Do I have to share my pension when I divorce?
Video: Do I have to share my pension when I divorce?
By: Steven Benmor, B.Sc., LL.B., Family Lawyer
Jurisdiction: Ontario (Canada)
A pension, a lot of people don’t see it as this but, a pension is just another asset. Much like a G.I.C. or an R.R.S.P. or a car or a boat, it’s an asset. And the law in Ontario [Canada] says whatever your asset is, including a pension, whatever the growth or the increase in value is from the date of marriage to the date of separation is to be shared. Not split at the source, although that could happen, but to be shared. So when somebody gets married their pension was worth $10,000 and when they split up it’s worth $25,000, the growth is [$15,000]. So the person with the pension owes their ex-spouse, their ex-wife, half of the growth. So, in my example — $10,000 to $25,000, it grew by $15,000 — $7,500, whatever the growth is is what is paid to … (click here for more)
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(’First Take Live’ video clips courtesy of Dan Carter Productions. Original Broadcast: 2007) About the author: Steven Benmor practices Family Law in Toronto, Ontario, Canada. Visit Steven Benmor’s online Family Law Resource Center for concise answers to many more frequently asked Family law questions, feature articles on Family law topics, dozens of links to other Family law websites, and more at www.benmor.com. The information on this page is for discussion purposes only. It is by no means legal advice or even a statement of the law on this subject. Please do not rely on the accuracy or completeness of this information. Any question or concern elicited by the information on this page should be taken to a lawyer who will consider the facts of each case and the legal remedies available. |
