High asset divorce in Canada: Keep it out of the court system

On behalf of Gary Kirk of Kirk Montoute LLP posted in High Asset Divorce on Tuesday, January 9, 2018.

Couples who have decided to divorce and who have healthy bank accounts and portfolios, including property and other assets, are advised by experts to stay out of the court system. High asset divorce in Canada could be a costly endeavour.  However, making decisions through direct negotiation or mediation would be the wisest route to take not only to minimize the financial impact of the divorce but to keep control over the situation.

Once in the courts, decisions will be made for the couple and not by them. It is not only time-consuming, but expensive. Disagreements over property values can be solved by simply calling in an appraiser who will provide market value. This way only the most contentious cases will need to be litigated. 

If a prenuptial agreement plays a part in the picture, its contents are not always abiding. If things have changed in the marriage, the agreement may no longer be a fair one, so parts of it may have to be set aside. This would be part of negotiation discussions. There could be other issues to discuss like net worth and whether any businesses are involved.

A lawyer in Canada will help his or her client to ascertain what is likely to be divisible and what is not in high asset divorce cases. The attorney will also be able to offer advice on such things as inherited property and assets and how they might figure into the divorce process. An experienced family law lawyer will be knowledgeable about the rules that govern divorce or separation and advise the client accordingly.

Source: theglobeandmail.com, “Note to wealthy people considering divorce: Stay out of court“, Danielle Boudreau, Accessed on Dec. 1, 2017

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