Family trust funds won't always be a protective measure for assets when a couple is separating or divorcing. A British Columbia resident who is embroiled in a high asset divorce situation may believe his or her assets that are sheltered in a family trust may not figure into a divorce settlement. Things can become even more problematic when there is no marriage contract in place.
Business owners often have an added level of stress when it comes to divorce situations. Successful British Columbia entrepreneurs may be embroiled in high asset divorce cases and as such need to be aware of the tax implications, among other issues that could affect their businesses. Taking time to reflect on how a divorce will impact a business is crucial before moving forward formally with a divorce.
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.
Couples who have more assets may have a more difficult time financially when it comes to ending their marriages. Couples in British Columbia who are in the middle of a high asset divorce may have the government to blame seeing that the federal Divorce Act was basically designed for middle income earners. Many wealthier people own businesses and the division of assets in the divorce process isn't all that straightforward.
Finding the right legal counsel is critical when ending a marriage. For this reason, many British Columbia individuals going through a high asset divorce will have consultations with multiple different potential lawyers in order to find the right fit. In order to do this effectively, it is a good idea for people to come prepared and ask the right questions in order to really understand how the lawyer might be able to help them.
When it comes to a divorce, seemingly everything is on the line: custody of children, property, investments and even future earnings. For British Columbia individuals undergoing a high asset divorce, a mistake can have serious consequences. Here are a few things people should know to avoid missteps when ending a marriage.
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.
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.
It is no secret that divorce can be emotionally and financially challenging for both parties. Family law issues that are a catalyst for divorce proceedings involve more than just money. Nevertheless, the process is generally more difficult for those British Columbia residents who are unprepared to deal with the financial issues that arise when a marriage ends.
Movie fans the world over were shocked last year when noted stars Ben Affleck and Jennifer Garner announced their intention to separate after 10 years of marriage and three children. British Columbia fans may have heard the high asset divorce was filed in Los Angeles in April, two years after the couple initially announced their plan to separate. Thankfully, it appears there is little acrimony between the two parties, who are working together to co-parent their minor children.