For high net worth individuals, divorce is not just an emotional separation, but also involves complex issues such as property division and child support. In Toronto, high net worth divorce cases often involve business interests, trusts, offshore assets, etc., making the legal process even more complicated, so it is crucial to seek professional legal advice.
Definition of High Net Worth Divorce.
A high net worth divorce usually means that the couple owns a high net worth (assets minus liabilities), usually in excess of one million Canadian dollars. These assets may include:
  • Company equity and business interests
  • Real estate (including multiple properties, investment properties)
  • Retirement accounts and savings
  • Investment portfolio (stocks, bonds, funds, etc.)
  • Valuables (jewelry, art, collectibles, etc.)
  • Overseas assets
Toronto High Net Worth Divorce Process.
  1. Seeking legal advice.
The first step is to consult with an experienced high net worth divorce lawyer. The lawyer will assess your specific situation and inform you of your legal rights and obligations in Ontario.
  1. Collection of financial information.
Gather all relevant financial documents, such as bank statements, investment statements, company financial statements, property appraisal reports, and so on. This is essential for an accurate assessment of the family’s net worth.
  1. Determination of the mode of divorce.
There are several options available to you for divorce:
  1. Property division.
Ontario has adopted a “net family property” system whereby net assets accumulated during the marriage are divided equally. However, the court may make adjustments based on specific circumstances, such as the length of the marriage, the contributions of the parties, the needs of the children, etc.
  1. Child support.
If the parties have children, the custody, guardianship and visitation rights of the children, as well as the payment of child support, need to be determined.
  1. Spousal support.
In some cases, one party may be required to pay spousal support to the other.
Advice to Toronto’s High Net Worth Individuals.
  • Seek Legal Advice Early: Consulting with an attorney can help you understand your rights and develop the best strategy before beginning divorce proceedings.
  • Hire an Experienced High Net Worth Divorce Attorney: It is critical to choose an attorney who is experienced in handling high net worth divorce cases.
  • Full financial disclosure: Disclose all financial information honestly and transparently to avoid penalties for concealing assets.
  • Consider Tax Implications: The division of property may have tax consequences, so it is important to consult a tax advisor.
  • Prioritize the interests of the children: In dealing with child support issues, the best interests of the children should always be considered.
  • Active Participation in Settlement Negotiations: Active participation in settlement negotiations can save time and money and minimize the impact on families.
JZW Law has a team of experienced high net worth divorce lawyers, fluent in both English and Chinese, dedicated to providing professional legal services to high net worth individuals in Toronto. We offer a free initial consultation and welcome you to contact us for more information or to schedule a consultation.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. If you need legal help, please consult a professional lawyer.