Tax implications of divorce
Every asset you have has a different tax implication. It is very important to consider this during the equalization process when going through divorce. While things like the couple’s primary residence and TFSA are not taxable there are many other types of property that will be subject to either capital gains tax or income tax upon liquidation. Matrimonial homes While your primary residence is not taxable other matrimonial homes (like cottages) are subject to tax. If the cottage is used as leverage in the equalization process, it is important to consider how much capital gains tax you will pay if you decide to sell. For example, if you bought the cottage for $100,000 and sold it for $200,000 you will be taxed on half the growth. This means that you will pay income tax based on your tax bracket on $50,000. This can make a huge difference in the amount of tax you are paying because a sudden increase of $50,000 will likely bump you into a higher tax bracket, causing your income to be taxed more heavily if/when you sell the cottage. Pensions When planning for retirement it is important to plan for what your average tax bracket will […]
Financial Literacy with Pamela George
Hosts Daren Givoque and Tina Murray talk to Financial Literacy and Credit Counselor Pamela George about debt and how to get back on track. She also shares her 8 ways to bring down your debt.
The rise of Grey Divorce
Over the past few years there has been a rise in divorces worldwide for people in their later years. Called “grey divorce” researchers have documented a sharp increase in the divorce rates for aging baby boomers in the U.S., Australia, India and the U.K. Although Statistics Canada does not record current data on age-based divorce some experts say the same can be said in Canada. The National Post reported last year that according to data from Shulman Law Firm the percentage of people 50 and older getting a divorce has jumped from 10 per cent to 40 per cent in the past 10 years. So why the rise in divorce rates in the older population? There are several factors at play here. We are living longer Between 1921 and 2005 Canadians gained about 20 years of life expectancy, from 58.8 to 78 years for men and 60.6 to 82.7 years for women. By 2031 this could rise to 81.9 for men and 86 for women. Because people are living longer it may be that they are more aware of the time they will be expected to spend with their partner. Depending on how the relationship has fared over the years […]
Spousal support and more with Jamie Mookerjea
Clean Break hosts Daren Givoque and Tina Murray talk with lawyer Jamie Mookerjea about spousal support and everything you need to know while going through separation and divorce.
What happens to your child’s RESP after divorce?
During a separation or divorce, couples may fight over the house and kids. But for some families, the RESP might be a considerable asset that can also cause a tug-of-war. Here’s what you need to know about your child’s education savings in the event of a break-up. A separation or divorce can be an acrimonious time, rife with fights over the house, the money, and even the dishes. An RESP, or Registered Education Savings Plan, that families set up years ago for the children can become part of the battle — especially if it is considered one of the family’s big assets. If you have children, you may have opened an RESP to save for their education. It’s an investment that allows contributors to save money for a child’s (the beneficiary’s) post-secondary education. Contributions to an RESP can be supplemented by grants and incentives from the federal and certain provincial governments. It can be a smart way to invest and grow money for the purposes of saving for education. RESPs can be a really good way to save for a child’s education. The money can grow on a tax-deferred basis and the federal government can add grants of up to […]
Mediation with Darrin Clayton
Clean Break hosts Daren Givoque and Tina Murray talk with family lawyer Darrin Clayton about mediation and working with couples through divorce.
Hiding assets during divorce
When a marriage breaks down one of the first things to go is trust. When there is mistrust in a marriage it is not uncommon for the two people to hide things like assets from each other. This can be serious during a divorce because the Family Law Act dictates that each spouse must disclose all their assets so there can be a fair and equitable settlement. Why would someone hide assets? A person might hide assets for multiple reasons. Maybe they don’t trust the law to divide the assets fairly and they believe they will have to pay more than is fair. They might also have assets that have been amassed from illegal activities. A person might also think that if it looks like they have less money they will be able to avoid having to pay spousal or child support. Where would they hide assets? A person who wants to hide money from their spouse and the law might do so in several ways. Unfortunately, it can be as simple as enlisting a friend to open a bank account that their spouse doesn’t know about. According to legalline.ca other ways include: Lending money to family or friendsGenerating fake […]
Real Estate and Divorce
Clean Break hosts Daren Givoque and Tina Murray chat with local real estate agent, Susan Dunton, about keeping or selling a home when going through divorce.
