Content Outline

Chapter 1: Property

After completing this chapter you will be able to identify:

• What constitutes “property” in a separation or divorce.
• The difference between separate (excluded) and marital property.
• The definition of “matrimonial home” and how it is treated.
• How to inventory the assets and uncover hidden assets.
• The value of career assets.
• How property is valued and how to allocate the value between the spouses.
• How to divide marital property and debt.
• The options for valuing and dividing a family business.
• The difference between “equal” and “equitable” property division.
• The tax consequences of property division.

After completing this chapter, you will be able to identify:

• The options for the matrimonial home, including selling the home, having one spouse buy out the other spouse’s interest, or both spouses continuing to own the home.
• The financial viability of one spouse keeping the residence.

Chapter 3: Pension and Retirement Plans

After completing this chapter, you will be able to identify:

• The importance of a proper pension valuation.
• The difference between “defined benefit” and “defined contribution” plans and valuation methods.
• The difference between federally- and provincially-regulated pensions.
• The terms “locked-in,” “survivor benefits,” and “double-dipping” as they relate to family law.
• How matrimonial property acts affect pension legislation.
• The different treatment of legally-married vs. common-law partners.
• The treatment of CPP, OAS, RRSPs, RRIFs, TFSAs and DPSPs in family law.

Chapter 4: Spousal Support

After completing this chapter, you will be able to:

• Explain the criteria for paying or receiving spousal support.
• Understand how the length of the marriage and the lifestyle enjoyed during the marriage can affect spousal support.
• Understand under what circumstances spousal support can be changed.
• Discuss tax issues surrounding spousal support.
• Explain how to ensure that spousal support will be paid.

Chapter 5: Child Support

After completing this chapter, you will be able to:

• Explain how the child support guidelines work.
• Discuss how custody arrangements affect child support and the differences between shared, split, and sole custody.
• Understand under what circumstances child support can deviate from the guidelines.
• Explain tax issues surrounding child support.

Chapter 6: Tax Issues

After completing this chapter, you will be able to understand the tax implications of income and property division on separation or divorce, including:

• Child support, spousal support, and compensatory support.
• Lump sum, arrears, and third-party payments.
• Transfers of property, including the matrimonial home, RRSPs, and RRIFs.
• Legal fees and capital gains exemptions.
• Corporate tax issues.
• Personal taxes and deductions.

Chapter 7: Tax Preparation and Planning

After completing this chapter, you will be able to understand and discuss:

• The importance of marital status for tax purposes.
• Reporting Income and support payments.
• Tax deductions, including childcare expenses, support payments made, and legal fees paid.
• Federal non-refundable tax credits.
• Federal refundable tax credits.
• Income tax planning and federal child and family benefits.

Chapter 8: Insurance and Estate Planning

After completing this chapter, you will be able to discuss:

• How to protect child and spousal support income in the event of the payor spouse’s illness, injury, or death.
• The different roles that life, disability, critical illness, and property insurance play in family law.
• Limitations regarding life insurance policies not owned by the beneficiary and suggestions on ownership.
• Estate planning and the use of wills, powers of attorney, and testamentary insurance trusts.

Chapter 9: Debt, Credit and Bankruptcy

After completing this chapter, you will be able to understand and discuss:

• Who is responsible for any debts incurred during the marriage.
• The difference between secured debt and unsecured debt.
• How tax debt is handled in divorce.
• The issues posed by joint credit cards and the need to establish credit history.
• Bankruptcy and divorce: which debts are dischargeable, which are not.