Parenting & Family

Simple questions about Divorce - Division of assets and Alimony payments

  • Last Updated:
  • Nov 16th, 2019 11:14 am
[OP]
Member
Mar 6, 2010
415 posts
146 upvotes
Brampton

Simple questions about Divorce - Division of assets and Alimony payments

I am just trying to educate myself so this is all hypothetical. Also I am not sure which forum is best for it so please move this thread elsewhere if it does not belong here.
Lets say I have been married for 25 years during which I have consistently made over $60K/year. My wife has worked few years and made $25K for 15 years being a min wage earner. We have a child who is 14 years old.
We decide to divorce.
Does it mean that
1. Whatever bank balance (money, stocks) assets (house, car) we have at point of divorce will be divided 50 -50 or will I lose more in case child decides to stay with Mom?
2. Will I have to pay alimony because wife is unable to find work or some similar excuse....lets say to take of child till he/she is 18?
3. How does child support work...how much will I have to shell out till the child is 19?
Again, this is all hypothetical. I am just trying to educate myself on true cost of love - LOL
2 replies
Deal Guru
User avatar
Oct 5, 2008
13061 posts
7132 upvotes
Toronto
my understanding is that it would be a 50/50 split of assets, you would have to pay alimony as you make a lot more $ than your wife, yes you would pay child support until at least 19 or until they are no longer a student.

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