Collaborative Divorce Archives | Collaborative Divorce in Alberta

Collaborative Divorce

02/05/20

Navigating the Financial Aspects of a Collaborative Divorce when a Business is Owned

Author: Crystal Hawryluk, CPA, CGA, CBV, CFE Some divorcing couples may have limited assets to be divided such as a house and RRSP’s and perhaps some liabilities such as a mortgage and credit card debt. Divorces such as these can often be quite straightforward from a division of matrimonial property standpoint. However, in more complex situations like this, you may require the assistance of a Financial Neutral (i.e. a financial expert that has also been collaboratively trained) to help you navigate the additional complexities that arise from owning a business. Specifically, how do you determine what the shares of your business are worth? In this situation, we are talking about shares that do not trade on a public stock exchange, and instead the shares are owned in a private company. A Financial Neutral who is also a Chartered Business Valuator (“CBV”) can likely assist in this area. A CBV is a designated professional who has undergone training specific to determining the fair market value of the shares of privately held companies. There are several different methodologies that can be used when valuing businesses and the CBV will need to determine the appropriate methodology that is to be applied. As a...

06/25/19

Posted by:
Deanna Koebernick B.Sc.Ag, LLB., Q.Med

Podcast: An in-depth discussion about Collaborative Practice

In early June 2019, I had the pleasure of joining Catherine Potter on her podcast, “You – The Universe, The Holistic Mind”, to discuss the concepts of Collaborative Practice. We discussed the basic principles of Collaborative Practice, how it is beneficial and what it offers couples that are working through a divorce with a team of Professionals consisting of divorce lawyers, financial professionals and mental health professionals & coaches. Click play to enjoy the 1-hour podcast interview below.

06/08/19

Posted by:
Holly Brady CFP, CDFA

Are you a divorce “DIYer”?

When it comes to taking care of your finances, are you a Do-It-Yourself-er? Do you like to buy/sell your own investments, search for the lowest insurance rates, complete your own tax return? There are many people who feel they can save money by overseeing their own finances. And if they are considering a divorce or separation, they may feel they can handle that on their own, too. There are rules and laws in place when it come to dividing marital property in Alberta. Trying to figure this out is not something you should do on your own. You will need...

05/15/19

Posted by:
Tyler Fric S.L.

Three Ways to Keep Your Divorce Out of Court

Divorces in Alberta often end in court applications and trials. Contrary to popular belief, there are alternatives out there. Unfortunately, in other jurisdictions different terms are used so there is a lot of confusion about processes that are available in Alberta. Below I will define three processes for you because these are often confused or misunderstood by the clients I see. The only step of the divorce process where a court is actually required is the signing of the divorce judgment and divorce certificate. This is a simple matter that can be taken care of at the end of any...

12/17/18

Posted by:
Sandy Miller MA, CPCC, PCC, CDC

Finding your best self in moving forward from a divorce or separation

Dorothy, in the movie “The Wonderful Wizard of Oz,” befriends three new companions on her journey to the Emerald City. To her dismay, she found that each new friend lacked the qualities needed to continue through the hardships and complete the excursion. Likewise, on this journey of divorce, and our quest to move forward through the pain, hurt, and grief; we must also embrace the deepest and best parts of ourselves. We need to find our courage, use our brains, and have a heart of compassion if we want to heal and transition well. As you know, on this painful...

12/06/18

Posted by:
Agnes Leung CPA, CA, CBV

How Alberta Business Owners Calculate Child Support

Divorce can be a complicated and confusing process. Between the lawyers, the paperwork, the financial strain, tracking household information, and the potential emotional distress and strain, spousal separation can be very difficult indeed. When your children or family business are entangled in the divorce proceedings, this is doubly true. If you own a business and have to calculate child support, you may be confused as to how this should be done. Below, we will outline how child support is calculated for Alberta business owners. How is Child Support Calculated and What Are the Rules? The Federal and Alberta Child Support Guidelines...

11/27/18

Posted by:
Sandy Miller MA, CPCC, PCC, CDC

How to overcome the overwhelming feelings of divorce

If you’re as old as I am, you can remember well the 1991 movie, ‘What about Bob?’ Psychologist Leo Marvin, played by Richard Dreyfuss, gave the perfect advice to client Bob, played by Bill Murray. “Baby steps!” The same can be said with divorce. If we look at the big picture and see the mountain before us, one can get stuck in “the overwhelm.” Similar to the old joke, “How do you eat an elephant? One bite at a time!” If we’re going to scale the mountain, it’s best we spend time at base camp gathering our supplies and preparing...

11/20/18

Posted by:
Krista Lindstrom AMP

Separation & Divorce Can Be Tricky for Your Finances

There’s nothing enjoyable about a separation/divorce, regardless of who initiated the action. But life happens, and people need to move on. I began specializing my mortgage brokering business on servicing the needs of those going through separation/divorce after personally having to navigate the processes alone. It was a very humbling experience having to ask my parents to co-sign my mortgage in my 30’s. That was my driver to find another way, so nobody else had to go thru what I did. I help homeowners split their marital home and educate my clients so they can create financial independence and own...

11/12/18

Posted by:
Sandy Miller MA, CPCC, PCC, CDC

Why hire a divorce coach for your divorce?

Like happiness, a divorce coach is different things to different people. There is no ONE SIZE FITS ALL approach. The beauty of partnering with a divorce coach is that they can take on a variety of roles depending upon where you are in the separation process, and what is needed at the time. First, a divorce coach is like a concierge; the go-to-person when you first realize you are about to embark upon the biggest change of your life. During your initial consultation, a divorce coach listens genuinely to your story and tries to unpackage where you are in the...

11/05/18

Posted by:
James Samaroden R.A.

Promptly exchanging all financial disclosure is key to a quick resolution

If your goal is to avoid court and come to a quick resolution about the division of the matrimonial property between you and your spouse, then it is important to know that you and your spouse must exchange a list of all your assets and debts, as well as any supporting documentation that either one of you would like to see. Under the Matrimonial Property Act (“MPA”) of Alberta you and your spouse can divide your property in any manner you agree, provided that: You understand the agreement that you have reached; and You follow the formal requirement of the...

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