How To Calculate the Equalization of Property in a Divorce
Music how is the equalization of property calculated in ontario upon divorce hi, i’m brian galbraith, i’m the owner of galbraith family law professional corporation.We’re a law firm of divorce lawyers with offices in barrie, orillia, and newmarket.The calculation of an equalization payment is based on a formula.Basically, the formula is this, the assets are calculated for both parties on the date of separation, you subtract from that the debts on the date of separation in each person’s name and then you subtract any assets or debts that each person had on the date of marriage because you’re sharing.
The increase in wealth during the course of the marriage.Lastly, exclude any excluded assets such as gifts, or inheritances or proceeds from a personal injury that are still in existence on the date of separation and are in a discrete piece of property or account, so it’s kept separate.That determines each party’s net family property number and then those numbers are equalized by way of a payment of money.Let me give you an example here.In this example here’s the husband’s column, here’s the wife’s column, they jointly own the home, it’s worth $400,000 so since it’s jointly owned it’s.
$200,000 for each.They each have their own rsps, it’s $50,000 for him, $20,000 for her.They each have a car, his is worth $30,000, her’s is worth $10,000.That’s their assets on the date of separation $280,000 versus $230,000.That’s the first step, the second is you have to subtract the debts as of the date of separation.There’s a mortgage it’s 5050 and it’s $100,000 in total so it’s shared between the two of them equally 5050.He has a car loan of $10,000 on his car so that’s down here and then the taxes on the rsp, in.
This case estimated them to be 20 depend on the circumstances what you’d estimate them to be.In this case, there’s debt for the husband of $70,000 and $52,000 for the wife, that’s going to be subtracted from the assets on the date of separation.The next step is, to look at what was owned by each of them on the date of marriage, he owned a $40,000 car with a debt of $30,000 on it, so he gets to deduct $20,000.She had a $50,000 car with a $30,000 debt, she gets to deduct $20,000 because that’s what each.
Had on the date of marriage.Then the last is excluded property, and in this case the husband was given a gift of money which he used to purchase the car, the car is still in existence on the date of separation it was kept in his name, so he gets to deduct $20,000 in this case the wife had nothing that she could deduct.Now you just do the calculation.Assets on the date of separation $280,000 for the husband, his debts were $70,000 he brought into the marriage $10,000 and he had excluded assets.
Of $20,000 so his net family property is a $180,000.Doing the same calculation for the wife, her’s is $158,000.Obviously, if things were left they way they were on the date of separation, he would leave the marriage with $22,000 more in assets than her.Ontario family law act says that those numbers should be equalized.Lets see the calculation.There’s the husbands net family property $180,000 the wife’s is a $158,000 so the difference is $22,000.To equalize that, the husband has to pay to the wife so the husband pays the wife $11,000 that results in each party having net family.
Property after the separation is completed of $169,000.That’s equal so that’s what the family law act divides up property.Each person leaves with the property that’s in their own name and debts that are in their own name, but by this process the accumulated value during the course of the marriage is equalized.Some of the issues that arise are what are what is the fair market value of particular assets do you have any proof of the value of an asset do you have any proof of the debt what were the assets of the day of marriage can you prove that often times there is no.
Documentation to prove the assets or debts that were owned on the date of marriage.What we do is, we do this sort of calculation everyday, our family law lawyers have a great knowledge of how the courts are deciding these sorts of situations, so we can help you do this calculation for your family and determine what the equalization payment would be.Sometimes clients will actually choose to trade assets so that they don’t actually have to make an $11,000 payment, they would just say, look, you get more of my rsps, we’ll roll over more.
Of rsps into your name, and you can do that on tax free basis, or they might transfer, switch vehicles so that it ends up that this calculation is roughly close to equal.Remember, this calculation is what the judges do if your matter goes to court, but you can negotiate whatever agreement works for you and for your family.If this tutorial has been helpful, give it a thumbs up or like it, maybe share it with a friend.The next step for you would be to book a consultation with one of our lawyers.