How to keep divorce costs low in Ontario
Making the decision to get a divorce is not easy and it is no secret that they can be expensive. How expensive depends on a variety of factors, some of which you have control over, some of which you don’t. Here are five tips for keeping divorce costs low in Ontario. Settle out of court Uncontested divorces are always cheaper than contested divorces. An uncontested divorce is when a couple is able to settle on a separation agreement without the need for litigation. It is still a good idea to hire a lawyer but staying out of court will save you a considerable amount of time and money. According to Canadian Lawyer Magazine’s 2015 survey, the average divorce lawyer’s fees in Ontario for an uncontested divorce were $1,217. The cost of court fees, where a judge certifies the separation agreement and grants the divorce, is a total of $447. While this number is still in the thousands it pales in comparison to the fees you will be paying if your divorce ends up in court. Canadian Lawyer Magazine estimated in 2015 that the average contested divorce will cost roughly $8,747, over four times the cost of a divorce that has […]
Helping children through divorce
Clean Break hosts Daren Givoque and Tina Murray talk with counselor and registered social worker Shulamit Ber levtov about how to guide children through the emotionally-charged divorce process.
The three relationship red flags
Are you feeling bitter about your previous relationship? Would you like to date again but want to know what to avoid? Here are three relationship red flags and the one issue that prevents you from seeing them. They say too much too soon, and think you’re “the one” on the first date or maybe even before you’ve met. I’m a believer in love at first sight, and even thinking or “knowing” “they’re the one” right away. At the same time, I recommend taking time to let things unfold. Sometimes excitement, fantasies and hormones can lead us astray. Relationships are like plants. Healthy relationships grow slowly and steadily. When a person reveals too much at first, that’s a sign they don’t really know what’s healthy and unhealthy in a relationship. As the relationship matures, the other person stops “being romantic.” As I said, relationships are like plants. If you don’t care for them, they’ll die. They are nurtured accidentally or effortlessly in the beginning because being together is very compelling. But as time goes on, the connection still needs to be nourished. If you notice your dating partner less and less willing to nurture the relationship, this is a red flag. […]
Collaborative Process, for same sex couples too
In July 2005 the Supreme Court of Canada declared same sex marriage legal in all provinces across Canada. The enactment of the Civil Marriage Act made Canada the fourth country in the world and the first outside of Europe to recognize gay marriage as legal. However, there are always a certain percentage of marriages that will end in separation or divorce. An article in the Washington Post in 2014 reported that the divorce rate for same-sex couples is about the same as heterosexual couples, at about 38 per cent in Canada. For Canadian same-sex couples who are married the process for obtaining a divorce is straightforward. Gay spouses go through the same process as heterosexual couples do when it comes to the termination of the marital regime. Marriage is marriage and it is treated the same. The so called “collateral” issues of parenting, child and spousal support and division of property and debts is more complicated. In addition, many couples never marry and instead live together as unmarried spouses. Couples who may have lived together for a long time before marriage was on the table may also find that matters are more complicated. For example, the length of their marriage […]
The dangers of social media and divorce
In this digital age most people have some form of social media. Sites like Facebook, Instagram and Twitter are intertwined into our existence and many people use them to share many aspects of their lives. While social media can be great for keeping up with friends and family it opens a whole can of worms for people facing a separation or divorce. Depending on how long you were with your ex you may have years of photos and memories archived online that you would now rather forget. What you post can also affect divorce proceedings in a way that was not possible in days before social media. Here are a few tips on how to handle social media when going through a separation or divorce. Enlist help Get a friend to come over and help you curate your social media profiles. Delete friends you no longer want to keep in touch with and un-tag yourself from photos with your ex. Depending on how riddled your social media is with posts about your relationship you may want to de-activate the account altogether and start fresh. This can be a great way to ensure that memories don’t pop up on your […]
Grieving the loss of a relationship
Are you going through a breakup? Are you confused by your feelings? Or wondering when you’ll stop feeling this way? Here are three secrets about breakups, and two key ways to help you feel better. Secret number one: Breaking up sucks. It just plain sucks. And how you’re feeling is normal. A relationship break-up is a kind of death. It’s the death of the relationship but also the death of your vision for the future, of how you imagined life would be. These can be profound losses, and of course there may be many more associated losses I haven’t mentioned, so no wonder it’s hitting you hard. You might feel sadness, loss, anger, relief, isolation, guilt, shame, and all kinds of other emotions. Ups and downs are normal. Not wanting to feel what you’re feeling is normal. Snapping or crying at the drop of a hat is normal. All this is normal. You’re not going crazy. Secret number two: Grief isn’t linear. If you’ve googled anything about grieving, you may have seen something about the 7 stages of grief. While you may experience some of those things, that model was developed for people diagnosed with terminal illness. So, if it […]
