Ending a spousal relationship
February 16, 2017
Check out our Ending a Spousal Relationship – myOTPP 101 Pinterest board for more information, including a Facebook Live Q&A
While you have to include your pension in the valuation of your family assets, you don’t have to include it in your separation agreement in order to equalize your and your ex-spouse’s property to determine your support obligations.
Q: How will a separation affect my pension?
A: We’ll calculate the value of your pension you accumulated while you and your ex-spouse were together. We’ll report this value to you and your ex-spouse as a lump sum, known as the Family Law Value (FLV). You and your ex-spouse can negotiate if and how this lump sum is used to equalize your obligations to one another.
Q: How much will my ex be entitled to?
A: If you choose to use your pension to equalize your property, your ex-spouse is entitled to a maximum of 50% of the value of your pension accrued during your spousal period, regardless of how long you were married. You’ll see this reflected as an FLV reduction on your future Statement of Pension Benefits.
Q: Can I just sign in to my Ontario Teachers’ account and see the value of my pension?
A: No, those figures are based on your entire career. Your FLV is the value of your pension during a specific time frame, the start and end of your spousal relationship.
Q: How do I get my FLV?
A: You have to fill out three forms (available here). They can be complicated and a bit overwhelming so we’d like to work with you to fill them out to ensure they’re complete and accurate. If you submit them and we find an error or if there is missing information, we have to start from square one again. Once we have completed and accurate forms, we’re required to provide your FLV within 60 days. Let us know if you have a court or important meeting date. We’ll work with you to meet your deadlines.
Q: How much does this cost?
A: There is no charge to have us work with you to complete the forms, or for us to provide your FLV.