Toronto Family Lawyer Advising Business Owners and High-Net Worth Individuals on Separation
Once a relationship ends, separation is the first step down the path towards divorce. Separating or separated couples must deal with this confusing time in their lives and must also address and make decisions on various financial matters that will have a significant impact on their lives going forward, including division of property, spousal support, child support, and pension division. These major decisions will have serious monetary implications and will impact the former spouses for a significant period of time.
If you are contemplating a separation, it is important to consult with an experienced family lawyer who has extensive business and tax experience as soon as possible, particularly if you own a business, have a high-net worth, or have other significant assets, including significant cross-border assets. Advice from such a professional can help ensure that you are meeting all of your legal obligations to your former spouse or partner while minimizing your financial risk.
Separation versus Divorce: What You Need to Know
Separation is the first step in eventually obtaining a divorce. A separated couple remains legally married but live “separate and apart” from each other. This usually involves at least one of the spouses moving out of the matrimonial home.
A divorce will not automatically occur after some designated period of a couple being separated. In fact, a couple can remain separated indefinitely and never apply for divorce. A divorce is, however, necessary if one or both of the former spouses wishes to re-marry. In order to obtain a divorce, you must first be legally separated for at least 12 months. Once you obtain a divorce your legal status changes to single and you can marry again.
How Can Mark Feigenbaum Help
Mark Feigenbaum and his team are here to make your separation as stress-free as possible. We will explain your options, help you make decisions, protect your legal rights, and address potential risks early in the process.
We bring together many years of litigation, corporate law, tax law, and accounting experience and apply this multi-faceted experience to family law disputes. Our ultimate goal is to help you retain as much financial stability as possible while helping you move forward following the breakdown of a relationship.
Separation for Business Owners: Things to Keep in Mind
If you are a business owner or entrepreneur and are thinking of separating from your spouse, there are several significant financial and division of property issues that you will have to proactively address.
Following the breakdown of a marriage, division of a business property is much different than the division of the other significant assets you may own, including real estate (your home, vacation property or cottage) as well as other major possessions (pensions, investments, or similar). Property division should be considered at the separation stage prior to finalizing a divorce, and will require guidance and advice from a family lawyer with specific experience advising business owners.
Contact A Knowledgeable Toronto Divorce Lawyer for Advice on Separation
If you own a business or have a high-net worth, and are involved in a family law dispute, it is imperative to consult with a family lawyer who understands the specific legal and financial risks that you face. Mark Feigenbaum is uniquely suited to provide legal guidance and strategic advice in precisely these situations. Contact Mark online or call him at (905) 695-1269 or toll-free at (877) 275-4792 to book a consultation.