What to do with wedding memorabilia after divorce
Weddings are often a joyous occasion and people keep many keepsakes from their big day. From the wedding dress, place cards, photo album, a guest book, cards, marriage license and of course wedding rings, these are all items that are kept to remind a couple of the day they said I do. So what happens to these mementos if your marriage ends in divorce? It may be extremely difficult for you to figure out what to do with these items that once sparked joy and may now trigger anger, pain and sadness. Deciding what to do with wedding memorabilia is a very person decision and it will largely depend on how the characterization of the marriage and divorce. Throwing children into the mix can also have an impact on how you see and deal with these items. Here are a few of the most common wedding mementos and some options for what to do with them. Wedding dress Sell it. Make some money off it and use the money for some self care like a spa day or vacation with your kids. Use the dress to help fund some new happy memories. Donate it. There are lots of places that […]
Three ways to take care of yourself when going through divorce
Life is busy and keeping on top of everything can be difficult at the best of times. Carving out time for self-care is important for everyone but it is even more essential when going through a major life change like separation or divorce. Here are three ways you can take care of yourself to make sure you don’t end up in mental and physical burn out. Give yourself time Many people going through separation or divorce want to get it over with. It can be a painful process and it may seem very attractive to make quick decisions to just to get though the process as quickly as possible. On the other hand, some people feel paralyzed with anxiety and fear when it comes to making any decision regarding their separation because they feel immense pressure to make the best decision for themselves and their children. The key here is to give yourself time. Allow yourself the time to process your emotions and get in touch with the right professionals who will help guide you through the process. Rushing through it or feeling bad because you can’t seem to make any decisions will not help you in the long run. […]
What to do with the matrimonial home
For many couples who are separating figuring out what to do with the matrimonial home is one of the biggest concerns. When deciding what to do with any real estate it is important to consult both a mortgage advisor and a lawyer. That said, here are the three options for dealing with the family home. Sell it Selling the matrimonial home is one of the more popular options when it comes to separation or divorce. When you put your house up for sale make sure you: Hire a Realtor to provide you with the estimated market value of your propertyCalculate your respective net proceeds from the sale and be sure to keep in mind that the proceeds may not be divided in half. The division will depend on your divorce settlement. When selling be sure to maximize the resale value of your home. The equity from the sale typically needs to fund the down payment for two new purchases so every dollar counts! One party buys the other out This option tends to be the most stable for families at it allows children to remain in the home where they are most comfortable. However, it requires a lot of financial […]
8 things to consider before entering therapy
When going through a separation or divorce it is a good idea to talk to a professional that can help you through the many difficult emotions that come with a failed relationship. No matter what your needs are there is probably a trained professional out there that can help you work through the painful feelings and move on with your life. That being said, there are a few things you should know about therapy before you commit to the process. Here are the top 8 things you should consider before you start therapy. Choose the right therapist for you Not every therapist can be everything to everyone. Credentials are important so look for someone whose practice is overseen by a regulatory body like the College of Registered Psychotherapists of Ontario, the College of Psychologists of Ontario, or the Ontario College of Social Workers. Finding the right fit is just as important as the credentials they hold. You want to make sure that the therapist you are seeing not only has the right training, expertise and experience, but also has a personality and style that meshes with yours. It is ok to comparison shop and see a few different therapists before […]
Moving forward after separation or divorce
Daren Givoque and guest host Megan Cummings talk with Life Coach Vickie Townson about making life changes and moving forward after separation or divorce.
Five tips for separating spouses that build resilience
Many people react to adverse circumstances like separation or divorce with a flood of strong emotions and a sense of uncertainty. The good news is that, in general, people adapt well over time to life-changing situations and stressful conditions. I know—because I’ve seen it in my clients over and over—that people have the skills and resources they need to bounce back. The problem is, when you’re under stress, you forget your strengths and skills. Here are 5 reminders of things that will help you as you regain your footing and move forward with your life: Make connections. Accepting help and support from those who care about you and will listen to you strengthens resilience. Choose your confidants carefully and they will be excellent resources Acknowledge that change is a part of life. Some change feels good and some feels bad. With changes you don’t like, might help to say to yourself, “This is tough. I don’t like it. AND change is a part of life. I deal with change all the time. I can handle this. Make yourself a “done” list. It can feel daunting to see an endless “to-do” list and only be able to cross off one or […]
Clean Break Host Tina Murray sits down with family lawyer Cynthia Squire to talk about divorce, custody rights and splitting assets.
