1 (877) 797-9411

Divorce and Bank Accounts

Posted in Divorce, Location, Mississauga, Ontario by Questions on November 14, 2015

I am a PR holder and I sponsored my spouse’s PR and brought her to Canada. We are living together from last 6 months now in Canada. She is not working in Canada. Prior to coming to Canada she used to work in home country in good position and was earning good salary. We got married 3 years ago in our home country and have no children.
Regarding my assets , I dont have any house in canada , I just have a car and good bank balance and owning a small business in my sole name.
I have a condo and bank accounts back in home country.
1. Now if I divorce her in canada, what kind of financial obligation I do have for her .
2. What kind of alumni do i need to give to her .
3. Do I need to disclose my all Canadian personal or business bank account and shld all be divided on half?
4. do I need to disclose my assets which are present in my home country too ?
5. Pls do advice , how should I arrange my bank accounts including incorporated account, before i start the separation process. Pls do advice what shld I do to save my hard earned money which are stored in my account.
6. Is it safe to keep the amount in incorporated account or I should keep in personal account ?

I am ready to give any alumni she is liable to or financially help her to establish by herself in Canada . But I dont want to give way half of my hard earned money straight way . PLs do advice with your valuable comments.

1 Expert Comment

  1. On November 14, 2015 at 8:11 pm
    Andrew J. Kania, LL.B., LL.M. said:

    I will provide you with as much information as I can, in relation to your six questions, however please note that I cannot provide you with legal advice in this column. You must call me at 905-451-3222 so that I can ask you a number of questions if you wish guidance that is specific to your unique facts.

    I will, as noted, now provide you with basic information, as follows:

    In relation to spousal support your obligation depends upon a number of factors, including your ages, your incomes, the length of time that you have lived together, etc. I would need to speak with you in order to obtain your full particulars so that I may place this information into our computer program and obtain ranges of support, if any, together with duration, if any, based on the Spousal Support Advisory Guidelines. Although these are not mandatory they are used by Judges in conjunction with the statutory provisions and case law in determining spousal support. I can provide you with what is likely to occur in your case once I have spoken with you but not before.

    In terms of your property, upon separation both spouses are entitled to seek an equalization of net family property pursuant to the Family Law Act. Both spouses are required to disclose their worldwide assets and debts both on the date of marriage and the date of separation. A number known as “net family property” is then calculated for each spouse. Those two numbers are then compared and the person with the higher number owes one half of the difference of that amount to the person with the lower number. There are a number of assets and debts that are not included in such calculations. I have already given you the example of deductions, which are pre-marital assets and debts. They are treated differently. Certain things acquired during the course of the marriage are also not included. These are termed exclusions, an example being an inheritance under certain circumstances. Thus, yes you do need to disclose all of your assets and debts on both the date of marriage and the date of separation, and that must be on a worldwide basis. However, the exact calculations vary based on the circumstances of each case and, as well, it is also possible to seek to share less than one half of the difference between the spouse’s net family property, which is known as an unequal division of net family property pursuant to section 5(6) of the Family Law Act. Whether that would apply to your case depends on your unique facts and, once again, I would first need to speak with you before commenting on this point.

    In terms of questions 5 and 6 you have asked for legal advice. It is not possible to provide legal advice in this post whatsoever. However, you are very welcome to telephone me at 905-451-3222 for a free consultation and, after I have been able to ask you a number of questions, I can then provide you with proper guidance.

    (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).

Leave a Reply

Copyright © 2019 divorce-canada.ca, All Rights Reserved