Date of Valuation: Another consideration is whether it would be fair to use today’s values. Support your spouse ran up the credit card since you separated and it went from $0 to $50,000 today. Should you be responsible for ½ of the $50,000 in debt? In a similar fashion, suppose they had kept a bank account that had $10,000 balance at the time of separation and since then they have spent it. Most people believe using the current value would be unfair and some type of adjusting entry should be done. There are many different circumstances that can be recognized to make the numbers more fair.
Taxes: There are tax considerations, pension valuations, and business valuations that can add more complexity.
Additionally, choosing which assets and debts you take can have a profound effect on your future savings and ability to retire. Our mediators have a variety of degrees/certifications/training such as Juris Doctor (lawyer), MBA, Registered Family Mediator, Chartered Mediator, legal education, Divorce Financial Analyst, Certified Financial Planner, Certified Financial Analyst, etc.. We can help you evaluate various options that impact your future financial well being.
We have found most people who divide their assets without assistance make significant errors. If a CRA auditor had problems doing this — is this something you should take on yourself?
Click *here* for a list of financial records/documents you should begin to gather.