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
[ 1 ] Mrs. Banks seeks to re-open the trial decision of Justice Ricchetti dated March 17, 2011 with respect to the pension and her spousal support.
[ 2 ] Mr. 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
[ 3 ] At 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.
[ 4 ] I 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.
[ 5 ] I 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
[ 6 ] At 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.
[ 7 ] Mrs. 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.
[ 8 ] The Spousal Support Guidelines show the middle range is $2,516.00 per month. This is appropriate in all the circumstances.
[ 9 ] As of the date of this order, I order the monthly spousal support to be adjusted to $2,516.00.
Consent Matters
[ 10 ] Mr. Banks agrees to sign over the trailer and boat to Mrs. Banks.
Justice M.J. Donohue
DATE: July 5, 2012
COURT FILE NO.: FS-09-67425-00
DATE: 2012-07-05
DATE: July 5, 2012