Toronto Family Lawyer Advising Clients on Pension Division After Divorce
Following a separation or divorce, former spouses must divide any property acquired over the course of their marriage, including investments, real estate, business property, debt, and pensions. The value of pensions accumulated during the marriage can be a significant part of a family’s assets.
If you are considering a separation or divorce, it is critical to obtain legal advice from a knowledgeable family lawyer with significant experience dealing with pensions.
Mark Feigenbaum brings many years of litigation, corporate law, tax law, estate law, and accounting experience to family law disputes. Mark relies on this experience to provide nuanced and knowledgeable guidance to clients to help them retain financial stability throughout the uncertainty of divorce and separation.
Pensions and Divorce
Under Ontario’s Family Law Act, pensions are considered property and are therefore split in much the same manner as other marital assets in the division of property process. That means that each spouse is automatically entitled to a share of their spouse’s pension.
Complex rules govern pensions, including how a pension will be valuated (which will vary depending on whether it is a defined-benefit plan, a defined contribution plan, or an RRSP) and how it can be transferred. Government pensions (i.e. CPP) will be treated differently than employer-sponsored or private pensions. In addition, different considerations will apply depending on whether a couple is married or in a common-law relationship, and whether any prenuptial agreements or cohabitation agreements are in place.
Further considerations include alternative methods of splitting the assets (where assets are sufficient enough) including one spouse retaining their full pension while the other spouse retaining full rights to the matrimonial home.
Contact Toronto Family Lawyer Mark Feigenbaum for Guidance and Advice on Pensions After Divorce
Mark Feigenbaum brings many years of litigation, corporate law, tax law, estate law, and accounting experience to family law disputes, including disputes over property division and pension division. Mark’s goal is to help clients move forward following a breakdown in marriage while retaining as much financial stability as possible. Contact Mark to book a consultation and fully understand your pension entitlement and pension transfer options: online, or at (905) 695-1269 or toll-free at (877) 275-4792.