How to Calculate Child Support in Utah
Hi everyone! my name is trevor osborn, i’m a utah attorney working at red law, and a question i frequently receive from my clients is how ischild support calculated this is a question that comes from both parents because the parent that is potentially going to have to pay child support is concerned that if the child support amount is so high they won’t be able to meet their obligations.They may lose their home, they may lose their car, they may fall further into debt.The party that’s potentially going to be receiving child support.
Is concerned that if the child support amount they’re gonna be receiving isn’t enough, they won’t have enough money to meet their obligations.There are a few factors that we consider when calculating child support.Now, the first factor that we consider when we calculate child support is the party’s income.We don’t just consider the income of the party that’s going to be paying child support, but we also consider the income of the party that’s going to be receiving child support.In some cases what happens is one of the.
Parties was employed previously but they’re not now maybe they were laid off, or they were fired, or they voluntarily resigned from their job.What the court can do is take the salary that party was earning previously and impute income.What that means is the court will say, okay six months ago when you were working, you were making $20 per hour working 40 hours per week, so when we calculate child support we’re going to assume that you have the ability to make $20 per hour at 40 hours per week.In some cases the income of one of the party’s fluctuates more.
Than that.Maybe they were in a a position where their salary was based on commission, or they were selfemployed.In instances like that, what the court can do is take an average over a period of time.The court may say, you’re making on average $100,000 per year so when we calculate child support, we’re going to assume you have the ability to make $100,00 per year, and then the court will use that amount when calculating child support.The court generally will not consider overtime pay or pay coming from other part time jobs.
In the calculation of child support.It can do that in some limited circumstances, but generally the court will not do that.The second factor that we use when we calculate child support is the number of children that the parties have together.Of course, if the parties have one child the child support obligation is going to be a lot less than if the parties have 4 or 5 children together.The third factor that we consider when we’re calculating child support is the type of physical custody awarded joint physical custody.
To both for the party’s, primary physical custody to one of the parties, or split custody.Now, if joint physical custody is awarded to both of the parties, then child support is calculated by the number of overnights that the children spend at each of the parents’ homes.Remember that just because the parties are awarded joint physical custody doesn’t mean that the children are spending half the time at moms and half the time at dads.It could mean that the children are spending a 111 nights at moms and their spending the.
Other 254 nights at dads.So the amount of child support can fluctuate quite a bit depending on those overnights.If one party is awarded primary physical custody, then we stop talking about overnights and we just say okay, oneparty is awarded primary physical custody, so we’re not going to worry about how many overnights the children are spending at moms or dads, we’re just going to calculate child support based on the fact that primary physical custody has been awarded.To give me an idea of what this might look.
Like if mom and dad each make $60,000 per year, and they have three children, and mom and dad are awarded joint physical custody of their children, and the children spend the night half of the time that moms, and they spend the night half of the time at dads, then there’s almost no child support obligation for either party.But, if mom is awarded primary physical custody up the three children, then dad now pays about $950 dollars per month in child support.There are a few other factors that we consider when we are calculating child.
Support.One of those factors is whether either of the parents have a previous child support or alimony obligation in a different case.Another factor that we consider is what we call ‘obligation to children in the present home.’ what that essentially means is if one of the parents has now been remarried, and there are other children of that marriage living in their home, then they owe an obligation to those other children that are now living in their home.When that’s the case, we consider that obligation when we calculate child.
Support, which means we also consider the income of that second spouse.Now the easiest way to calculate the amount of child support you’re going to have to pay or that you’re going to be receiving is to go on to the office of recovery services website and use the calculator they provide.I’ll link to it in the description below, as well as for some other statutes in the utah code, but go on to that website, play with the numbers, and see what you can come up with.It’s very easy to use.
Virginia Child Support Calculator Joint Custody
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Do i have to pay child support if i have shared custody,A component of the child support issues that get raised and this is a very common question is will i have to pay my spouse child support if we split custody.
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Joint Custody Timesharing And Child Support
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