When High-Net Worth Couples Separate
Toronto Family Lawyer Advising High-Income Professionals, Business Owners and Spouses About Separation
Separating from your spouse is an extremely difficult decision. Along with the emotional turmoil, separation can raise complex financial issues for both individuals, especially where one partner is a high-income earner, or where either spouse has significant assets, property, or owns a business or professional corporation.
At Financial Litigation, we provide compassionate family law advice that specifically considers the financial implications of separation, and provides carefully tailored advice to our clients that protects their financial interests.
Separation versus divorce
A couple is “legally separated” as soon as they begin living separate and apart. While a year of separation is required to obtain a divorce, absent other grounds, there is no limit to the length of time a couple may be separated. If neither party wishes to remarry, a couple may remain separated indefinitely. Accordingly, many couples formalize their separation through a legal agreement.
A separation agreement is a binding contract that sets out each spouse’s rights and obligations. While not required, these are strongly recommended to protect the financial security of both parties during a separation where couples have significant assets, are business owners, or where one spouse earns a high income.
Separation agreements may include terms dealing with:
- Payment of debts, including mortgages;
- Insurance, pensions, and other investments;
- Treatment of property and residence in the matrimonial home;
- Child custody and access; and
- Spousal support payments.
Valuation of property and spousal support during separation
Drafting a separation agreement requires careful examination and valuation of marital assets. With our targeted focus on financial and commercial matters, Financial Litigation has experience working closely with accountants, forensic valuations specialists, and other professionals to provide comprehensive legal advice that considers and mitigates all relevant financial risks. Eli Karp and his team of professionals have the tools to accurately evaluate property and asset holdings, and ensure that your separation agreement properly reflects your obligations and protects your legal rights.
Toronto family lawyers for separation agreements
High-income couples and business owners facing separation require comprehensive family law services that reflect their needs and guidance from a lawyer who understands their particular financial and wealth management concerns. At Financial Litigation, we have significant experience handling complicated separation matters with strategic and forward-thinking legal advice that protects the financial security of our clients. Call us at 416-769-4107 x1 or contact us online to make an appointment.