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Financial Planning For Canadian Business Owners
Family Law & Business Owners with Heather Hansen | E023
In this episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, and writer, talks with Heather L. Hansen, Lawyer and Partner at Martha McCarthy & Company. Heather L. Hansen talks about family law and its impact on business owners, the legal ramifications of marriage and separation, and the myths to be aware of surrounding both of those instances.
Episode Highlights:
● 01:05 – Heather L. Hansen explains her background in family law.
● 03:42 – What are the tensions between family law and contract law?
● 06:11 – How does a divorice from a business owner differ from a regular conventional employee?
● 16:08 – What happens when some of that income from the business may not be fully reported?
● 22:27 – Get clear accounting on what your assets are
● 25:30 – Why is the family home different in family law?
● 30:38 – You can enter into a domestic contract that is not in contemplation or during a marriage.
● 37:31 – Heather L. Hansen’s ‘marriage contract mantra’ is to keep them as simple as possible and to do as little as possible in the contract.
● 41:37 – Heather L. Hansen discusses the class of excluded assets under the family law act.
3 Key Points
1. Value doesn’t equal fair market value and value doesn’t necessarily equal
some prior indicator of value.
2. In family law, division of property turns to the value of the business and the
obligation to equalize it.
3. In family law, child support and spousal support are based on income.
Tweetable Quotes:
● “I am a family lawyer. I practice in Ontario. I’m a certified specialist in family law and what that means is that it occupies the totality of my practice. I’ve been practicing for just over 12 years now.” – Heather L. Hansen
● “One of the areas that I’ve developed a specialty in is the intersection of family law and business, and how partially business owners are impacted during a separation process.” – Heather L. Hansen
● “People should consult often and early with family lawyers, particularly within their corporate life, and there are things that we can do. There are strategies and there are approaches we can do. But it is limited.” – Heather L. Hansen
Resources Mentioned:
● Facebook – Jason Pereira’s Facebook
● LinkedIn – Jason Pereira’s LinkedIn
● FintechImpact.co – Website for Fintech Impact
● jasonpereira.ca – Website
● Linkedin – Heather L. Hansen’s Linkedin
● mccarthyco.ca – Website for Martha McCarthy & Company
● Heather@McCarthyCo.ca – Email
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