Toronto Family Lawyer Advising Clients on Pension Division During Separation or Divorce
Following a separation or divorce, former spouses must divide any property acquired over the course of their marriage. This process of property division includes the spouses’ 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.
Feigenbaum Consulting provides comprehensive advice on pension division in family law matters that takes into account all relevant corporate, tax, accounting, and business considerations. Led by Mark Feigenbaum, the firm uses this multi-disciplinary approach to help clients maintain financial stability and take care of their family’s needs in the midst of a separation or divorce.
Pensions and Divorce
Pensions are considered property under Ontario’s Family Law Act and are divided in the same way as other marital assets. As a result, each spouse is automatically entitled to a share of the other spouse’s pension.
The rules surrounding pensions are complex and highly dependent on the nature of each particular pension. Some considerations for pension division include:
- The type of pension, as government pensions (i.e. CPP) are treated differently than employer-sponsored or private pensions.
- How the pension will be valuated, which varies depending on whether it is a defined-benefit plan, a defined contribution plan, or an RRSP.
- Whether the couple was married or in a common-law relationship.
- Any domestic contracts, such as a cohabitation agreement or marriage (prenuptial) contract.
Depending on the size of the couple’s other assets, a spouse may forego their entitlement to a share of the other spouse’s pension in favour of an alternative method of property division. For example, one spouse may retain their entire pension while the other is granted full rights to the matrimonial home.
Contact Feigenbaum Consulting in Toronto for Trusted Advice on Pension Division During Separation or Divorce
Feigenbaum Consulting has extensive knowledge of the complexities of pension law and advises clients on their entitlements and pension transfer options. Mark Feigenbaum and his team provide personalized, strategic solutions to pension division and other property issues in family law matters. The firm eases clients’ concerns during the emotional process of a separation or divorce through unparalleled, responsive, and discreet client service.
Located just north of Toronto, Feigenbaum Consulting proudly serves clients across Canada, the United States, and worldwide. To book a consultation on your family law matter, reach out online or call (905) 695-1269 or toll-free at (877) 275-4792.