Hi, Im currently going through a bit of a messy divorce and…

Hi Debra,

Thanks for your reply. Details are as follows.

We were married for 10 years.

The GIC I mentioned had a face value of $300,000. I believe that was the amount of the original investment and I think that GIC must be at least 20 years old by now.

Her other investments total: $74000

My investmests total: $50000

House appraised at $390,000

Mortgage still owing: $30000

Other debt: line of credit: $45000

Also, I have another question with regards XXXXX XXXXX for spousal support. If I need to post it to the site, please let me know.

Thanks!

Vince

Thanks very much for your reply Debra. You have certainly answered my question.

Please let me provide you with some history before I ask my questions regarding her claim for spousal support...

We met in Jan/96 and were married in Feb/99. We were married for 10 years. The date of our separation was last March. We have no kids. My yearly income is approx $87000 while her's is $25000.

Looking at the disparity in our incomes, it's obvious why she could and is claiming for support. However there are other factors I believe should be considered as to why she should not be awarded this and also why I suspect that I will need to take her to court to have a judge decide what is an appropriate and fair settlement.

When we met 13 years ago, I agreed at that time that she could quit her mediocre job in order to pursue her dream of working as a financial advisor/planner with Primerica Financial Services where she could make her fortune. Basically this is her own business and with the proper self-motivation and hard work, she could realistically increase her income to well over $100,000/yr within 5 years. This goal was definitely obtainable since others in her office had achieved this very same result in even less time. Regardless, I was making a reasonable income and this seemed to make her happy so it seemed to be a good idea at the time.

However, in order to pursue this dream, she needed to study for and pass exams for both her life insurance and mutual fund licenses. Unfortunately this took the better part of 10 years... actually it was more like 11 or 12 years... but she did it... and during this time, her income was usually less than a paltry $5000/yr. Hmm... not really the result I was promised or expected. Finally about 3 years ago, in response to my gentle prompting, she finally got a part-time job working in the kitchen at a local hospital while still staying active with PFS. Ironically her $25,000/yr income that she is claiming is almost entirely if not all from this second job and not from PFS.

I should mention that although there were no indiscretions made by either of us, things had just turned very sour between us over the years. In fact in retrospect, there were a lot of things that were bad right from the very beginning. Anyways, it all came to head last March when I left.

In the hope of ending our relationship peacefully and amicably, I chose to assist her financially in the interim by paying all the household bills including the mortgage under the assumption that she would agree to and sign the rather generous separation agreement within a reasonable timeframe. In addition to this I also gave her funds to cover her own legal fees and I stated in the agreement that I would have no interest at all in her investments. My offer was to buy her half of the house for $200,000 free and clear of any debt... I would take care of the balance owing on the mortgage and the line of credit. I figured that this way she would have the funds right up front to buy a nice condo outright or whatever she chose to do and I could move back in, get the renos done, sell the house and finally move on. Seemed to me like I was offering her a great deal but unfortunately all of that kind of backfired on me. I guess she figured that this was a pretty good thing she had going... she got to stay in the house while all the bills were paid for her... sweet! So she decided to stall the proceedings for as long as possible. In fact in the fall, her lawyer refused to talk to my lawyer at all for 2-1/2 months... nothing! I finally had to have her served. Now her lawyer is talking and things seem to be progressing, albeit very slowly. Also, I've decided that this is the last month I will be paying the bills, with the exception of the mortgage. I have no choice with that, the bank wants their money and she has absolutely refused to help at all while at the same time she is still living in our house. What puzzles me is that while I've been paying all the bills including my own rent, she's managed to amass over $24,000 in savings in about a year... How is this possible when she claims she only makes $25,000/yr and she still has to pay her car loan, car insurance, gas, food, etc? hmm... perhaps she isn't claiming her income from PFS. In fact, the statement of claim only shows that she works at Capitol Health. Why is that? Probably because when last I heard it's illegal to work a second job while holding a valid life insurance license. It is legal in the U.S. but not in Canada... yet... last I heard. I may post that question to the site unless you know if this is still the case? I'm sure the reason she hasn't disclosed her income from PFS is for fear that she will get caught.

Well, I apologize for the length of this reply. This was suppose to be the SHORT version. ha. But I guess the main point I'm trying to make is that we had an agreement, I supported her while she furthered her education and she definitely does have the education and opportunity to make a VERY good living for herself IF she wanted to... but she has CHOSEN not to and because of that, it appears that I will be penalized even further because of it. Just doesn't seem very fair to me since she has clearly demonstrated that she is able to work considering she is holding down 2 jobs.

Currently we are waiting for them to forward their settlement offer to us.

In light of the above, how do you think a judge would view all this?

Is she required to disclose the existence of the $300,000 GIC?

Do you know if it is still unlawful to work a second job while holding a life insurance license? and if so, do you know what the consequences are.

Thanks Debra, I appreciate all your help.

Regards,

Vince

Thanks for the quick reply Debra!

Excellent info. Very much appreciated!

Thanks again,

Vince