Tips for surviving Valentines Day when going through divorce
Valentines Day. A day that is a wonderful celebration of love for those in a relationship but can be difficult for those who are single or recently separated or divorced. Valentines Day can make newly single people want to sit alone and wallow in self pity. Here are a few things you can do to take your focus of your single status and make the best out of the day of love. Celebrate Pal-entines Day Instead of focusing on romantic love send valentines day cards to your family and friends. Focusing in on the other types of love in your life will remind you that you are not alone. Make a date with your best friend, call your brother or sister or send flowers to your mother. There are many other types of love to celebrate other than romantic love between significant others. Have an evening of self-care Valentines Day can also be a great excuse to celebrate the most important person in your life: You. Have a bubble bath, watch your favourite movie or cook yourself your favourite meal. Heck, do all three! Cultivating self-love is the best thing you can do when you are going through a tough […]
Real Estate and Divorce
Join Clean Break hosts Daren Givoque and Tina Murray as they speak with Adam Mills, a real estate agent from Barrhaven, about everything you need to know regarding real estate and divorce.
What is an annulment?
If you have been educating yourself about divorce you may have come across the term annulment. In Ontario there are two types of annulments: religious and legal. In the Catholic Church a divorce is not enough for a marriage to be recognized as terminated. This means that if you plan on getting married again in the same faith you must get an annulment. Even if you get a religious annulment you must still get either a legal annulment or a divorce for the court to consider your marriage dissolved. Simply put, in order to completely separate from your spouse in the eyes of the court AND the Catholic Church you must get a religious annulment and a divorce/legal annulment. If you are looking to get a religious annulment it is best to speak to your local priest. Requests for annulments usually go to a marriage tribunal where an initial evaluation is made of the possible grounds for nullity. There are several things that can be grounds for a marriage to be considered void, all based in canon law. The marriage tribunal will often use the testimony of both spouses as well as witnesses to decide whether to grant the annulment. […]
The Importance of Building Your Team
DivorceNet Chair Daren Givoque & Vice-Chair Tina Murray talk about the value of building your team when taking the first steps in the divorce process.
Helping kids deal with stress after divorce
Divorce is hard on everyone and all the more so on kids. Kids experience none of the possible empowerment a divorce can eventually bring, and often feel the brunt of the losses as a result. They are also developmentally less able to cope with stress and change without support. Kids experience many losses in divorce They experience losses in: their future. Even if they have never formally thought about it, they most likely imagined living as a family (with both parents), until they grew up and moved out. Now the family looks different. their home. Many divorces result in the sale of the family home and a move. their friends and relatives. If the family moves, the children’s relationships with their friends may be disrupted because of distance; relationships with family members, such as aunts, uncles, grandparents and cousins may also change depending on the nature of the post-separation relationship between the parents and their families. In addition to all the changes they are experiencing, they will be grieving. The main thing to remember is that kids of all ages may have challenges verbalizing their upset. It is more likely for kids to show their distress than to talk about […]
A Year In Review
Join Clean Break hosts Daren Givoque and Tina Murray as they look back on the first year of DivorceNet and look forward to what is to come!
How is property divided in a common-law separation?
There are very concrete rules in place when it comes to property division when a married couple divorces. But how does property division work for common-law couples who choose to separate? In Canada a couple is considered to be common-law when they are in a conjugal relationship have lived together for at least one year. The law and process for them is different from a married couple and can be quite complex. The couple may have to provide extensive accounting evidence for what they paid for during their common law relationship. This accounting exercise can go back decades and it can be very difficult for couples to determine their intent regarding the purchase and sharing of property many years in the past. The court will have to decide whether the house they live in and other assets are a joint family venture. Even if the house is in only one spouse’s name the other spouse has likely contributed to it through upkeep, renovations and the rearing of children throughout the years. Courts will decide whether the home and other assets are a joint family venture by looking at several factors: Mutual effort Have the parties worked together towards a common […]
Collaborative Law with Jim Jeffcott
Jim Jeffcott, partner at Low Murchison Radnoff LLP is a big proponent of collaborative practice. He chats with our Clean Break hosts about how it can help make the divorce process a little bit easier.
How does division of property work in Ontario?
