As anyone who has been through a messy divorce can attest, with goodwill eroding faster than the lawyer bills are stacking up, you just want to get things over with. If that means giving up something you were feverishly holding on to, so be it.
But there are pitfalls to arbitrarily negotiating a deal to trade assets – a private pension for a family home, for example – or to abandon them, without recognizing the future financial implications of that decision, say lawyers, who are now recommending that clients seek advice from a financial planner before the mediation process.
“The law sets out what child support should be, how property and assets should be legally divided,” Ottawa family lawyer Adriana Doyle says. “But the majority of family cases have some component of financial and tax issues that can be complex, challenging and require advice outside of the legal profession. In these situations, the financial adviser is priceless.”
Keith Adams, 42, learned this lesson the hard way. He served his wife divorce papers in 2010. After negotiating privately over the properties and businesses they owned in Calgary, child support for their two teenage daughters and spousal support, the couple found themselves in mediation and arbitration.
“There was no light at the end of my tunnel, the lawyer bills were racking up,” Mr. Adams says. On the recommendation of a friend, he went to an independent financial adviser.
“She showed me a number of different options and explained how capital-gains taxes work on properties that are not the primary residence,” says Mr. Adams, who, as a stay-at-home dad for a number of years, was on the receiving end of spousal support. “She also went through various spousal support scenarios, and showed me the future values of RRSPs.”
Armed with information, Mr. Adams and his wife were able to come to a mutual agreement earlier this year.
“People have a lot more control over the final result when they negotiate the process themselves outside of court,” Ms. Doyle says. “The financial adviser can advise on how to roll over pensions to avoid tax repercussions and help couples understand how to plan for the future with their new income scenario.”
They can also help to level the playing field going into negotiations, says Blair Corkum, a chartered accountant and financial divorce specialist in Charlottetown.
“There is usually one person in the couple that has more education pertaining to finances and that’s the start of the imbalance,” says Mr. Corkum, who has been specializing in divorce financing since 1997. “And it’s a hugely emotional time for people, so they’re often negotiating property without being aware of how it will impact their financial future.”
That was true for Wendy Noble, when she was presented with divorce papers 14 years ago. A stay-at-home mother to four children for more than 20 years, Ms. Noble had been completely reliant on her husband’s income. Although she had always managed the household finances, she admits that she did not have a clue about the value of her husband’s work pension or share options.
“At that time in my life, I had no idea what a financial planner was,” she says. “My lawyer tried to help with the financial stuff, but all the while the bills were adding up. At some point, I just threw my hands up in the air.’ ”
In her mid-40s, Ms. Noble launched a professional career and started her own retirement savings.
“It wasn’t until a few years ago that I sat down with a financial planner,” she says. “Some of the advice confirmed what my gut had told me for years, but it also gave me an entirely new perspective on how to invest the money I had saved for my own retirement. I wish I’d known all this 14 years ago.”
Special to The Globe and Mail––––––
Where things get complicated
-----------------------------
Where things get complicated
Splitting assets during divorce can be relatively straightforward if the couple have no children. There are a few areas where things can get complicated in the absence of professional financial advice.
Splitting assets during divorce can be relatively straightforward if the couple have no children. There are a few areas where things can get complicated in the absence of professional financial advice.
Life insurance
Particularly for those who divorce later in life, policies that are not jointly owned can be cancelled or altered by one party. “The insurance company will only disclose policy information to the owner,” says Wendy Olson-Brodeur, a financial divorce specialist and divorce mediator in Calgary. “Part of the divorce agreement should ensure joint ownership of the policy. Otherwise, if the owner stops paying or removes the wife and children as beneficiaries, they may not know, and a person who’s older may find they are uninsurable.”
Private pensions and work options
While Canada Pension Plan benefits are split evenly under the law and are non-negotiable, private pensions and work options, such as shares, can be more complicated to value.
Real estate
Properties other than the principal residence are subject to capital gains when there is a sale.
Tax
In the case where one spouse pays a lump sum to the other as part of asset division, or where funds are being transferred from registered funds, a financial adviser can help to find appropriate tax shelters for the investments.
Budgeting
“People need to make sure their divorce settlement accounts for both present and future needs,” says Blair Corkum, a financial divorce specialist in Charlottetown.
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By the numbers
41 per cent: The number of marriages in Canada that end in divorce.
33 per cent: The proportion of divorce cases in family law courts.
21 per cent: The number of divorce cases that last more than two years. This figure has risen 6 per cent between 2006 and 2011.
Source: Statistics Canada
Source: www.theglobeandmail.com
Unfollow! Goldsmith divorce couple battle it out on Twitter before lawyers get a look-in - Evening Standard
Source: www.thisislondon.co.uk
Kent’s street-by-street Olympic Torch relay route - Kent News
Olympic Torch
Wednesday, June 6, 2012
9:27 AM
See where the iconic flame will travel
Communities across Kent are getting set to welcome the iconic Olympic Torch as it makes its way across the UK.
