Two of the most valuable assets people often have are a home and their retirement assets, such as pensions. Unfortunately, pensions are often the most stressful and contested part of the divorce property division process. A high net-worth divorce lawyer from our firm could help make sure these important financial details are handled correctly.
No matter how amicable a separation or divorce may be, there are complex hurdles you and your spouse will need to overcome. Our lawyers at The Riley Divorce & Family Law Firm are experienced with divorce near retirement in Ottawa. The team understands how challenging the process is and could help you navigate the process to reach a fair outcome.
When a divorcing couple negotiates their separation agreement, all property and assets that grew or gained value throughout the marriage are considered joint property. As a result, they must divide the assets equally. Regulations entitle each party to a share of the other person’s pension during a divorce near retirement.
Because of the complications and ongoing litigation of retirement during a separation or divorce, lawmakers enacted the Pensions Benefits Act to standardize the process. Under the act, the Financial Services Regulatory Authority of Ontario administers and prepares the necessary forms that gather the data and also value the account in accordance with the law.
Pension valuation is a substantial part of divorce negotiations and will be part of the separation agreement to ensure a fair and equitable division of the property. One crucial mistake many people make is believing they know the value of their pension because they receive regular statements.
Most are surprised to discover that their statements could differ from the pension valuation figures by as much as $200,000. A lawyer experienced in divorce and retirement in Ottawa could help you through the process and provide sound legal advice along the way.
There are various types of pensions, and most are subject to marital property division. Some examples include:
Under this plan, unless both parties agree otherwise and put their agreement in writing, it is a legal requirement that the credits earned during the relationship must be divided between the individuals.
Employment pensions are called the defined benefit plan and defined contribution plan. The couple must divide the portion earned during the marriage or while living together.
Canadians collect this federal plan after they turn 65. The individual collecting payments is the sole owner of the assets.
The country’s pension laws allow both parties to agree that one party will buy out the other party’s interest during the separation agreement process to keep the pension intact if they choose. A lawyer skilled with Ottawa divorce near retirement could review all your options to help determine the most effective way to protect your assets and interests.
Divorce or separation is always challenging, and understanding all of your options and the varying regulations is the most effective way to protect your interests and future. While this is likely an overwhelming time in your life, please know you do not have to navigate the legal system alone.
Our knowledgeable lawyers at The Riley Divorce & Family Law Firm are experienced in handling cases involving divorce near retirement in Ottawa and are available to meet 24 hours a day. Call our firm soon for a consultation.
Now you can have your Consultation with Paul Riley any time from the comfort of your own home. With video calls from Zoom, your Team at The Riley Divorce & Family Law Firm can meet with you virtually, and learn about your case. All you need is a smartphone, tablet, laptop, or desktop with a built-in camera and microphone.
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