Many people believe that when you get a divorce all property is divided down the middle. This is not the case. In Ontario lawyers use something called equalization to ensure that each party gets what they are entitled to. Equalization is a fancy legal term that is essentially the payment from one spouse to another to make life equal. So how does it work? Lawyers will take a picture the of both party’s net worth at both the date of marriage and the dated of separation. Net worth is defined as assets (financial property) minus liabilities (debts or other financial obligations). Lawyers will take a look at these two pictures because the law dictates that you must look at the increase in net worth of each party from marriage to separation. If both parties end up increasing their net worth the same amount throughout the marriage neither of them owe anything to the other. If there is anything held in joint names, like a house, it must be sold, or if both parties agree, there can be a buy out. However, in most cases there is an increase in net worth for both parties but one will have increased more […]
Top 5 reasons for divorce in Canada
There are many reasons why people get divorced in Canada. While it varies from case to case here are a few of the top reasons in the country that people get divorced. Money Money tends to be the TOP stressor in most relationships. According to a poll done by the Bank of Montreal 68 per cent of those surveyed say that fighting over money was the top reason for their divorce. This can happen when two people don’t see eye to eye about money. If budgets are not followed and there isn’t money to support children or pay basic living expenses this can cause a lot of stress in a relationship. Also, if one person is a spender and the other values saving money this can also cause marital issues. Infidelity Infidelity is also one of the top reasons people get divorced. People cheat for different reasons but it is often caused by underlying issues like anger, resentment, or different sexual appetites. Divorces that are caused by infidelity are often messy because there is a lot of hurt and blame involved. The spouse who has been cheated on can harbour a lot of feelings of resentment and may feel the […]
5 ways to keep divorce costs low
Divorce can be costly but spending doesn’t have to get out of control. Here are a few tips for how to keep costs low during the divorce process.
How to talk to your kids about divorce
Talking to your kids about divorce can be one of the most difficult conversation you will have. Here are a few tips that will help make the conversation go as smoothly as possible.
4 reasons you shouldn’t stay together for the kids
It is not uncommon for couples to stay together for the sake of the children. While this works for some, for many it can cause even more issues in the development of the children. Here are 4 reasons why you shouldn’t stay together just for the kids.
5 tips for surviving the holidays while going through divorce
The holidays can be difficult. If you are in the middle of a divorce it can be even more challenging. Here are a few tips for surviving the season while going through the divorce process.
Tips for making new holiday traditions
Professional Certified Coach Vickie Townson shares some tips on how to create new holiday memories and traditions after a separation or divorce.
How to co-parent through the holiday season
Co-parenting through the holidays can be challenging. Here are a few tips from lawyer Kathleen Wright about how to move through the holiday season with your children as smoothly as possible.
Top 3 divorce professionals you need on your team
Getting a divorce is one of the most difficult things you will go through in your life. You need a team of professionals to help. Here are the top three professionals who are essential to have on your divorce team.
CLEAN BREAK: Finding the light
Hosts Daren Givoque and Tina Murray talk to Registered Psychotherapist Natalie Carrière about how she helps people going through divorce find the light in one of their darkest times. She not only helps people build a new life for themselves but also develop a new sense of self which is very important after divorce.
5 steps for chooseing a divorce lawyer
Choosing a divorce lawyer is one of the most important decisions you will make in the divorce process. Here are 5 things to consider when choosing a divorce lawyer.
Technology for divorced parents
Communication between divorced parents can be difficult. Here are a few key peices of technology that can help you manage schedules and communicate effrectively with your ex.
What is discernment counselling?
Not sure whether to get a divorce or stay and work on your marriage? Discernment counselling is a process that can help.
Separated or Divorced – Does it matter?
Family lawyer Kate Wright explains what the difference is between being separated and divorced.
CLEAN BREAK: Insurance and Divorce
Clean Break hosts Tina Murray and Daren Givoque talk to Insurance Agent Justin Rice about what divorcing couples need to watch out for when it comes to their insurance. Justin talks about the types of insurance they might need as well as the importance of keeping your insurance agent in the loop during any big life change.
How to bring up divorce with your spouse
Bringing up the topic of divorce with your spouse will never be easy. Here are some things to consider that will help make the conversation go more smoothly and set you up for a more manageable divorce process.
CLEAN BREAK: Home inspectors and how they can help
Home Inspector Iain Detchon talks with Daren and Tina about the role of a home inspector and how they can help. The last thing you need when going through a divorce is the stress of a house sale and Iain explains how a home inspector can take the guesswork out of the equation so you know exactly where you stand when buying or selling you home.
