Toronto High Net Worth Family Lawyers know that in high stakes “bet the bank” separations and divorces, skilled legal representation can maximize the results and make a real difference in settling spousal and child support and the division of business and personal net family property.
Just as you would look to hire a realtor with experience in selling multimillion-dollar Rosedale properties, not a realtor who sells small condominiums if you had a high end home to sell, it just makes sense to hire a divorce and family lawyer who routinely handles high net worth separations and divorces. Lorne MacLean, QC handles high net worth family separation and divorce files with alacrity and tenacity.
Our Toronto High Net Worth Family Lawyers know that protecting a Toronto business professional, business owner, and entrepreneur’s reputation and that of their family is as important as ensuring a proper allocation of income and property once a marriage ends. Our lawyers also have several high net worth wins and six-figure monthly record-setting spousal and child support awards, and seven-figure lump sum awards in cases involving tens of millions of dollars of family property division. Our diverse firm includes lawyers fluent in Cantonese, Hindi, Punjabi, Farsi, French and Toronto Mandarin-speaking family lawyers can assist you in resolving local and international family law cases.
Toronto High Net Worth Family Lawyers – Net Family Property Issues
Normally separating spouses’ net family property is calculated by deducting the net property owned on the date of marriage from the net property owned on the date of separation, known as the “valuation date.”
But section 4 of the Family Law Act describes “excluded property”, such as gifts and inheritances to one spouse ( and income earned from same), damage awards, life insurance proceeds, and property excluded under a prenup or marriage agreement which, although owned by one spouse on the valuation date, is excluded from a parties’ net family property and its division. Tracing of excluded property takes a skilled hand.
Obviously, the lower or higher the starting value of family property compared to lower or higher the value of it at the valuation date of the same means there will be a smaller or larger pie to divide. The selection of business valuators and the methodology in valuing family property is critical. Our top Toronto high net worth family lawyers know when liquidation, going concern value and multiple of earnings approaches apply, and the strengths and weaknesses of each approach.
If you own a company, partnership interest, or venture you need to know that its value is impacted by the company’s capacity to generate future cash flow, market forces, its underlying net tangible assets, transferability of future cash flows, and the company liquidity.
Lorne MacLean, QC urges you to not forget the significant impact of distributive and other income taxes as well as tax-free accounts that can be used to get money out of companies. Not all assets of equal value actually have the same net value after taxes are paid! Don’t get fooled.
Our Toronto High Net Worth Family Lawyers are familiar with the concept of double-dipping related to business profits and spousal support and Lorne MacLean, QC won the first Canadian appellate decision and SCC decision dismissing a claim that once a business was valued using a multiple of earnings approach, spousal support could not be calculated on this same income in Lightle v Kotar. As a result a broker’s book of business was valued on a multiple of earnings and the full salary earned by the broker was used for spousal and child support. MacLean also has an uncanny ability to ferret out missing income and family property through Anton Pillar raids, and forensic audits as well as through deadly cross-examination to expose the truth. Lying spouses have been jailed and ordered to pay record special costs of $1.5 million after we exposed their lies.
Our Toronto high net worth family lawyers handle ultra-high net worth international divorces with extraordinary results. MacLean Law Group founder, Lorne N. MacLean Q.C., successfully obtained a Vancouver Worldwide Family Mareva Injunctions decision in the ultra-high-net-worth case of Devathasan v. Devathasan, 2017 BCSC 1010 to preserve the $50 million-plus worldwide family property.
Toronto High Net Worth Family Lawyers – High Net Income Support
Lorne MacLean, QC was recently named as one of Canada’s Top 25 Most Influential Family lawyers because of his recent victories in complex and high net worth family financial cases. Our high net worth family lawyer team’s 2019 victory upheld this year by the BC Court of Appeal ordered:
- $100,000 a month spousal support, converted to a multimillion-dollar lump sum to ensure it was paid;
- $16,000 a month plus for an adult child, converted to a lump sum to ensure payment;
- $22 million of family property to our client proving that large family property awards do not mean spousal support isn’t also payable contrary to common public misconception; and
- $1.5 million in special costs fully covering our client’s legal and expert fees in Canada.
BIG WINS MATTER
Other recent wins include the exposure of hidden cash totalling over $2.7 million, the tearing apart of lies related to “end run” companies controlled by a spouse, that he put in the name of his family members, the raiding of his office premises with stellar results, a 6-month jail sentence against the husband for contempt and perjury and special costs to indemnify our client.
Finally, MacLean and his Mandarin fluent high net worth divorce team won a precedent-setting judgment against an international multimillionaire with worldwide assets in the hundreds of millions. Call our Toronto Mandarin-speaking family lawyers today.
So what is the takeaway if you are looking for Toronto High Net Worth Family Lawyers to help you settle your high stakes case? Simply put when the stakes to your reputation and family finances are high it just makes good sense to hire experienced Toronto High Net Worth Family Lawyers with a track record of success.
If you have international assets and require the services of our Toronto Mandarin-speaking family lawyers do not hesitate to contact us today.
Call us today at 416 900 3428