Getting Educated is key……choose to be a part of a process (mediation), not a result of a process (litigation).
When it comes to property division due to a marital breakdown, is dividing everything in half the right way to do it?
It’s important to understand that when you divide some assets in half, what you may be doing is triggering unnecessary tax implications. The intent is to make the division of property fair, but it’s also to maintain as much of your networth between you as possible, not to give it up to taxes.
Are assets like pensions and RRSPs measured the same? The answer is no, since pensions can be complicated. There are some pensions that require an actuary to expose it’s true value, not just the one that is printed on an annual pension statement. Is it important to expose that value? Absolutely, since you can’t negotiate fairly without knowing what you don’t know.
Gather statements from ALL open accounts, gather tax returns for at least 3 years, run your own credit bureau to see what liabilities your name is attached to, have an understand of what all of the properties that you have are valued at in the current market. This will give you a place to begin, then……..get informed and educated before you enter into the negotiations stage of your separation/divorce –
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