5 tips for dating post-divorce
The idea of dating after divorce can seem very daunting. It may be years since you have been on a date and you could be wondering where to start. Depending on how long you have been single you may be feeling the pressure from family and friends to “get back out there”. However, there are some important things to consider upon re-entering the dating world, especially if your goal is to meet a new life partner. Make sure you are ready It is very important to be honest with yourself when it comes to deciding whether you are ready to start dating. Are you ready to take the lessons you learned from your past relationship and apply them to a new one? Or are the memories still too painful and fresh? The amount of time it takes to heal from a divorce varies for everyone and it is important to make sure you are ready before you “test the waters” and start dating. If you are still feeling emotionally vulnerable from your divorce it may be difficult to make good choices in a new relationship. Know your values As part of the healing process, getting to know yourself again is […]
4 things no one tells you about divorce
It is no secret that around 50 per cent of marriages end in divorce. Even though it is quite commonplace it is not something that is talked about openly. When going through the divorce process it is hard to anticipate how it is going to go and how you’re going to feel. Here are a few things that aren’t often talked about when it comes to separation and divorce. Your financial situation will change completely Divorce is costly in many ways. Suddenly your income may change drastically, and you must ensure you can pay your legal bills during the divorce and have enough money to support yourself and possibly your children once the divorce is finalized. There may also be child support and alimony to be considered as well. Whether you are the payer or the payee this needs to be worked into your finances. Your tax bracket may also change because you are now surviving on a single income. Talking to a professional like a Certified Divorce Financial Analyst (CDFA) can help you prepare a plan that will ensure you have all your bases covered during and after the divorce. Your friends may stop calling It is likely that […]
CLEAN BREAK: Let’s talk law
Daren and Tina interview Kemptville/Cornwall-based lawyer Tom Byrne about all things legal having to do with divorce. Tom delves into the difference between separation for married and common law couples and answers all the burning questions about the intricacies of the law when it comes to divorce in Ontario.
How to avoid 3 common mistakes after divorce
After the upheaval of your divorce, you have the opportunity for a fresh start and to explore your answer to the question “Now what?”. The challenge is avoiding things that can interfere with your plans for the future. Here are three common pitfalls of recently divorced people and how to avoid them. Allowing the advice of others to influence the choices you make It is natural to look for support from family and friends when you are going through a divorce. With so many decisions to be made it’s helpful to have the advice of an expert or to ask for a second opinion, especially when the decision has long-term consequences. But as you make plans for your future, you may find yourself receiving unsolicited advice. With the best of intentions, friends and family are often eager to give you advice on what they believe is best for you. Remember, their advice is based on their perspective on life and their experience. It may not take into account your vision for your life or include any new ideas and plans that may be percolating in your mind. If the advice doesn’t feel right or you are leaning towards taking the […]
3 signs your marriage may not be working
It is not unusual for people to hide their heads in the sand when it comes to the reality of a failed relationship. Deciding when to get a divorce is not easy and comes with significant heartbreak and emotional upheaval, no matter how unhappy the marriage has become. It is difficult for many people to realize when it is time to pull the plug, especially if they have been in an unhappy marriage for a long time. Here are some of the tell-tale signs that getting a divorce may be the best option for you and your partner. No communication Communication is a key component to any relationship. It ensures that you grow together as a couple rather than apart. While it is normal for communication in a relationship to go through peaks and valleys it becomes a problem if you or your spouse are not willing to work things out when you are going through a tough time. Often one spouse is present, while the other is starting to pull away and is not willing to talk it out either one on one or in therapy. It takes effort from both parties to move on from a communication breakdown […]
CLEAN BREAK: The benefits of working with a CDFA
Clean Break co-host Daren Givoque talks with Tina about his process and experience as one of the few Certified Divorce Financial Analysts (CDFA) in Eastern Ontario. Find out what a CDFA is and how they can help you feel secure financially in one of the most uncertain times of your life.
