What happens to my pension when I separate?
Marc J. Coderre is an Orleans based family law (divorce) lawyer.
In Ontario, a pension is an asset. In the end, the value of a pension is considered in the division/equalization of the net family properties.
The pension has a value and the Family Law Act has established a clear method to properly value pensions. The pension is usually valued by a qualified actuary to determine what is referred to as the “the Family Law Value”.
This is a complex issue in Family Law. There are various methods of dealing with the division of pensions. In many instances, the pension is divided, if the pension legislation allows for that specific pension, at source meaning that the non-titled spouse will receive some form of lump-sum to be paid into a qualified, locked in investment.
To properly deal with a pension, the party requires the services of a lawyer and an actuary.
You can contact Marc J. Coderre, family and divorce lawyer based in Orleans and Beacon Hill, for advice on pensions and other assets.