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Financial statement question

Posted in Barrie, Location, Ontario, Property by Questions on October 20, 2015

Anonymous Asked:

Hello. I have a two part question regarding filing out of my financial statement and splitting of a pension. A year ago my spouse (of 26 years) said she wanted a divorce and moved out. Both of our kids are adults, over 18. A few months after my spouse moved out I met an awesome woman at the dog park and after 6 more months have moved in with her. My ex has delayed the whole separation/divorce proceedings and even after reaching an agreement through joint mediation, continues to delay getting anything done. She has now hired a lawyer and refuses to honor the signed mediation agreement (which I understand she doesn’t have to). My first question is when I fill out my financial statement (FLA 13.1) do I include the full cost of the household expenses (rent, utilities, food…) as well as my new partners income (and amount contributed to the household) or do I only list my share of the expenses and exclude my partners income. Second question is my ex-spouse has a Provincial government pension which we have received the Family Law Value from the plan administrator. Her lawyer has hired an actuary to estimate the tax payable on the total amount accumulated during our 26 years of marriage. He calculated the tax on the full amount then reduced it and then split it 50/50. Is this correct or is the amount listed by the plan administrator the final figure.

1 Expert Comment

  1. On October 20, 2015 at 12:13 pm
    Andrew J. Kania, LL.B., LL.M. said:

    You have asked questions that really require the providing of legal advice. Please note that this answer is not legal advice. I can only provide you with general information, as follows:

    When you fill out a financial statement the expenses listed are the amounts that you actually pay.

    In terms of your partner’s income you will see that there is a part on page 4 where you must list the income of the person that you are living with.

    In terms of the pension it is correct to state that appropriate tax must be deducted from the family law value provided by the Pension Plan Administrator. In terms of what that amount should be it is also proper to retain an actuary to obtain their opinion. Whether the actuary retained by your wife’s lawyer is correct is a different issue and we can offer no comments on that without reading the applicable documentation.

    You are welcome to telephone me at (866) 557-3222 for a free consultation if you wish more information or assistance.

    (The information provided above is general, not legal advice, as circumstances vary from case to case. As well, generally speaking, the above information relates to Ontario law. Thus, if you wish legal advice that you can rely upon for your specific case, or if you are making inquiries where Ontario law may not apply, please contact Andrew Kania for a free consultation).

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