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Family Law Blog

April 2018 Archives

High asset divorce in British Columbia must include all income

Definitions of income are outlined in tax laws to clearly establish status on which tax exemptions may be claimed. However, income as defined in the federal child support guidelines is what family law courts in British Columbia must base their decisions on. Accordingly, in a high asset divorce, all income must be disclosed in order for the court to make determinations about spousal or child support, and in particular, what the amounts of those payments should be.

Cryptocurrency can cause disclosure issues in high asset divorce

One of the reasons divorces can last so long is that some parties refuse to be forthcoming with asset disclosure. While British Columbia family law requires all assets to be disclosed in order to finalize a divorce settlement, those going through a high asset divorce may find themselves dealing with a partner who attempts to hide information. The costs of trying to hide assets far outweigh the positives, and such actions can leave people in vicious court battles for months or even years.

How to deal with Bitcoin in property division proceedings

Dividing assets during a divorce can be a challenging process. Recently, cryptocurrencies have added an additional complication to the property division process. The volatility of these assets, the difficulty splitting their ownership using the blockchain and the potential to hide these assets have made them a difficult new issue in British Columbia divorce law.

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