Strike point in the Divorce Settlement Contract

Aug 6th, 2022
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How to strike point in the Divorce Settlement Contract

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In this video, John McKenzie discusses essential information needed for preparing a divorce settlement agreement, mentioning that "divorce settlement agreement" and "separation agreement" will be used interchangeably. He emphasizes the importance of gathering relevant information ahead of time. The channel, Kingdom Principles, focuses on various aspects of marriage separation, catering to those at different stages, including those entering, already separated, or finalizing their divorce. Viewers are encouraged to like and subscribe for more content, with a link provided for a free report on seven things to avoid during marriage separation.

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The times are different for married spouses and common-law spouses: If you were married, you have to apply to divide family property or debt no later than two years after you get an order for divorce or annulment. If you were in a common-law relationship, you have to apply within two years of the date you separated.
It all depends on how the money is or has been paid out. When it comes to property, cash given for a matrimonial home is neither taxable nor tax deductible. Support funds made in entirely one payment are also neither taxable nor tax deductible.
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.
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.
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.
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.
Any assets acquired during the marriage form the net family property and each spouse has an equal entitlement to half their value.
Separation Agreements are often overturned on the basis that one or both spouses did not obtain independent legal advice at the time that they executed their Agreement. Independent legal advice will strengthen an agreement in two important ways.

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