Calgary Property Separation Agreement Lawyers help Calgary family clients value and divide matrimonial property. Experienced Calgary Property Separation Agreement Lawyers also explain to Calgary family law clients how some types of property are excluded from sharing such as exempt property such as inheritances, gifts and property one spouse had prior to the marriage. Gains in value on this type of excluded property may be shared but not necessarily equally. The higher the value of the matrimonial and exempt property at stake the more crucial the strategy that needs to be taken early on. Protecting property, minimizing disruption and protecting privacy is the driving principle our Calgary Property Separation Agreement Lawyers follow.
Our Calgary Property Separation Agreement Lawyers office is located in Bankers Hall in downtown Calgary, Alberta.
All Assets Are Not Created Equally!
Our Calgary Property Separation Agreement Lawyers know that not all matrimonial property is created equally after tax and other costs are taken into account. The family home is a tax free asset on sale, whereas a rental property or stocks that have gone up in value, will have capital gains tax that, while not payable until the property is sold, may make them less attractive to one or both spouses on marriage breakdown.
Our skilled Calgary Property Separation Agreements Lawyers know that a business provides income that spousal and child support is often paid from which can complicate how this asset is valued and whether it is unfair to value the income stream of this asset as matrimonial property AND as income for spousal and child support.
Matrimonial Home, Real Property
The highly rated Calgary Property Separation Agreement lawyers explain that common issues involving the family home include:
- who occupies it before sale
- who pays for expenses related to the home and how does support get applied to home costs
- who gets the income from any rental portions of the home
- when it is listed for sale will the parties have joint conduct on listing and selling
- should some one have a right to buy out the other and in what specified period can they exercise the right to purchase
- who can reside there besides spouses and children
- how will the sale proceeds be divided and what debts both secured and unsecured should be paid on sale
- how will credit for exempt property be calculated
- how will the home be valued for any buyout
- what valuation date will be used and what happens to the listing price if no action on a sale happens at an original price
Investment and rental property has an income stream and debts to be paid monthly as well has capital gains and other taxes and if real property is owned in a company another layer of tax complexity related to distributive taxes.
Personal Property
Personal Property can have a significant value and care must be taken to ensure no stone is left unturned to ensure a fair division.
- sometimes a person’s private pension is the family’s biggest asset and care has to be taken to preserve this asset before and after retirement
- pensions can be governed by Federal or Provincial legislation and great care must be taken to have the right division clauses
- bank accounts may need to be traced to assess any exemptions
- stock accounts need to be valued and checked for latent taxes to ensure they are shared fairly
- CPP has its own special federal rules
- banked overtime
- stock options
- contingent trusts
- profit sharing plans
- patents
- life insurance policies with a savings component and cash surrender value
- assets with no value at separation but with huge potential for gain
Family Business, Oil Patch Ventures and Professional Practices
Family Businesses, professional practices oil patch and real estate ventures can be the largest and most complex matrimonial property to be divided. A special valuator called a Certified Business Valuator “CBV‘ will often need to value the company and look at the cash flow the company earns in order to decide whether a liquidation, going concern or multiple of earnings approach is appropriate. Guideline income reports are also likely to be prepared as a business owner or professional personal tax return is LIKELY not a real picture of their true income.
Who should get the business and if the parties are to share operating it before and after settlement how will this occur. Getting money out of a company is often the GORDION KNOT of Calgary separation agreement case. Let us help you come up with a way to maximize both ex-spouses’ share.
Hiring a top rated family lawyer such as Lorne N. MacLean, QC founder of MacLean Law and his team including Calgary senior associate Peter Graburn means you have savvy strategists on your side. Our Calgary Property Separation Agreement Lawyers understand GRIP accounts, Capital Dividend Accounts, how to review a financial statement for hidden benefits and for latent taxes. Our Calgary Property Separation Agreement Lawyers are alive to the always difficult issue of how distributive taxes should be fairly accounted for. Lastly, our Calgary Property Separation Agreement Lawyers will address the problem of double dipping for successful companies where the income stream adds value to the family business but it is also being used to pay spousal and child support.
Call our Calgary Property Separation Agreement Lawyers early on so we can help you protect your family property, ensure full disclosure, get you your fair share of the matrimonial property and make sure your exempt property is properly credited.
