Toronto Divorce Lawyer Advising High-Net-Worth Individuals on Spousal Support
When a couple separates, the higher-income partner or spouse is generally obligated to support the lower-income partner or spouse. This is known as spousal support and is intended to balance the financial impact of the separation and ensure a fair outcome for both parties.
In a separation or divorce, the entitlement to spousal support and the amount to be paid can be points of significant contention. This is particularly the case where one or both spouses own a business, have a high net worth, own significant real estate, or otherwise have substantial assets.
Feigenbaum Consulting understands the complexities of spousal support and helps high-net-worth individuals and business owners meet their legal obligations while minimizing the financial impact as they move forward. The firm’s dual experience in law and accounting enables it to offer unparalleled, comprehensive advice in even the most complicated spousal support disputes.
Spousal Support in Ontario
Spousal support obligations attach to both common-law and married spouses. However, spousal support is not automatic. Former spouses must either agree to a spousal support entitlement or there must be a finding of eligibility.
A court will consider several factors in determining whether a spouse is entitled to spousal support, including:
- The financial means and needs of each spouse;
- The length of the relationship (marriage or common-law relationship);
- The role each spouse took during the relationship;
- The effect of a spouse’s role in the relationship on that spouses’ financial position;
- The effect of the breakdown of the relationship on a spouse’s financial position;
- The care of children (if any); and
- Any agreements, arrangements, or orders previously made about spousal support.
Spousal Support for High-Net-Worth Spouses
Spousal support decisions are made using the Spousal Support Advisory Guidelines (the Guidelines). The Guidelines are not mandatory, but family courts will refer to them when making determinations about support.
The Guidelines provide a range of spousal support amounts based on factors, including:
- The length of the relationship;
- The income levels of each spouse;
- The role each spouse took during the relationship (i.e. whether earning income, raising the family, maintaining the home, etc.);
- The age of each spouse; and
- The number and age of the couple’s children.
Where the income of the spouse paying spousal support (i.e. the payor spouse) is above $350,000, different spousal support considerations apply. The Spousal Support Advisory Guidelines cease to apply above that level of income and factors such as the length of the marriage do not apply in the same way. Spousal support can increase above the Guidelines and will depend on a court’s considerations of the factors relevant to that relationship.
Multi-Disciplinary Spousal Support Advice & Representation
Led by Mark Feigenbaum, Feigenbaum Consulting brings together many years of litigation, corporate law, estate law, tax law, and accounting experience and applies this multi-faceted approach to family law disputes.
Prior to forming Feigenbaum Consulting, Mark worked in the cross-border tax department of an international Big 4 firm, and accounting management positions in a range of sectors in both Canada and the US. He combines this tax and business knowledge with his experience advising clients on family law matters to provide thorough advice and exceptional risk management.
Feigenbaum Consulting aims to help clients move forward after the breakdown of a relationship while retaining as much financial stability as possible.
Contact Feigenbaum Consulting for Trusted, Comprehensive Representation in Spousal Support Matters
Personalized service is the hallmark of Feigenbaum Consulting‘s approach. The firm provides customized, effective, and discreet legal solutions that deliver results for business owners or high-net-worth individuals involved in spousal support disputes.
Feigenbaum Consulting is located just outside of Toronto and proudly serves clients in Canada, US, and across the world. To schedule a consultation on your family law matter, contact the firm online or call (905) 695-1269, or toll-free at ( 877) 275-4792.