Advertisement
Disgruntled spouses trying to hide, transfer or shelter assets need to be cautious
Q: I plan on divorcing my wife in two years. What can I do right now to keep more of my assets?—All’s Fair, Whitby, Ont.
A: Getting ready to split but don’t want to share the spoils? Well, you’re out of luck if you live in Ontario, says Toronto estates lawyer Barry Corbin. According to family law, each spouse is entitled to half the assets earned during the marital years (subject to certain exceptions). But this doesn’t necessarily mean the top earner always foots the split-up bill. Say, you came to the marriage with $1 million in stock, but earned nothing over the years. Meanwhile, your wife had no assets when she married you, but acquired $400,000 during the marriage. When you got divorced, she’d end up owing you $200,000, as you only divide the assets that were acquired during marriage. Just keep in mind that Ontario courts will dismiss any attempts by disgruntled spouses trying to hide, transfer or shelter assets in order to keep them from an ex.
Got a delicate money question? Send it to [email protected]
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
Which ETFs should you invest in? Which ones best suit your risk tolerance? What about personal ethics? Check out...
The Trump effect and Trumponomics, Shopify’s huge earnings beat, it’s sunny days for Suncor shareholders and more.
Here’s how to get your free ticket to attend two MoneyShow virtual expos.
Should you be paid as a power of attorney? Learn about the compensation rules in Ontario and how to...
You started investing in your 20s, and you feel pretty good about doing it. But now what? Consider impact...
Want an idea of how much tax you paid—or will be paying—for 2024? Here are the federal and provincial...
The federal government’s capital gains inclusion rate increase has yet to become law. There’s a slight chance it may...
Sponsored By
Coast Capital
