Dealing with divorce
Regardless of the circumstances, parting ways with a spouse is emotionally and financially challenging. While the financial and legal realities of being newly single will be different for everyone, planning ahead can make what will undoubtedly be a painful time a little easier. And when it comes time to stand on your own, we'll be there to help you see the possibilities more clearly.
You won't have to do this alone - you can count on us to help you with:
Take stock. Seek counsel. Money matters.
Regardless of your situation, careful preparation not only helps with the financial and emotional stress now but also for the long term.
- Learn how your province or territory addresses divorce, gather vital information and documents and tally joint and personal assets.
- Build a team of trusted professionals and personal confidants who will provide level-headed advice
- Develop a budget to ensure enough cash to cover expenses throughout the process. Use credit cards wisely and keep tabs on your credit score.
- Consult people you trust before making large financial decisions
Documents You May Need
- Marriage certificate and prenuptial agreement
- Personal and business financial statements
- Insurance policies
- Tax returns for the past five years
- Property records
Compromise and civility are key.
During negotiations, it's important that you protect yourself, your future and that of your family throughout this process.
- Seek trusted legal, financial and personal counsel to help consider the long-term impact of decisions being made
- Separate your finances and get the bills sorted out to keep from damaging your credit. Make paying down credit card balances a priority.
- Work with your financial advisor and tax professional to minimize tax liabilities.
- Know your retirement and government benefit options. You could be eligible to receive a portion.
Pursue Your Future
Start your new life in the right direction.
Taking the time to plan for your new life can help make the transition much smoother and ensure that divorce does not derail your financial plan.
- Get a handle on your finances and debt. Reassess your financial and retirement goals to ensure that they align with your short - and long-term goals.
- Update fiduciary and beneficiary information. Immediately update your will, estate plan documents and beneficiaries information on insurance policies and retirement plans.
- Establish your new identity. Make your name change official. Notify your employer and all provincial and federal agencies.
Invest in yourself
Women are different from men. So are your financial planning needs.
About 4 in 10 marriages will end in divorce within 30 years of tying the knot
(according to the Vanier Institute)
Average cost of a wedding in Canada is roughly
(according to weddingwire.ca, 2020)
According to Canadian Lawyer magazine’s 2019 legal fees survey, an uncontested divorce can cost between $600-$1,600 in lawyer’s fees, while a contested divorce can cost $7,500 to $15,000 in lawyer’s fees. Fees for a trial up to five days can be from less than $26,000 to $53,000.
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