotiating a separation agreement is difficult, especially when children are involved. Even in the most amicable of splits, dividing up assets, figuring out custody arrangements and deciding on the terms of spousal and child support are daunting tasks. Equally daunting for many separated parents is the financial prospect of paying child support, or the possibility […]
A look at how Ontario calculates the amount for separating spouses
If someone owes money or taxes but declares bankruptcy, spouses can be targeted by creditors.
Don’t forget to factor in taxes
Most newlyweds don’t realize that, in opting for a life together, they’ve also opted into an intricate legal and financial framework, which includes tax filing privileges, estate rollovers, spousal immunity and—if the marriage breaks down—a default property division regime. That regime, contrary to popular belief, is not “each spouse gets half.” Even in equalization provinces […]
Advisors may want to save tax by having their lower-income spouse own part or all of their buildings. But they should consider what will happen if the spouses separate.