Hundreds of people are expected to line the county’s streets to welcome the Olympic flame as it passes through Kent between July 17 and 20. Celebrations are planned for overnight stopovers in Dover on July 18 and Maidstone on July 19.
Chair of LOCOG Sebastian Coe said: “We bring the Olympic Torch Relay to life.
“The flame symbolises the Olympic spirit and its journey around the UK will bring the excitement of the Games to our streets.
“Now the people know the route the Olympic flame will be carried along and the Torchbearers for their community, they can start planning how they might celebrate and make it Kent’s moment to shine.”
Tuesday, July 17
Torch enters Kent briefly after leaving East Sussex to visit Tunbridge Wells.
Route through Tunbridge Wells (from approx 11.24am)
A264 Mount Ephrain Rd from Bishop’s Down Rd
A264 Mount Ephrain Rd
A264 Mount Ephrain Rd - To roundabout 2nd exit
A26 Grosvenor Rd - Left Turn
A26 Upper Grosvenor Rd - Right Turn
A26 Meadow Rd - Veer Right
A26 Goods Station Rd - Left Turn
A26 Grosvenor Rd
A26 Mount Pleasant Rd
A26 Mount Pleasant Rd - Veer Left
B2023 High St
B2023 High St - Left Turn
A26 London Rd
A26 Eridge Rd
The Pantilles Archway - Right Turn
The Pantilles - Right Turn
Linden Park Rd - Left Turn
A26 Eridge Rd to Summervale Rd
A26 Eridge Rd
Torch then leaves to continue journey in Crowborough
Wednesday, July 18
Torch begins its day in Hastings before making its way along the coast and into Kent.
Route from Hamstreet (at approx 10.30am)
Hamstreet Rd From Sign for Hamstreet village
The Street
Ashford Rd To Hamstreet CP Primary Sch Junction
CONVOY: Hamstreet - Ashford
10:49am
Ashford
Wotton Rd From Ellingham Way Junction- Right Turn
Kingsnorth Rd
Kingsnorth Rd- Right Turn
B2229 Beaver Rd- Left Turn
Beaver Rd
A2042 Beaver Rd- Left Turn
A292 Elwick Rd
A292 Elwick Rd- Right Turn
Bank St
High Street
High Street- Left Turn
A292 Wellesley Rd- Right Turn
A292 Mace Lane
A292 Hythe Rd
A292 Hythe Rd- Right Turn
Essella Rd- Right Turn
Crew Break
Essella Rd- Right Turn
A292 Hythe Rd To Leys Rd Junction
CONVOY: Ashford - Hythe
Hythe
A261 London Rd From Turnpike Hill Junction
A261 Military Rd
A259 Prospect Rd
A259 Prospect Rd- Right Turn
A259 East St
A259 Seabrook Rd
1346
Sandgate
A259 Sandgate Esplanade
A259 Sandgate High St
14:02
Folkestone
A259 Sandgate Hill
A259 Sandgate Rd
A2033 Sandgate Rd
Sandgate Rd
Sandgate Rd- Right Turn
Church St- Left Turn
Rendevous St- Right Turn
Bayle St- Left Turn
Old High St- Left Turn
A260 Tontine St
A2033 Dover Rd
A260 Dover Rd
A260 Hill Rd
A260 Hill Rd- Left Turn To RA 2nd Exit
CONVOY: Folkestone - Samphire Hoe
16:03
Samphire Hoe
forecourt From Service Tunnel
Samphire Hoe Eurotunnel forecourt- Left Turn
Samphire Hoe Eurotunnel forecourt- Right Turn
Samphire Hoe Eurotunnel forecourt- Left Turn
Samphire Hoe Access Road- Left Turn
Samphire Hoe car park
Samphire Hoe car park roundabout
Samphire Hoe car park roundabout- Left Turn
Nature reserve path
Access road- Left Turn
Samphire Hoe To Samphire Hoe access Rd
CONVOY: Samphire Hoe - Dover
18:08
Dover
Prince of Wales Pier From Rescue Boat
Pier forecourt
Port forecourt
Union St
Esplanade- Right Turn
Snaregate Street
A20 Snaregate Street- Left Turn
A256 York Rd
A256 High St- Right Turn
Ladywell
Ladywell- Right Turn
A256 Maison Dieu Rd
A256 Maison Dieu Rd- Left Turn
A258 Castle Hill Rd
Dover Castle lane
Dover Castle lane- Right Turn
Constable’s Rd- Left Turn
Gatehouse Lane
Gatehouse Lane- Left Turn
West Norman Rd- Right Turn
Gangway
Outer Dover Castle forecourt
