Some may think that with the couple finally parting, each will have his hard-earned cash all to himself. But a successful divorce doesn't always signify that the former couple may be totally out of each other's hair. Believe it or not, if one spouse is earning more than the other, they still need to support each other financially.
In Canadian divorce law, this is referred to as spousal support (in other parts of the globe, this is known as alimony). While lawyers say men pay spousal support more frequently than women, it doesn't mean spousal support, in its strictest sense, is gender-biased. As the debacle would be on financial resources and investments, a family lawyer in toronto can help affected parties clear things out. Here is a better look into spousal support, including things you have to bear in mind.
How much will I get?
Although some spousal support calculators exist online, lawyers say it's quite challenging to get an estimate. As of this writing, there is no current standard for calculating spousal support in Ontario, along with the rest of Canada. The computation factors in lots of variables such as the standard of living, length of marital relationship, self-sustenance, and so on.
For how many years?
There are 3 answers for this: permanently, on a minimal time, and relying on the details of the review order. Spouses married for a much longer time period may have to give spousal support for the rest of their lives, while those wed for a much shorter time may do the same within a minimal time frame. A review order, on the other hand, assesses spousal support for the next few years or so.
divorce lawyers in toronto say spousal support can be counted as a reduction for the payer, but taxable for the receiver. Ensure to declare spousal support on the right part of the tax form, particularly line 220 for the deductible sum and line 230 for the overall support amount. Overall, the amount that can only be reduced from support payments may be up to a third. Inquire your lawyer about this part of spousal support.
To know spousal support better, you can log on to CanadianDivorceLaws.com. You can additionally see InstituteDFA.com.
Family Lawyer in Toronto on the Topic: Support After Divorce