Financial Divorce Solutions

For a Better Outcome

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Newsletter # 9 TAX PAIN - TAX GAIN

MARCH 2013

For this month's e-newsletter I've reached out again to more tax experts to help keep you informed. Often during a separation, tax consequences are a forgotten consideration regarding equalization and support payments.

Additionally, I've included more about the alternate dispute resolution process called Family Mediation. Once you know the marriage is over you will need to decide what to do next, either together or as an individual. The next steps you take have a definite impact on the amount of time, money and stress you will experience as you move forward.

A separation is a promise of a new start. I encourage you to reach out to family law professionals, like Financial Divorce Solutions for a Better Outcome.

Best regards,

Gail Belchior

Owner / Financial Divorce Consultant

Family Mediator

TIMELY TAX TIPS

By Drew Furtney, CA

Furtney Madon LLP Chartered Accountants

1. Filing a Tax Return

2. Principal Residence

3. RRSP's

4. Divorce Related

Legal Fees

5. Eligible Dependent

Tax Credit

6. Medical Expenses

7. Charitable Donations

By Evelyn Jacks

Knowledge Bureau

Knowledge Bureau Logo

Tax Tips for Separating Spouses:

Support for Spouses
Support for Children
Separating Assets
RRSP Accumulations
TFSA Accumulations
Principal Residence
Other Property

Click here to Read More on "Relationship Breakdown Taxing in More than One Way"

Client Testimonial

"Dear Gail,

I want to thank you for all your help and support - you were instrumental in helping me weave through this difficult process. I am now officially separated - the judge signed on Monday. I am officially a home owner - as of last Friday. The pension is in the process of being transferred to a LIRA and I was at the lawyers today preparing my will!!!

Needless to say I am very happy that I am on the other side. I must say I have enjoyed learning the lingo and being able to throw around some financial catch phrases at cocktail parties!!! Not that I ever really go to cocktail parties but I have been impressing my friends.

I don't think at this point that I need any further financial coaching. I feel that I have been well coached up to this point and have a good sense of where I want to go, what I need to do and overall feel confident that I will be OK."

Thanks again, S.L.

Family Mediation

Why Should I Use Family Mediation?

What is Family Mediation?

Family Mediation is a process for solving issues between separating/divorcing spouses. It involves a neutral third party (the mediator) to help the parties consider their interests and point of view, as well as the interests of the other party, so mutually acceptable decisions can be reached in a timely and cost effective manner.

As a Financial Family Mediator, Gail Belchior facilitates the discussion on issues to be resolved, such as:

Parenting - principal residence for the children
Child support - table amount
Child support - special or extraordinary expenses
Spousal Support - entitlement
Spousal Support - amount and duration
Property - possession of the matrimonial home
Property - equalization
Property - division

Participation in this process is voluntary and both parties need to be willing to consider their interests and point of view and the interests of the other side. Independent legal advice is part of the process so that each party is ensured that they are fully informed of their legal rights and obligations. Independent legal advice also helps to ensure the final separation agreement is enforceable.

Consider using Family Mediation if you both are: