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income split

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Anonymous Asked:

My wife and I are separating and plan to split assets and debts 50-50. We're both retired, but if I go back to work, must I split earnings with her? And if I receive any inheritances, must I split the proceeds with her?

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Andrew J. Kania, LL.B., LL.M.
6 years ago

Answer: Thank you for your question. We answer as follows:

1. You are both entitled to an equalization of net family property, under the Family Law Act;
2. Going back to work: It depends. We need more facts on your respective incomes (including pensions) and exactly how much property you will both receive. Your income from employment may be taken into account for spousal support purposes. We need more information to comment further; and
3. Inheritance: Any inheritances received during the course of a marriage are “excluded” from property calculations, subject to certain facts, such as if they are in a matrimonial home, and if not in a matrimonial home whether they exist on the date of separation and can be “traced.” Any inheritances received AFTER the date of separation are yours alone, as the date of separation “freezes” both of your property rights.

(The information provided above is general, not legal advice, as circumstances vary from case to case. Thus, if you wish legal advice that you can rely upon for your specific case, please contact Andrew Kania for a free consultation).

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