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High asset divorce: Splitting the pie fairly

Some married professionals, like athletes, singers, actors and others with amassed wealth, believe they deserve more of the pie should they get divorced. Some of these individuals reside in British Columbia, and when they become embroiled in a high asset divorce, many try to pay as little as possible in spousal support. The law lays out the ground rules for what is acceptable.

Canada has what is known as the Spousal Support Advisory Guidelines (SSAG). It was put into place in 2008 with a $350,000 ceiling in an effort to provide consistency regarding spousal support payments. But that figure is just a guideline and judges can look at those figures on a case-by-case basis.

In marriages of many years where the children are adults and child support doesn't figure into the equation, the SSAG is still applied to the income of the payor with support ranging from a low of 37.5 per cent to a high of 50 per cent. This is based on combined income after taxes. Calculations use each person's income and takes into account the deductibility of tax for spousal support for the payor and includes that support when calculating the payee's income.

High asset divorce can be complicated and confusing to navigate. There are so many legalities of which to be aware. A lawyer in British Columbia would be able to advise his or her client -- whether the payor of the payee -- of his or her options when it comes to reaching an agreement in a divorce in which many assets are on the line.  

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