Professional Corporation
The amount of child support is determined by the Child Support Guidelines. The Child Support Guidelines provide a relatively straightforward and predictable tool for support determination. They utilize the income of the child support pay or and the number of children, among other variables, to identify the child support amount.
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This payment is called “spousal support”. In some jurisdictions, but not in Ontario, this payment is also called alimony. Married spouses and “common-law” spouses, whether they are same sex or opposite sex spouses, can be called upon to pay spousal support.
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Where will you live once your separation is complete? Will you have to sell the family home? Can you afford to maintain the family home? How will the value of large assets, like a pension, a business or real estate, be shared when a relationship ends? Must you share your inheritance with your spouse? Must you share gifts received by you with your spouse? Uncertainty about these types of questions can lead to worry.
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In Ontario, married spouses are expected to equalize the value of all of the property that they acquired during their marriage, with certain specific exceptions, which are discussed below.
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Many unmarried, cohabiting couples assume that, if they separate, each of them will share one-half of all of the assets, or wealth, that they accumulated as a couple. This is an inaccurate, though widely held, belief. An unmarried, cohabiting spouse does not have any automatic right to share in the property of his or her partner, in the event that they separate.
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Achieving financial wellbeing, present and future, is one of the most important goals for separating spouses.
Uncertainty and fear about the financial future can fuel needless family law battles, even though the cost of such battles does not advance the goal of financial wellbeing.
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