BC Family Lawyer, Lorne MacLean QC with Indefatigable AG of BC Shirley Bond who just brought in BC's New Family Law Act
As highly rated?Kelowna, BC, high net worth and complex family case lawyers with offices also in downtown Vancouver, South Surrey and Fort St John BC, we have seen a distinct trend in rising divorce rates between affluent baby boomers. Our toll free number to provide assistance to those of significant income and net worth is 1-877-602-9900 or click here to set up an appointment as delay may harm your case. ?We handle division of family trusts, large professional practices and companies including analysis of significant tax that would be payable on the sale or transfer of these family assets. We handle numerous high income spousal and child support cases as well. ?Our new family law act contains a radical new property sharing regime which will make valuation of assets at the start of a relationship as critical as their values at the end of the relationship. ?New division of family and other trusts under this act may have unintended and drastic results for unsuspecting separating BC family law clients.
Special factors that Top LawyerRatingz rated Managing Partner Lorne MacLean Q.C. sees that arise with baby boomers are:
- retirement dates,
- assessing a tax free matrimonial home versus a latent tax debt laden company and how to best minimize tax on division of taxable assets,
- the concept of double dipping when company income is used to value the business above its breakup value,
- what date should be used to value a pension,
- what was the value of assets brought by each party into the marriage and will the assets or their gain to be divided be divided globally or individually and how will tax be calculated
- ?amongst other issues what debts and how will they be divided.
- what income should be used for child support and spousal support as they can well be different!
- why you should consider a cohabitation and marriage agreement immediately if you have substantial assets and income and your spouse does not
- why you need concentrated and focused help to obtain a fair marriage agreement
All of these issues require the experience and skill of a top family lawyer at a dedicated firm ( we are BC?s largest with 10 lawyers and 4 offices) which we are after nearly 30 years of practicing in this highly contested and emotional area.
A recent Washington Post article summarizes USA statistics which in our experience hold true as well here in BC:
For the new generation of empty-nesters, divorce is increasingly common. Among people ages 50 and older, the divorce rate has doubled over the past two decades, according to new research by sociologists Susan Brown and I-Fen Lin of Bowling Green State University, whose paper, ?The Gray Divorce Revolution,? Prof. Brown will present at Ohio State University this April. The paper draws on data from the 1990 U.S. Vital Statistics Report and the 2009 American Community Survey, administered by the U.S. Census Bureau, which asked all respondents if they?d divorced in the past 12 months.Though overall national divorce rates have declined since spiking in the 1980s, ?gray divorce? has risen to its highest level on record, according to Prof. Brown. In 1990, only one in 10 people who got divorced was 50 or older; by 2009, the number was roughly one in four. More than 600,000 people ages 50 and older got divorced in 2009What?s more, a 2004 national survey conducted by AARP found that women are the ones initiating most of these breakups. Among divorces by people ages 40-69, women reported seeking the split 66% of the time. And cheating doesn?t appear to be the driving force in gray divorce. The same AARP survey found that 27% of divorc?s cited infidelity as one of their top three reasons for seeking a divorce.
CLICK HERE FOR THE FULL ARTICLE
If you are a baby boomer with significant assets and income who is considering starting or ending a relationship you need to call us toll free across BC and Alberta at 1-877-602-9900.
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