38 — Sunday, March 8, 1992 - North Shore News ocuments I AM presently separated from my husband and live in our home with our two children aged eight and i6. My husband is a partner in a Jarge professional firm and says that his partnership agreement does nol allow him to show me ei- ther the agreement or the financial information of the firm. Nor does it, be says, allow me to have an interest in his parinershbip es 1 would if he was a partner in an ordinary business. He says that ali I gct is one-half the amount he paid to purchase his initial interest in the partner- ship. Is this true, and can the partners of his firm exclude their spouses from viewing any finan- cial documents on marriage breakup? Your husband's firm will be treated no differently than any other business. If it is found that you have contributed directly or indirectly to the purchase or operation of the business, for in- stance by child rearing, you wiil . have a continuing one-half inter- est. up to the time the matter is resolved. . ‘There may, however, be reasons for-your husband getting a greater than one-half share, such as the . fact that the increase in the value -of -his partnership from the. time of separation was caused by him working at his profession. He . must also produce his partnership ’. agreement and any financial in- formation that is relevant. There may be some exceptions : depending on the type of profes- ‘sional firm but these exceptions Affairs HUGH STARK KIRSTIE MACLISE are minimal. As a practical matter the firm’s accountants or a respected member of the firm’s executive may prepare a letter set- ting out the value of the partner's interest. Those letters are often relied upon and save considerable tegal expense. ‘They are a convenience, howev- er, and not an adherence to the law which governs the material that one party mus: show another party. IF he does not produce the information you require then the only way to compel him to show his documents is to scart an action and have him produce ali of his documents pursuant to the Rules of Court. My husband and [ have been married 15 years. [ have always worked as 2 dental assistant and kept my finances separate. My busband is a certified general ac- countant in a two-man firm and has been in that partnership for 16 of ihe years we have been mar- ried. — have always contributed equally to the mortgage pavinents and costs of our heme as | did the original purchese price. In addi- tion I have accumulated a smail portfolio of stocks and bends which now as a result of reasonably favorable market con- ditions totals approximateity $110,000. We have the usual other assets such as fursiture, two cers and travel trailer. Do 1 have io share my stcck portfolic with my husband and do I have to accept his negative in- terest in his accounting practice if ¥ make no claims to thai practice being 3 family asset? Your stock portfolio would be a venture and if money or money’s worth was directly or indirectly contributed by your husband it would be a family asset subject to equal division. Although you kept your finances separate it is very difficult to keep assets from fall- ing into the family asset category. The fact that you have kept your finances separate is only one of the considerations. As to the negative balance in your husbands accounting practice it is very difficult from @ practical standpoint to pick and choose which assets you wish thrown into _Re-apply for income supplements IT’S TIME for pensioners wio receive the Guaranteed Incom: Supplement (GIC), -Spouse’s Al- ‘lowance (SA) cr Widowed Spouse’s Allowance (WSA) benefits to re-apply. In January, renewal application » kits were mailed out. io 155,500 . pensioners in B.C. Eligible seniors who have not received a kit can pick up application forms at any Income Security Programs Office. This GIS is an extra monthly payment for Otd Age Security pensioners with little or no addi- tional income. The SA and the WSA are paid to pensioners’ spouses and widowed spouses respectively be- tween the ages of 60 and 65 who meet residence and. income re- quirements. Applications for all three benefits must be made each year because they are based on the previous year’s income. To ensure that benefits will de included in their. April Old Age Security {OAS) cheques, pen- We Know Cruises —=~Best! eeu Crystal Harmony Cruises Departs Oci. 19/92 New York, San Juan #1499 us Includes air from Vancouver optional 2 night hoiel packcges Now York Alaska June 12 °954 us 1823 Capitane Rd., Nan. 985-7447 eruisesiiipecenters geet Deen Cwise Uncotion specialists sioners should reiurn their com- pleted applications to the Income Security Programs Branch (!SPB) regional office in Victoria by March 31. ‘Application: received after the deadline wiil be processed and appropriate adjustments will be made in May. However, we're anxious to avoid any reduction in payments on April’s cheque which might cause hardships for low- income seniors,"’ said Reta Tee- ple, programs chief of the ISPB in B.C. Individuals with no income to declare on their 1991 income tax return: are