Dover Castle
Dover Castle roof
Outer Dover Castle forecourt
Gangway- Left Turn
West Norman Rd- Right Turn
Constable’s Rd- Left Turn
A258 Castle Hill Rd
Castle St
King St
Live Site
Live Site- Right Turn
King St
Pedestrian tunnel underpass
Cambridge Terrace pedestrian area
Pedestrian area- Left Turn
1920
Evening Celebration - Marine Parade
Thursday July 19
Torchbearer route starts first full day in Kent - on its way to Maidstone
08:27
Start Deal Pier
Deal Pier - Right Turn
Beach St - Left Turn
King St - Left Turn
High St
A258 - Left Turn
Sondes Rd - Right Turn
A258 Prince of Wales Terrace
A258 Prince of Wales Terrace - Veer Right
A258 Deal Castle Rd - Right Turn
Guildford Rd
Park Ave
Park Ave - Left Turn
A258 London Rd
08:56
Sholden
A258 London Rd
A258 London Rd to Sholden New Rd
CONVOY: Sholden - Sandwich
09:12
Sandwich
Deal Rd from Dover Rd
Deal Rd
New St
Cattle Market
Harnet Street
Harnet Street - Right Turn
Strand Street
Strand Street - Left Turn
High Street
Ramsgate Rd
09:30
Great Stonar
Ramsgate Rd
Ramsgate Rd to sign 50 speed limit
CONVOY: Great Stonar - Cliffs End
09:47
Cliffs End
A256 Sandwich Rd from Foads Ln
A256 Sandwich Rd
A256 Sandwich Rd to Cliffs End Rd
CONVOY: Cliffs End - St Lawrence
09:57
St Lawrence
A299 Canterbury Rd East from Windermere Ave
A253
B2054 London Rd
10:13
Ramsgate
B2054 London Rd
B2054 London Rd - To roundabout 3rd exit
B2054 Grange Rd
B2054 Grange Rd - veer left
B2054 St Augustine’s Rd
10:19
Ramsgate
B2054 Royal Parade
B2054 Royal Parade - To roundabout 2nd exit
B2054 Military Rd - Left Turn
Harbour St - Right Turn
King St
A255 Hereson Rd
A255 Ramsgate Rd
10:44
Broadstairs
A255 Ramsgate Rd
A255 Queens Rd
A255 Queens Rd - Left Turn
Broadstairs
A255 High St
A255 High St - Right Turn
B2053 St Peter’s Park Rd
B2053 Albion Road
B2053 Albion Road - veer right
11:36
St Peters
B2053 Church St - Left Turn
B2053 Westover Rd
Green Ln
Green Ln - Left Turn
B2052 Northdown Park Rd
11:55
Cliftonville
B2051 Queen Elizabeth Avenue
B2051 Queen Elizabeth Avenue - Left Turn
Northdown Rd
B2055 Northdown Rd
B2055 Trinity Square
B2055 Trinity Square - Veer Left
B2055 Hawley St
12:22
Margate
B2055 Hawley St
B2055 Hawley Sq - Right Turn
Mill Lane - Right Turn
High St
High St - Right Turn
B2051 Marine Dr
B2051 Marine Dr - To roundabout 2nd exit
A254 Marine Terrace
A254 Marine Terrace - To roundabout 3rd exit
A28 Canterbury
13:02
Westgate-On-Sea
A28 Canterbury
A28 Canterbury
A28 Canterbury Rd Westgate
A28 Canterbury Rd Westgate
A28 Canterbury Rd Westgate
14:36
Birchington-On-Sea
A28 Canterbury Rd, Birchington
A28 Canterbury Rd, Birchington to Quex View Rd
CONVOY: Birchington-On-Sea - Upstreet
15:03
Upstreet
A28 Island Rd from Grove Ferry Hill
A28 Island Rd to NSL sign
CONVOY: Upstreet - Sturry
15:16
Sturry
A28 Island Rd from Oaklands Way
A28 Island Rd
A28 Island Rd - Veer Left
A28 Sturry Hill
A28 Mill Rd
A28 Mill Rd to Pole # SQA003
CONVOY: Sturry - Canterbury
15:34
Canterbury
A28 Sturry Rd from Vauxhall Rd
A28 Sturry Rd
Northgate
Borough - Veer Left
Palace St - Veer Left
Sun St - Left Turn
Cathderal Precincts
Mercery Ln
St Margarets St
Castle St
Castle St - To roundabout 2nd exit
A28 Wincheap
16:36
Thanington
A28 Wincheap
A28 Wincheap to Ada Rd
CONVOY: Thanington - Faversham
16:52
Faversham
B2040 Love Ln from B2040 Love Ln
B2040 Love Ln
B2040 Love Ln - To roundabout 1st exit
B2040 Whistable Rd
B2020 Whistable Rd - Left Turn
Jubilee Way
Jublilee Way
B2040 Whistable Rd
B2040 East St
East St - Left Turn
Preston St
