Divorce is a complex legal issue. To ensure that your divorce impacts you as little as possible, it’s important to ensure you have top-notch legal help.
This is especially true if you own business, have a complex asset profile, are a farmer, or have irregular or variable income. Divorce can be straightforward when both members of the couple make a similar amount of money at a regular, 40-hour per week job. It can become a long, drawn-out, contested process when there are any complications whatsoever.The family law team at Merchant Law is here to help you find creative approaches to your divorce settlement that protects you and your future. We have a long track record of handling complex family law issues and can help you navigate the split in a way that is advantageous to you and your goals for the future.
What makes a high net worth divorce different?
High net worth divorces come with a much more complex asset profile. Not all of these assets are liquid, and some of them can be devalued if they’re divided incorrectly. In a high net worth divorce it is often necessary to bring in a slew of professionals. For example, if the couple owns a business then they will need to involve valuation professionals who can help them determine the true worth of the company.
In addition, every percentage point matters. While the courts prefer arrangements that are as close to 50/50 as possible this isn’t always possible in a high net worth divorce. It’s not even always possible in a standard divorce. You might end up with something closer to 45/55 or 48/52. When the stakes are low these small percentage differences might not matter very much.
When the stakes are as high as they are in a high net worth divorce, even a single percentage point shift could mean the loss of hundreds of thousands of dollars.
In addition, dividing property incorrectly could result in uneven tax consequences, can cut children out of inheritance money they should rightly be able to count on, and can result in the loss of control of a business or piece of intellectual property that was hard-built and hard won.
As a result, these divorces also tend to be more contentious than their simpler counterparts.
Our lawyers have a background in business, real estate, and civil litigation in addition to our track record as family lawyers. This gives us the sophisticated business background we need to help you craft solutions to your most pressing asset division concerns.
What makes a Saskatchewan farm divorce different?
A farm is both the family home and a small business. It comes with all of the normal issues that enter into a divorce when a business is involved, but farms also create special considerations.
For example, few farm assets are particularly liquid. Equipment is required to keep the farm running so can’t be sold off to aid in asset division. Farmers have variable income: the worth of crops and livestock is different from year-to-year, making child support and spousal support arrangements into a challenge.
Our family law lawyers have a long track record of successful farm divorce settlements. We’ve created structured buy-outs and other agreements which have allowed both parties to meet their goals for the divorce while preserving the family farm for future generations. Reach out to us: we can help you save your farm from the threats posed by the divorce.
How do child custody, child support, and visitation work in Saskatchewan?
A judge will need to ensure that any agreement you and your ex comes to is within the best interests of the child. If you and your ex cannot come to an accord then the judge will have to make decisions.
In general, Saskatchewan law favors parenting arrangements which give the child close to equal time with each parent. They make exceptions when the parents live very far apart, or when one parent poses a danger to the child. If you cannot prove that there is abuse, alcoholism, drug abuse, or a mental health problem that could harm your child it is better to begin working on a co-parenting plan that will work for your family than it is to try to push for “sole custody,” which is the rarest parenting arrangement.
Note that child support is not optional. One parent will always end up paying the other parent some child support. The federal child support guidelines serve as the minimum amount that the judge will accept. Some couples negotiate higher child support payments to account for special educational or medical needs the child may have.
How does a common law divorce work in Saskatchewan?
Common law partnerships form in Saskatchewan whenever a cohabiting couple lives together for two consecutive years. They then have the same rights as any married couple.
When they separate, they both have an equal right to the marital property, that is, property gathered after the marriage formed. If they have children they both maintain parental rights.
Common law partners can simply separate, but to protect the rights to assets and to get a court-backed child care arrangement they will need a lawyer’s help to craft a formal separation agreement.
Need help with your divorce? Contact Merchant Law now.
We have offices in Saskatoon, Regina, and Moose Jaw, but we help people throughout the province, including residents of Lloydminster. We also serve other areas like Prince Albert, Swift Current, North Battleford, Yorkton, Estevan, Warman, Weyburn, Martensville, and White City. Many of our lawyers have decades of family law experience and have even been published in prestigious family law journals, which means when you work with us you get all of the advantages that come with working with truly skilled professionals.
Schedule an appointment to go over the facts of your divorce case by calling (306) 653-7777 today.