Banks v. Banks, 2012 ONSC 3963

SUPERIOR COURT OF JUSTICE - ONTARIO

COURT FILE NO.: FS-09-67425-00
DATE: 2012-07-05

RE: Eileen Banks v. Stewart Banks

BEFORE: Madam Justice M.J. Donohue

COUNSEL: Both parties self-represented

HEARD: April 4, 2012

E N D O R S E M E N T

1Mrs. Banks seeks to re-open the trial decision of Justice Ricchetti dated March 17, 2011 with respect to the pension and her spousal support.

2Mr. Banks made an assignment into bankruptcy on May 9, 2011. This results in Mrs. Banks receiving less than her full entitlement to the equalization payment ordered by Justice Ricchetti. I agree that this is a material change in circumstances that justifies revisiting the trial decision. Mr. Banks acknowledges this.

Pension

3At trial, Justice Ricchetti included the value of the pension in the equalization. To redress the losses that Mrs. Banks is suffering from his assignment into bankruptcy, Mr. Banks proposes to transfer a portion of his pension into a locked financial account in her name. He would take the amount for the NFP plus the support arrears plus 2.5% interest ($20,737.00 + $27,761.30 + $1,212.45) totalling $49,710.75 out of his pension.

4I find this a sensible suggestion as otherwise I would require a new evaluation of the pension value and need to recalculate the net family property and equalization payments.

5I order Mr. Banks direct his pension administrator to arrange a transfer of $49,953.25 from Mr. Banks' pension into a locked financial account in the name of Mrs. Banks.

Spousal Support

6At trial, Justice Ricchetti ordered spousal support of $2,250.00 based on an income of $175,000.00. This was at the low end of the guidelines due to Mr. Banks' significant debt load. Now that he made the assignment into bankruptcy, those debts are not an issue. I agree it is appropriate to revisit this issue.

7Mrs. Banks asks that I find his income to be $188,000.00. However, Mr. Banks had evidence that his income in 2011 was only $163,000.00 and that his bonus is not earned for another three years. I am not prepared to set aside Justice Ricchetti's base line income of $175,000.00. Mrs. Banks’ 2011 income was $42,170.00.

8The Spousal Support Guidelines show the middle range is $2,516.00 per month. This is appropriate in all the circumstances.

9As of the date of this order, I order the monthly spousal support to be adjusted to $2,516.00.

Consent Matters

10Mr. Banks agrees to sign over the trailer and boat to Mrs. Banks.