Many BC Family Law and British Columbia divorce clients who have BC family assets and who are dividing BC family assets may be missing the boat on getting their fair share of BC family assets or other or BC business assets when an asset at the time of trial or division in a separation agreement has no current value but which BC family asset has the potential to increase in value in the future. Where a BC commercial property or BC business asset or BC patent asset currently has no value a good BC Family Law lawyer should ensure that you do not simply transfer your one half share in this BC family asset to the other spouse for no value.
HIGH INCOME BC SPOUSAL SUPPORT AND CHILD SUPPORT GUIDELINES CALCULATION AND GROSS UP FOR LOWER TAXES
BC spousal support and child support awards start with a proper calculation of the BC paying spouses spousal and child support guideline income which can be taken from tax returns, financial statements showing pre- tax corporate earnings and in cases of foreign income a figure that may be grossed up to reflect a Canadian equivalent income for exchange rate differences and to take into account the income may be received on a tax free basis or on a reduced tax basis compared to the prevailing rates in Canada. Income will often also include bonuses, severance pay and overtime.
BC Common Law Relationships, Unmarried Couples and Child Support
A recent BC Supreme Court common law trust and property claim and step parent child support case Hall v. Becker explains nicely how a common law trust claim and property claim work. It also analyses the duty at BC law of a BC step parent to pay BC child support and considers the duty of both the natural father and step parent to pay child support in a case where the mother has re-partnered. A step parent is liable
BC Common Law Relationships, unmarried couples and rights to BC child support
A recent BC Supreme Court common law trust and property claim and step parent child support case Hall v. Becker explains nicely how a common law trust claim and property claim work. It also analyses the duty at BC law of a BC step parent to pay BC child support and considers the duty of both the natural father and step parent to pay child support in a case where the mother has re-partnered. A step parent is liable
BC Family Law High Net Worth Spousal Support Income Update
Lorne MacLean, high net worth BC divorce lawyer and his BC MacLean Family Law Group handle many high BC spousal support income and high BC family asset net worth cases and recently obtainbe a combined child and spousal support award of almost $30,000 per month. Many high net worth BC family asset cases not surprisingly involve high BC spousal support income as well. Until recently it had been thought that a BC high net worth family asset award to a spouse of perhaps 3 to 4 million dollars would mean the BC spouse with a lower income would not be entitled to spousal support as they would be receiving a generous award of family assets which could be used to generate income and as well the capital could be slowly used up as well over the lifetime of the spouse. The recent BCCA case of Chutter has turned this idea upside down.
What happens when a spouse disposes of money or hides assets?
I am often told by my BC Family Law clients that they suspect family assets or family money have been hidden or gone missing near the end of a marriage. To avoid this problem I recommend you keep a close eye on assets, bank accounts, company financial statements and credit cards amongst other assets and […]
BC Family Asset and British Columbia Property Division and Reapportionment in Short to Medium Length Marriages Ending in British Columbia Divorce
As Vancouver family lawyers and Fort St John family law and divorce lawyers, we are often asked what BC courts do in shorter marriages in British Columbia that end in divorce both with respect to British Columbia spousal support and BC family asset division. We are also frequently asked what kind of BC assets are divided at the end of a marriage? We advise people that the test is whether the assets were ordinarily used for a family purpose.
BC FAMILY LAW AND DIVORCE LAW ALERT – WHEN IS A TRUST A FAMILY ASSET?
Family trusts are common estate and tax planning devices. There is often the mistaken assumption that a spouse’s interest in the capital from a trust set up by his or her parents or family member is not a family asset that will be shared with the other spouse although the income from that trust can […]
DIVIDING BUSINESS ASSETS IN A DIVORCE IN BRITISH COLUMBIA – WHOSE BUSINESS, HOW MUCH?
One of the most contentious issues in divorce proceedings is the division of business assets. The first question is whether the business interest is a family asset. The second is, if it is a family asset, how it should be valued for the division of assets. The spouse seeking to keep the business in his […]
Hartshorne: Enforceability of Prenuptial Agreements and Division of Assets
In the recent court case of Hartshorne v. Hartshorne the Supreme Court of Canada has stated that when parties enter into a prenuptial agreement the terms of that agreement will be upheld in all but the most unusual of cases. This decision has essentially rendered the Family Relations Act section 65 provision that allows separation […]