The importance of the separation agreement for getting a mortgage
For some people getting a mortgage can be an onerous task. There are several factors that come into play that can make it even more difficult for a recently separated person to invest in a new property. It is advisable to wait until the separation is finalized before you purchase a new property. This will ensure that the dust has settled, all joint debts are taken care of and legal financial obligations like child support and alimony are outlined. That being said, the divorce process can take years and many people don’t want to wait that long to purchase a new home. This is where the separation agreement comes in. For people going through the divorce process lenders will rely heavily on the separation agreement to dictate the mortgage they will approve. A separation agreement should outline everything from the division of the matrimonial home, to child support payments and alimony. It gives the banks and lenders a good idea of what your financial situation will look like post-divorce. In some situations, a signed affidavit is enough to replace a fully executed separation agreement. This only happens when there is no matrimonial home (or it is sold already) and child […]
Debt income ratios and getting a mortgage
Buying a house is not easy and the complex mortgage industry doesn’t make it any easier. There are few factors that go into whether a bank or private lender will give you a mortgage. Some people think that as long as you have a good income getting a mortgage will be easy, but that is not necessarily the case. Banks and other lenders rely heavily on debt servicing ratios to decide whether a person is eligible for a mortgage and how much they will lend. Gross Debt Servicing and Total Debt Servicing are calculated with every mortgage application to decide how much the lender is willing to finance. What is Gross Debt Servicing? Gross Debt Servicing (GDS) is a key debt servicing ratio that lenders look at to see whether they will finance a mortgage on a property. The GDS is calculated by adding up all your housing related costs (mortgage agents call this PITH, principal, interest, taxes, heat) and dividing it by your net taxable income. In Ontario your PITH generally cannot represent more than 39 per cent of your income. What is Total Debt Servicing? Total Debt Servicing (TDS) is another important debt servicing ratio that lenders look […]
CLEAN BREAK: Accounting and Divorce
Join Daren and Tina in this candid conversation with a woman who knows what it’s like to have her world torn apart by divorce. Cathy Sheppard, president of the Kemptville-based accounting firm Sheppard and Associates, talks all things accounting and gives some practical advice for anyone contemplating ending a relationship.
Top tips from productivity specialist on divorce
Most people do not decide to divorce or separate from their partner overnight. It often takes many months, and even years, of thought before one or both people decide to put an official end to a relationship. As a productivity specialist and someone who has experienced divorce first-hand I know how crucial being organized in your thoughts and actions can be for getting through the divorce process. Here are a few of the most important steps to take once you have finally decided that a divorce is on the table. Congratulate yourself This may seem strange but using positive enforcement is key to protecting your mental health through this process. Getting a divorce is a huge, life-altering event. There is a lot of guilt and shame surrounding divorce and separation and not enough people talk about how brave it is. Often ending the relationship is the best decision for you and your partner’s well-being. Rather than wallow in self pity and guilt, say to yourself “good for me.” You are taking steps to address your needs and that deserves to be congratulated. Get a good divorce lawyer Make sure you hire a good lawyer who you trust and knows […]
Traveling with kids after divorce
There are a lot of things to learn/re-learn about life after divorce or separation. If you have kids, new routines need to be created and custody rights need to be observed. Traveling with your children after you have separated from their other parent is something that needs your attention as it is much more complicated now that you are no longer with your spouse. Here are some things to keep in mind if you want to travel with your kids post-separation. Plan in advance Make sure to plan out when you want to travel with your children because you must ensure there is consent to travel from the other parent. You must consider the timing and whether the trip interferes with their other parent’s scheduled time with the children. You will also want to check if there are any travel restrictions or warnings for your planned destination and alert the other parent if there are. If there is a joint custody arrangement, the other parent may not agree for the child(ren) to go to a place that has travel restrictions. Review your Separation Agreement or Parenting Plan Make sure you know what your Separation Agreement or Parenting Plan says when […]
What is Arbitration?
Staying out of court during the separation process is ideal for a lot of couples. Hiring a mediator is often a great way to have someone help you resolve your differences. Unfortunately, in some cases, this is not enough and a third-party needs to be called in to make a decision; This is where arbitration comes in. Arbitration can be used to resolve a single issue or several outstanding issues. Here are a few commonly asked questions about arbitration and how it works in the divorce process. What is Arbitration? Arbitration is a process that is very similar to court. It is helpful in resolving issues on which the couple has reached an impasse and can’t resolve by agreement. At this point the parties select an arbitrator to decide on the outstanding legal issues. Arbitrators are often senior lawyers or retired judges. How does it work? The process is relatively formal and similar to court, with parties making opening statements, calling witnesses, presenting evidence and giving closing statements. The kind of evidence required will vary with each case but may involve affidavit (written) evidence or oral testimony. After hearing the evidence and submissions the arbitrator writes a decision, called an […]
What is Mediation?
