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Legal Ease
Legal Ease, Lawyer
Category: Canada Family Law
Satisfied Customers: 95935
Experience:  I am a practicing lawyer and have also been an online professional for 5 years.
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At the time of divorce we split 50-50 all assets. I kept the

Customer Question

At the time of divorce we split 50-50 all assets. I kept the pension plan she opted for the house.
I was terminated at 64 from my job. My revenues dropped from 600K to 125 K which is my pension. Remove 25% of the pension since it was divided at the time of the divorce. my spouse worked most of the time when married but never earn more than 10 k a year except for 1 year when she earn 42K. When we divorced she owned a business but did not earn a lot of money. I have increased my assets materially since the divorce and now 3 million. She has increased her assets from 350K to 800K. I expect to earn about 60K from my liquid assets. How do my assets impact the decision to reduce my alimony which is 107 K a year? What are the chance I could reduce my alimony in this situation. At the time of the divorce I was earning 500K and paid an alimony to give her 65K net. The amount was indexed every year. We could not modify the alimony idf inocmes increased.
Submitted: 7 months ago.
Category: Canada Family Law
Expert:  Legal Ease replied 7 months ago.

Assets do not figure into support. You are not expected to use your assets for support purposes at all.

In most separation agreements there is a provision that sets out what would be a material change of circumstance for variation of support purposes. If you could vary support for any material change aside from an increase in income then you have the right to seek to vary the support and reduce it as your income has dropped significantly which is most assuredly a material change of circumstance.

Does that answer your question?

Customer: replied 7 months ago.
Are you sure they do not assume in Canafa that you should start using your liquid assets when you retire and assume this is part of your income?
Expert:  Legal Ease replied 7 months ago.

I am a family lawyer in Canada and you are not supposed to use your assets for support purposes. They are not part of your income.

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