How Is A Business Valued In A Divorce?

A business is an asset that must be valued in order to determine a party’s net family property.  A business will be valued based on the “fair market value” of the business.  The buyer and the seller are assumed to be hypothetical and the transaction is assumed to take place under normal conditions.  The determination of “fair market value” of a business is...

Do I pay child support if my child is in University? How long do I have to pay?

When a child attends university away from their home, the support obligation will still continue.  Although a court may reduce the amount of base support when the child is away at university, the payor will likely pay the full amount of support when the child returns home after the school year.  If the child does not return home very often during the school year, there is a stronger argument...

Can I end my child support obligation?

Some fathers are quite surprised that they will be liable for child support for a Child eventhough they have no relationship with the Child.  The biological father cannot sever his relationship with the child (unless they consent to an adoption of the child by a step-father) and then claim that he/she has no support obligation. However, if the child is an adult (over 18 years of age), it may...

What are the different mediation styles?

For any dispute brought to mediation, mediators can approach the mediation using one of the following mediation styles: (more…)

What is the process of Mediation?

There are usually five stages to mediation: Stage 1: Introductions Mediator introduces themselves and explains the rules for mediation (i.e. act courteous to each other, no arguing, take turns speaking, either party or the mediator can terminate at any time etc.) (more…)

What is Mediation?

Mediation is a form of dispute resolution.   It is a form of negotiated settlement.  A mediator is a neutral third party.  He/she will facilitate a resolution of the issues and attempt to arrive at a settlement that works for both parties.    Lawyers often say that the “best negotiated settlement is when both parties walk away from the table thinking the other person got the better deal”.  If...

What should I do if I am thinking about separating from my spouse?

The first thing that should be done is become informed.  It is incredible how many people have no idea about the financial situation of their family or their spouses.   Gather as many documents as possible to substantiate your respective assets and liabilities as of the date of marriage and the date of separation (ie. bank statements, financial statements etc.).  You should also make all...

Child Support – Sources of Income

According to s.16 of the Federal Child Support Guidelines, in order to determine the quantum of child support, you must first calculate a payor’s total income.   The courts have evaluated certain types of “income” and considered whether or not it should be considered in determining the payor’s income: (more…)

Severance Pay in Determining Income for Child Support

When one obtains severance pay from his/her employer, it is considered income for the purposes of determining child support.  Most payors seem to believe that it is an asset rather than income.  This is incorrect.  Severance pay is income replacement.  As such, it is considered in evaluating child support obligations. (more…)