Preston St - Right Turn
B2041 Forbes Rd
B2041 Forbes Rd - veer right
B2041 The Mall
B2041 The Mall - Left Turn
A2 Canterbury Rd - Right Turn
A251 Ashford Rd to entrance to Kent Fire and Rescue Service
CONVOY: Faversham - Challock
17:51
Challock
A251 Faversham Rd from sign for Challock village
A251 Faversham Rd
A251 Faversham Rd - To roundabout 3rd exit
A252 Canterbury Rd
A252 Canterbury Rd to High Snoad Wood
CONVOY: Challock - Harrietsham
18:19
Harrietsham
A20 Ashford Rd from Downlands
A20 Ashford Rd
A20 Ashford Rd to Lenmead
CONVOY: Harrietsham - Maidstone
18:33
Maidstone
Leeds Castle entrance lane from Leeds Castle entrance lane
Leeds Castle entrance lane - Right Turn
The Causeway Castle Approach Lane - Right Turn
Leeds Castle Gantry
Leeds Castle forecourt
Leeds Castle steps
Castle Gantry - Right Turn
Main Drive
Evening Celebration
Friday July 20
06:42
Maidstone
Mote park car park
Mote park car park - Left Turn
Mote Park entrance
Mote Park gates - Veer Right
Mote Ave
Mote Road
Mote Road - Right Turn
Wat Tyler Way
Wat Tyler Way - Left Turn
Kings St
High Street
High Street - Left Turn
A229 Bishops Way - Veer Right
A229 Mill St - Right Turn
Archbishop’s House entrance - Right Turn
River approach path to jetty
07:05
Maidstone
ALT - Rowing boat from Archbishops Palace
ALT - Rowing boat to Maidstone Rowing Club
Maidstone Rowing Club
jetty forecourt - Veer Left
James Whatham Way to A229 Royal Engineers Rd
CONVOY: Maidstone - Gillingham
07:50
Gillingham
A231 Canterbury Road from Crosley Road
A231 Canterbury Road - Veer Left
Canterbury Street
Skinner Street
Skinner Street - Left Turn
A231 Jeffrey Street - Veer Left
A231 Arden Street - Veer Right
A231 High Street
08:09
Chatham
A231 Brompton Road
A231 Wood Street
A231 Dock Road
A231 Dock Road - Right Turn
A2 Globe Lane - Right Turn
Medway Street
Medway Street - Right Turn
High Street
Victoria Street
08:42
Rochester
East Row
East Row - Right Turn
Vines Lane - Right Turn
St Margaret’s Street
St Margaret’s Street - Veer Right
Boley Hill
Boley Hill
Boley Hill - Left Turn
A2 Corporation Street
A2 High Street
A2 High Street - Veer Left
A2 Commercial Road
A2 Commercial Road - Veer Right
A2
A2 High Street
A2 Castle View Rd
A2 Castle View Rd - Right Turn
A226 Gravesend Rd
A226 Gravesend Rd to ‘Thank you for visiting Medway’ sign
CONVOY: Rochester - Higham
09:37
Higham
A226 Gravesend Rd from Copperfield Crescent
A226 Gravesend Rd
A226 Gravesend Rd to 50 speed sign
CONVOY: Higham - Gravesend
09:51
Gravesend
A226 Rochester Rd from Thong Lane
A226 Rochester Rd
A226 Milton Rd
A226 Milton Rd - Left Turn
Wellington Street - Left Turn
Saddington Street
Saddlington Street - Right Turn
The Grove - Left Turn
A226 Milton Road
King St
New Road
New Road - Left Turn
A226 Darnley Rd
A226 Pelham Rd
A226 Pelham Rd - Left Turn
B261 Old Rd West
B261 Old Rd West - Right Turn
A227 Wrotham Rd
A227 Wrotham Rd to 40 mph signs
11:20 CONVOY: Gravesend - Borough Green
ALT - Paralympic Bicycle on Brand’s Hatch Circuit
12:04
Borough Green
A227 Wrotham Rd from Wye Rd
A227 Wrotham Rd
A227 Wrotham Rd -Veer Right
Western Rd
Western Rd - Right Turn
A25 Borough Green Rd to NSL sign
CONVOY: Borough Green - Seal
12:19
Seal
A25 Maidstone Rd from sign for Seal village and 30 speed sign
A25 Maidstone Rd
12:26
Sevenoaks
A25 Seal Rd
A25 Seal Rd - Left Turn
A225 St Johns Hill
A225 Dartford Rd
A225 Dartford Rd - Right Turn
Pembroke Rd - Right Turn
A224 London Rd
A224 London Rd - Left Turn
Source: www.kentnews.co.uk
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