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Wealth Management Essentials > Chapter 6 > Flashcards

Chapter 6 Flashcards

1
Q

Divorce among aging Canadians is known as

A

a Grey Divorce

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2
Q

Unmarried spouses in Ontario are not entitled to seek an equalization of

A

Net Family Property

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3
Q

A “breakdown” of the marriage is established if spouses have lived separate and apart for at least _____ year(s)

A

one year

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4
Q

An application for divorce may be issued __________upon separation; however, the court will not grant the divorce until the spouses have been separated for ____ year; except in rare cases, when a finding of adultery or cruelty has been made.

A

immediately

one

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5
Q

Based on section 9(1) of the Divorce Act, every lawyer acting on behalf of a spouse in a divorce proceeding has the responsibility to discuss the possibility of ____________

A

reconciliation

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6
Q

The responsibility of a divorce lawyer to discuss reconciliation includes two main duties:

A
  1. Draw the client’s attention to provisions of the Act, which encourage spousal reconciliation.
    2.Inform the client of marriage counselling services that are available.
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7
Q

Do both spouses have to agree on the divorce?

A

No, the decision of one spouse to end the marriage is sufficient to effect the separation and commence the divorce process.

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8
Q

A spouse may issue an application for divorce at any time after the breakdown of a marriage, provided that he or she has resided in the province or territory for at least ______ year(s) by the time the claim is issued.

A

one year

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9
Q

What is indexing of spousal support?

A

It is spousal support that increases annually in accordance with the Consumer Price Index

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10
Q

In Ontario, the final divorce judgment is called the…

The divorce itself takes effect on the ____ day after
the day on which the divorce order is granted

A

divorce order.

31st day

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11
Q

This right, called the court’s _______ _______ jurisdiction, allows the court to intervene to protect the rights of a child.

A

Parens Patriae

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12
Q

__________ typically refers to the rights and responsibilities of a parent to make major decisions about a child; it is not synonymous with parenting time

A

Custody

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13
Q

Instead of using the word Custody, courts and parents have begun using the term

A

Parenting Plans

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14
Q

In a _____ ________ situation, the custodial parent makes the decisions regarding the child, but the non-custodial parent retains the right to make inquiries and to be given information as to health, education, and welfare of the child.

A

sole custody

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15
Q

refers to a parenting arrangement in which the parties share major decision-making relating
to the child.

A

Joint custody

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16
Q

The term “joint custody” does not necessarily refer to a shared

A

residency schedule

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17
Q

______ ________ is the term generally applied to parenting schedules that meet a certain threshold under section 9 of the Child Support Guidelines; namely, that each parent has the child in his or her care at least ___% of the time

A

Shared Parenting

40%

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18
Q

The Divorce Act stipulates that a child should have as much contact with each parent as is consistent with the best interests of the child. This provision is commonly referred to as the

A

Maximum Contact Principle

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19
Q

In Ontario, who could be appointed by court order to provide a social work investigation regarding the needs of younger children, or act as a counsel for older children?

A

Office of the Children’s Lawyer (OCL)

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20
Q

Even when court-ordered, who has the right to decline involvement?

A

Office of the Children’s Lawyer (OCL)

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21
Q

the reports of the assessor or OCL are _________ ______ and remain subject to scrutiny

A

evidence only

22
Q

Domestic contracts are addressed in what Act in Ontario?

A

Family Law Act

23
Q

This allows the parties to define their rights and obligations, opt out of some legislative provisions, and regulate their own financial arrangements.

A

Domestic contracts

24
Q

The 3 most common domestic contracts under Ontario law are:

A

Cohabitation Agreements

Marriage Contracts

Separation Agreements

25
Q

It is important to have what during domestic contract negotiations, or the contract may be found to be invalid, particularly if one party is alleged to have greater bargaining power.

A

Legal Advice

26
Q

a final and irrevocable waiver of the right to claim support from the other spouse. It cannot be court-ordered and can only be contracted between the spouses.

