Wolfson v. Wolfson

Wolfson v. Wolfson

Court found the corporate real property equity to be $15,486,419 and after limited allowable disposition deductions (legal fees $35,025; marketing/commission & HST reduced to $542,732; capital gains notional discount set at $1,000,000) fixed the value of the husband’s shares at $13,908,662; 50% of that value ($6,954,331) was classified as matrimonial; wife’s s.18 claim denied as she had been partially compensated by dividends but wife proved s.13 unequal-division factors warranting an additional $1,000,000 to her; equalization and orders follow (equalization payment required of $4,548,134); court held it has jurisdiction to adjust for CCA claimed by companies when determining payor income...

Citation
2021 NSSC 260
Parties
Petitioner: Louis Wolfson; Respondent: Jennifer Wolfson
Court
Supreme Court of Nova Scotia
Jurisdiction
Canada
Judgment Date
3 September 2021
Procedural Posture
Family Law Matrimonial Property and Support / Trial Decision (judgment)
Outcome
Judgment granting divorce and detailed property division and support orders in favour of the wife as described; monetary transfers and support orders made
Legal Topics
Classification of Business Assets, Valuation of Corporate Shares, Disposition Costs and Capital Gains, Section 18 MPA Claims, Unequal Division Under S.13 MPA, Imputation of Income and Corporate Attribution, Capital Cost Allowance (cca) Adjustment, Child Support in Shared Parenting (s.9), Spousal Support Quantum and Duration
Source Language
English
Family Law Matrimonial Property Child Support Spousal Support Corporate Law Tax Law Classification of Business Assets Valuation of Corporate Shares +7 more

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Parties

Louis Wolfson

Petitioner

Jennifer Wolfson

Respondent

Procedural Posture

Family Law Matrimonial Property and Support / Trial Decision (judgment)

Legal Issues

  1. 1 Value of husband’s corporate shares after disposition costs
  2. 2 Characterization of corporate shares as business or matrimonial assets
  3. 3 Appropriate deductions for disposition costs (commissions, legal fees, capital gains)

Ratio Decidendi

Court found the corporate real property equity to be $15,486,419 and after limited allowable disposition deductions (legal fees $35,025; marketing/commission & HST reduced to $542,732; capital gains notional discount set at $1,000,000) fixed the value of the husband’s shares at $13,908,662; 50% of that value ($6,954,331) was classified as matrimonial; wife’s s.18 claim denied as she had been partially compensated by dividends but wife proved s.13 unequal-division factors warranting an additional $1,000,000 to her; equalization and orders follow (equalization payment required of $4,548,134); court held it has jurisdiction to adjust for CCA claimed by companies when determining payor income...

Court Disposition

Judgment granting divorce and detailed property division and support orders in favour of the wife as described; monetary transfers and support orders made

Orders

  • Divorce granted.
  • Value of husband’s shares fixed at $13,908,662.