LOOKING FOR A CONSULTATION REGARDING PENSION DIVISION IN NANAIMO AND VANCOUVER ISLAND?
A pension is family property pursuant to the B.C. Family Law Act (the FLA) . Often, this asset is the most valuable a spouse owns. Our FLA sets out the rules as to what pension benefits are divisible when a relationship or marriage breaks down. In some cases, the division of a pension is governed by federal law. The first issue is to determine what law applies to your pension.
There are rules set out in our provincial and federal laws as to what pension benefits are divisible when a marriage breaks down. We provide that information to you and guide you through the processes that are available to effect division of pension benefits.
Canada Pension Plan earning credits are also divisible when a relationship or marriage breaks down, and you will be advised as to how this division can be accomplished.
Valuation of the Pension
The calculation of a pension value is often more than the past contributions to the plan. Furthermore the value is not static, in that the value changes depending on future years of contribution , the type of pension, defined benefit or defined contribution, and also whether the pension is indexed or not.
Dividing pension benefits can be complicated. Don't agree about dividing anything until you know what type of plan you or your spouse has and you've had legal advice. The plan administrator is the best person to ask about the plan. Park Place Law is experienced with pension splitting.
The retention by one spouse of his or her own pension is an outcome that is sometimes reached in the negotiation of a separation agreement or in mediation, but if the value of this asset is high, depending on the type of pension and the duration of the spousal relationship, this is not a common outcome. This option will be explored with you.
We have extensive experience in dealing with a wide variety of pensions and will assist you in navigating this complex issue.