The highest Canadian Lump Sum Spousal Support Awards happen once in a lifetime. MacLean Law lawyers set multiple records more than once for their delighted ultra high net worth family law clients. MacLean Law lawyers obtained roughly 6 million in lump sum support from a payor nearing 70 with a review to go higher and or longer after he turned 75. Older payors often get credit to retire at 65 but when you use your brain such as a lawyer, doctor, scientist, accountant etc, 65 is the new 40, and judges and other intellectuals regularly work until 75 so retirement at age 65 isn’t realistic anymore.
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Large lump sum awards are rare but can be obtained if you have a top high net worth spousal support lawyer. The record-setting lump-sum spousal support award record in British Columbia was set in Devathasan v. Devathasan, 2019 BCSC 661.
Key Details from Devathasan v. Devathasan
- Lump sum: $4,313,000, covering future support through August 2024 .
- Retroactive past support: $1,185,344
- Monthly support framework: Initially $100,000/month, tapering to $70,000/month until August 2024 (reviewed on payor’s 75th birthday), discounted at 3
- Why lump-sum was appropriate:
High-conflict proceedings and a risk of non-payment.
Payor’s advancing age (nearing 70) and health concerns.
Court’s desire to provide certainty and avoid ongoing litigation
Highest Canadian Lump Sum Spousal Support Awards Tel: 604 602 9000
The advantages of lump sum support include:
- terminating ongoing contact or ties between the parties;
- removing the cost and uncertainty associated with future reviews or variations of support;
- providing capital to meet an immediate need on the part of a recipient spouse;
- ensuring adequate support where there is a real risk of non-payment of periodic support;
- lack of financial disclosure;
- circumstances in which the payor can pay a lump sum from capital but not periodic support from income;
- and immediately satisfying an award of retroactive support.
The disadvantages include:
- the real possibility that the parties’ needs and means will change over time in a way that is unanticipated,
- leading to a situation where the lump sum constitutes a significant overpayment or underpayment;
- the fact that the parties will be effectively deprived of the right to vary a lump sum award;
- and the difficulties inherent in calculating an appropriate lump sum.
Alert divorcemate lump sum program calculations do not discount for death of the paying or reviving spouse, remarriage of either former spouse, job loss, catastrophic disease, new family members, windfalls, bankruptcy and more.
Record Interim Support By MacLean Law Too Tel: 604 602 9000
Related interim orders: The court also issued a record interim support of over $116,000/month, along with a Mareva injunction to freeze payor’s worldwide assets of roughly $50,000,000.