In many situations, divorcing couples want to avoid court. There are a number of alternative dispute resolution processes to choose from, one of which is mediation. Here are a few answers to common questions people have when considering mediation as an option for their divorce or separation. What is mediation? Mediation is a process where a separating couple meets with a neutral third-party who assists them in their discussions to reach an agreement. Unlike hiring a lawyer to represent you, a mediator does not work for one party or the other and remains completely neutral throughout the process. They do not make any decisions but facilitates discussion and assists both parties in coming to a Separation Agreement. When do you hire a mediator? You may hire a mediator at any time during your separation, even if you are in court. Mediation may not be suitable option if there are concerns regarding mental health issues or abuse. Who can be a mediator? There are individuals who are mediators who may not have training or who may not have experience in family law. For financial issues in particular, you should hire a mediator who has experience in family law and the legislation […]
Clean Break Podcast Ep4: Finances, Accounting and Divorce
Talk taxes, divorce planning and the dreaded CRA on this episode of Clean Break featuring Chartered Professional Accountant Marg Egan. Marg delves into the world of accounting and divorce, informing our hosts, Daren Givoque and Tina Murray, about potential pitfalls and tips and tricks when it comes to managing your money.
Mortgage Matters: How a mortgage specialist can help
When going through a divorce or separation there are many things to consider, including where you will live after separating from your partner. If you own a home the situation can be complex as you must take into consideration the affordability of the home, children, the equalization process, other debts and of course your own feelings when it comes to where you live. With all this to consider it is a great idea to work with an experienced mortgage specialist to assess your situation and present you with options and advice on how to put yourself in the best position possible that meets your wants and needs. Here are a few key components that a mortgage specialist will help you pull together that are essential in figuring out your living arrangement after a divorce or separation. Check your credit rating It is important to know your credit score and historical information about your credit that can be obtained from a credit bureau such as Equifax or Transunion. This is something that everyone should check at least yearly as there may be errors or things about your credit that you aren’t aware of. If there is a surprise with your credit […]
CLEAN BREAK: Insolvency and Bankruptcy in Divorce
Going through a divorce is hard. Going through a bankruptcy and the same time can make it even harder. Talking about it is the first step, so we brought on Licensed Insolvency Trustee, Andre Bolduc from BDO Canada to talk to our hosts about all things bankruptcy and divorce.
Clean Break: Wills, Powers of Attorney and Divorce
Join Clean Break’s dynamic duo Deron Givoque and Tina Murray as they delve into the world of wills, estates and real estate law with lawyer Connie Lamble. Connie answers all the burning questions about how to deal with wills, powers of attorney and real estate when you get divorced. She also outlines some of the common mistakes people make when it comes to arranging their affairs after a divorce or separation. Do my powers of attorney change automatically once I get divorced? Is it important to change my will? How do I make sure my children are looked after? All will be answered on this episode of Clean Break: The Divorce Podcast. Got Questions you want answered? Join us on Anchor or Facebook or leave a comment below for us to answer in future episodes!
Clean Break: Mortgages and Divorce
Mortgage Broker Tom Insley makes mortgages interesting on this inaugural episode of Clean Break: The Divorce Podcast. Join hosts Daren Givoque and Tina Murray as they learn about the benefits of using a mortgage broker and how to handle a mortgage when going through a divorce. Tom dispels some myths about mortgage brokers and discusses the four things needed from a client before he can look at renegotiating a mortgage. If you own a home or are looking at investing in real estate this podcast is for you. Regardless of whether you are going through a divorce. Tom’s lively and personable style makes him the ideal guest for this first episode of Clean Break. Got Questions you want answered? Join us on Anchor or Facebook or leave a comment below for us to answer in future episodes!
4 things mortgage brokers need to renegotiate a mortgage
A home is usually the biggest asset a couple has to consider when going through a divorce. Navigating the complex world of mortgages is not an easy task and knowing how to deal with a home when it comes to reaching an equitable settlement can be complex. Mortgage brokers are your best ally when it comes to dealing with the intricacies of property ownership, divorce and figuring out the best option when it comes to your home. Here are 4 things a mortgage broker will need to complete this process. A written and executed separation agreement signed by both parties A separation agreement will break down what the division of assets will be. It will also lay out any ongoing financial responsibilities for either parties like child or spousal support. This has to be taken into consideration when it comes to the affordability of the mortgage for the spouse that is keeping the house. The separation needs to be finalized meaning that it must be the final document that has been agreed upon by both parties. Separation agreements that are in the process of being negotiated are of no use to a mortgage broker as it will not deliver an […]
(Video) When One side knows more
Divorce is not always a two-person decision. What happens when one person springs a divorce on the other? Daren Givoque, a Certified Divorce Financial Advisor from O’Farrell Financial and Chair of DivorceNET talks about the need for reliable advice when you need it fast.