Mississauga Divorce Lawyers Advising High Net Worth Individuals
Most separations and divorces are complicated, both financially and emotionally. Disputes can arise over child support and spousal support, child custody and access, equalization and division of property, and other major issues. These disputes can get contentious quickly and can result in extensive negotiations or even litigation. For high-net-worth individuals, including professionals and business owners, divorce can be even more complicated and can come with greater financial risk.
Ginny Lee, acting in her capacity as of counsel* to Bader Law, has significant experience advising high-net-worth clients on divorce and representing them in any legal proceedings that may arise in the process. She has helped many entrepreneurs, business owners, professionals, and other wealthy individuals protect their interests in various family disputes. She will provide practical, forthright legal representation to get you through the legal process as smoothly and as quickly as possible so that you can move on with a new phase in your life.
Important Considerations for High-Net-Worth Spouses
The amount of child support and spousal support a high-net-worth spouse may be required to pay after a separation or divorce will likely be quite significant. In Ontario, both child support and spousal support are calculated using guidelines created by the government. These guidelines provide a reasonable range for both duration and amount of support that a payor spouse must pay to the recipient spouse. Income will be a major factor in determining the appropriate level of support.
Under the Child Support Guidelines, where a payor spouse’s income is greater than $150,000, a formula allows for an additional amount of support to be paid. This can significantly increase a payor spouse’s obligation.
Under the Spousal Support Guidelines, where a payor spouse’s income exceeds $350,000, support amounts become quite high, subject to the discretion of a judge. A judge will have the ultimate authority over what amount is appropriate based on the particular facts at hand. Having a ready grasp of the case law and the specific factors affecting a client’s case is crucial to a good outcome.
Second Marriages and High-Net-Worth Spouses
Getting re-married following a divorce presents a whole host of legal questions and concerns, particularly for high-net-worth individuals.
Some things that must be considered include:
- Updating wills or estate plans;
- Updating beneficiaries on life insurance policies and pensions;
- Providing for your children from your first marriage; and
- Supporting your ex from your first marriage.
Individuals who are getting re-married should strongly consider obtaining a marriage contract that can address some of these critical issues and protect you as you begin your new relationship.
Valuation and Tracing of Assets
Ginny Lee, of counsel to Bader Law, advises clients on the valuation, division, and equalization of complex assets, including:
- Family trusts;
- Stock options;
- Second homes and investment properties;
- Pensions; and
- Executive compensation.
Bader Law: Protecting High-Net-Worth Clients During Separation and Divorce
At Bader Law in Mississauga, of counsel Ginny Lee regularly advises professionals, business owners, and other high-net-worth individuals on how they can protect their legal and financial interests during and after a divorce while ensuring their obligations and responsibilities towards children and ex-spouses are met. To discuss your matter in confidence, contact Ginny Lee by email or by phone at (647) 767-5421.
*Note that Ginny Lee is an independent practitioner and not an employee of Bader Law.