Breaking up? New rules now in effect
December 21, 2011
It's a new year and there are new rules for couples breaking up.
The Family Law Statute Amendment Act contains all of the rules and procedures members need to know if they decide to split their pensions to equalize their assets in a spousal breakdown.
What do we mean by "equalize your assets"?
In family law cases, an equalization payment is made from one spouse to the other to ensure that both parties receive an equal share of the net family property they accumulated during the spousal period.
Helping you navigate
The pension division process and options available differ depending on whether you're separating before or after you've retired. To help you and your family lawyers navigate the application process, we have created a step-by-step guide, complete with the Financial Services Commission of Ontario's mandatory, corresponding standardized forms, for both our working members and pensioners. Be sure to carefully read our instructions and Q&As, which accompany each of the forms.
Contact us if your marital status changes. Let us know on iAccess Web, our secure member website. If you're not registered, or if you've applied for your pension or are already in receipt of a Teachers' pension, contact us.