Most provinces have set out laws outlining how, upon the dissolution of marriage, the value of the net family property accrued during the union is to be shared equally amongst the spouses. This is done through a process called ‘equalization’ that consists of calculating each spouse’s net family property value and redistributing funds so that both parties have equalized the value of their assets.
The value of accumulated pension entitlements accrued during marriage often represents an important part of a spouse's property. The value of the pension can vary significantly depending on the method and assumptions used.
In Ontario, since January 1, 2012, the value of a pension must be calculated in accordance with section 67.2 of the Ontario Pension Benefits Act (PBA). The plan administrator provides the value of the pension. For plans that are not provincially regulated, the value is calculated by an independent actuary in accordance with the Ontario PBA.
GML provides the valuation required for mediation or court proceedings and assists individuals as well as their lawyers with other financial issues that can arise upon the dissolution of marriage.
GML also provides the following related services:
- assessment of accrued vacation pay and retiring allowances
- calculation of the average tax rate payable after retirement
- review of others’ valuation reports
- assistance in understanding the options available for the split of pension
- assistance in estimating a compensatory allowance
- valuation of lump sum child support payments
- court appearance if testimonial is deemed necessary
- other services as needed