If only we put as much planning into our divorces as we did our weddings.
I get it, a wedding is a joyous occasion. All your family and friends are coming out to celebrate your marriage, you want to get it right. That’s why you spend months, or even years, planning out every detail.
Not so much with divorce. It’s often a decision of last resort, something you do only when you absolutely have to. No one is celebrating your divorce, and it’s often a year or more before you’ve told your entire circle of friends that it’s actually happening.
But it is important to plan out your divorce, almost as much as it was your wedding. If you are considering divorce, there are a few things you can do to better prepare yourself and avoid stress.
I know, this seems like a no-brainer. But many people will put off meeting with a lawyer if the cost seems prohibitive. Sometimes it’s good enough to just move out of the house and not be living with the person, right? Wrong. You will need a lawyer to dissolve the legal agreement that is your marriage, and the sooner you get in touch with one, the better.
But, finding the right lawyer isn’t as simple as opening up the Yellow Pages and picking the first one that catches your eye. Every divorce is different, and it’s important to find a lawyer with experience in divorce cases similar to yours. Some lawyers will charge you upfront and some will offer a free initial consultation. Knowing which is which will save you time and money. Vexxit will connect you with up to 3 divorce lawyers for your needs and it's completely free to use.
You likely share a bank account with your spouse, so to start you should open a separate account and have your paycheque and other payments deposited there. You don’t need to close the shared account yet. It may be useful to be able to transfer money in and out of that account for expenses that continue to be shared after the divorce (children's school fees, etc…).
If you share other financial assets with your soon-to-be-ex, you should consult an accountant to talk about how to divide them up, as well as to figure out what your tax situation is going to look like after the divorce. Taxes are complicated. Unfortunately, your divorce is going to make them more so. You can match with up to 3 financial advisors using Vexxit who can help you understand what your finances will look like when separating.
Like weddings, divorces can be expensive. There’s no getting around that. Your housing costs will double as you move from shared accommodations to your own apartment or house. There may be alimony or child support payments involved. Basically, you’re going from a double income to a single income, with all the same expenses you’ve always had.
It’s important, now more than ever, to plan for your future. To invest and save for retirement. To ensure that you are financially stable in this new world of divorce. A financial planner will help you put your money to work. You’ll have one less thing to worry about in this already trying time.
No one goes into a marriage planning for it to end. Unfortunately, divorce is a reality that many Canadians face these days. If it does happen to you, a little bit of planning can go a long way to helping you achieve a happy and prosperous future.