A

Spousal Support Release

27
Q

This type of domestic contract often deals with ownership in or division of property and spousal support obligations. It cannot cannot contract about child custody, access, or support.

A

Cohabitation Agreements

28
Q

If the parties to a cohabitation agreement marry each other, the agreement becomes a __________ contract

A

Marriage Contract

29
Q

In order to enter into a __________ agreement, you cannot be married.

A

Cohabitation

30
Q

All parties to a ___________ ___________or ________ ________ must have legal advice in order to gain a sound understanding of their rights now and in the future.

A

Cohabitation Agreement or Marriage Contract

31
Q

Some prospective spouses may already be beneficiaries of family trusts, they or may be anticipating substantial gifts and future inheritances. Under the Family Law Act, spouses may seek a simpler property regime, in which each spouse retains ownership of his or her own property upon a relationship breakdown. This type of arrangement is sometimes known as a

A

Separate Regime of Property

32
Q

This type of domestic contract usually resolves all issues arising from a relationship breakdown.

A

Separation Agreement

33
Q

Name a few of the matters that a Separation Agreement could address:

A

• Custody and access
• Child support
• Spousal support
• Health benefits
• Security for support
• Equalization of net family property
• Sale, division, or transfer of jointly owned property
• Mutual releases, including property, support, and estate releases
• General contract provisions, including provisions for amendments, severability, and jurisdiction

34
Q

The Family Law Act provides that domestic contracts remain subject to…

As required by the Child Support Guidelines.

A

the best interests of a child

35
Q

Sometimes referred to as unfair advantage. It is an inequitable transaction that shocks the conscience of a court.

A

Unconscionable Bargin

36
Q

What is the resolution of family law disputes through means other than traditional litigation?

A

Alternative Dispute Resolution (ADR)

37
Q

Alternative dispute resolution may include

A

negotiation, collaborative family law, mediation, or combined mediation and arbitration

38
Q

What is the purpose and benefits of Alternative Dispute Resolution?

A

Most ADR mechanisms are meant to help clients achieve resolution in a more cost-effective and co-operative manner.

39
Q

When a couple has decided to separate, you cannot remarry unless you have obtained this certain document.

A

Divorce Order

40
Q

A _________ contract cannot address the right to child custody, access, or support

A

Marriage

41
Q

A spouse who is obligated to pay child or spousal support is usually required to maintain security for these support payments in the form of

A

Life Insurance

42
Q

Under the Family Law Act, when spouses separate or one dies, either spouse has the right to seek an equalization of

A

net family property

43
Q

The party with the greater net family property owes the spouse with the lesser net family property….

A

half of the difference between the two values

44
Q

This is the value of all of the property a spouse owns on the valuation date, less certain deductions and exclusions.

A

Net Family Property

45
Q

When is the valuation date when calculating Net Family Property? This is the date all assets and debts are crystallized for calculating net family property.

A

The date of separation

46
Q

Two types of assets are excluded from net family property:

A

• Property other than a matrimonial home that was acquired by a spouse by gift or inheritance from a third
person after the date of the marriage
• Property that the spouses have agreed by a domestic contract is not to be included in the spouse’s net family property

47
Q

What is considered to be a date of marriage deduction?

A

the value of all assets owned, less all debts owed, on
the date of marriage (net worth at the date of marriage)

48
Q

Clients should also understand the non-deductible and non-taxable nature of ______ ________payments, in contrast to _______ ________, which will be taxable in the hands of the ________ and be deductible by the _______ if paid on a periodic basis pursuant to a valid separation agreement or court order.

A

child support

spousal support

recipient

payor

49
Q

Arrangements made by parents for the care of their children after separation or divorce. They matters such as where the children will live and go to school, as well as their religious education, medical care, and after-school activities.

A

parenting arrangements

50
Q

What is one major issue divorces can create for advisors?

A

Conflicts of Interest

51
Q

A separation agreement is a contract between which type of couple?

A

A married couple

52
Q

On which grounds may a domestic contract be set aside or rendered unenforceable?

A

Fraud and Duress

Wealth Management Essentials (24 decks)

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