The subscriber(s) who opened the RESP typically maintain control, but this can be addressed in your separation agreement. Under Canadian law, the subscriber who opened the RESP maintains legal control of the account after separation. [...]
While legally possible, withdrawing RESP funds during separation is rarely advisable as it reduces your child's education fund and may trigger penalties. Although you may technically be able to withdraw your contributions, doing so can [...]
Post-divorce RESP contribution arrangements should be based on each parent's financial capacity and formally documented in your separation agreement. When structuring ongoing RESP contributions after divorce, consider approaches that reflect each parent's financial capacity. Common [...]
If your ex stops contributing to the RESP, review your separation agreement for enforcement options or consider adjusting your approach to education savings. When your ex-spouse stops making agreed-upon RESP contributions, first check your separation [...]
The decision between maintaining one RESP or creating separate accounts depends on your specific situation and ability to cooperate after divorce. Maintaining a single RESP offers advantages like simpler administration, maximized compound growth, coordinated investment [...]
Pre-marriage LIRA value is typically excluded property that can be protected with proper documentation. Yes, here are ways to protect LIRA assets acquired before marriage: Excluded Property: In most Canadian provinces, the value of your [...]
The basic formula is Separation Date Value minus Marriage Date Value equals Matrimonial Portion. Calculating the matrimonial portion of a LIRA follows this fundamental formula: Value at Separation Date - Value at Marriage Date = [...]
Investment losses during marriage are typically shared between spouses just like gains would be. Market fluctuations affect LIRA values and if your account has decreased in value during your marriage, that reduced value is the [...]
Only the portion of your LIRA that accumulated during marriage is typically divided equally. In most Canadian provinces, LIRA assets are divided according to the “matrimonial portion” principle. This means only the growth that occurred [...]
Your LIRA information remains private unless legally required during divorce proceedings. Financial institutions will not release your Locked-In Retirement Account (LIRA) information to your spouse without your consent. But during divorce, full financial disclosure is [...]
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