Clean effect in the Divorce Settlement Contract

Aug 6th, 2022
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How to clean effect in the Divorce Settlement Contract

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good afternoon im attorney lee pearlman i want to talk to my family law friends and colleagues about how to bankruptcy proof your divorce settlement right now first let me lay a little groundwork for everyone bankruptcy code section 523 a15 i know i promise this will be the only bankruptcy code section i cite in this video simply provides that debts incurred during the course of divorce are non-dischargeable in chapter 7 and 11. but a chapter 13 is different a chapter 13 bankruptcy is more expansive so it can discharge any non-support obligations associated with divorce unlike 7 and 11. family lawyers are most at risk when they are drafting marital settlement agreements we see it all the time or court judgments that direct one spouse to pay or indemnify another spouse in the future the spouse assigning the obligation or what we say as doing the directing thats the creditor spouse this is the spouse who needs to be cautious and careful some examples of clauses that could be subject to

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Consent of the spouses is not considered the legal test for divorce in the federal Divorce Act. But, while you do not need a spouses consent in Canada, you will only be granted a divorce if certain requirements are met and a breakdown in the marriage can be proven.
Essentially, the value of the gift would not be equalized between the separating spouses as it normally would, and the spouse who received the gift would retain the full value of the gift (that is, they would not have to account for it as marital property).
A woman must start a claim for equalization of family property within six years of the date of separation or 2 years from the date of divorce. A couple is considered to be separated as of the date on which there is no reasonable prospect they will resume cohabitation.
In a divorce in Canada, a wife is entitled to certain rights and considerations, including a fair share of marital property, potential spousal support, and involvement in child custody arrangements. The process involves legal negotiations, financial adjustments, and emotional challenges.
Potential Financial Disadvantages: Depending on the circumstances, one party may feel that they did not receive a fair share of the assets or financial support. Costs and Legal Fees: Pursuing a clean break order involves legal fees, which can be a docHub expense depending on the complexity of the case.
Any assets acquired during the marriage form the net family property and each spouse has an equal entitlement to half their value.
Short- or long-term spousal support, also called separation maintenance (or alimony in a divorce) may be required if one partner is financially reliant on the other. You may also be entitled to spousal support if your marriage lasted a certain period of time, or because of a variety of other factors.
The general rule is that the net value of the family property (the value of the property owned by the spouses minus any debts and excluded property) be equally divided between both spouses in a divorce.

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