The end of a relationship can be rather emotional and stressful. It will most likely also have a major impact on your financial situation. While seeking legal and tax advice, you should also include a financial services advisor on your team to ensure the negative financial consequences are minimized and that your future finances will be secure.
You’ve spent time weaving your lives together, and you’ll now have to spend time separating them. You may wish to consider the following:
- Division of assets: joint bank accounts, credit cards, RRSPs and even pension plans
- Decisions to make about a property: principal residence or a vacation home
Review of insurance
- Life insurance; review beneficiaries on all policies – you might want to review also the amount of your existing coverage
- Consider getting health insurance including critical illness and long-term care if you are no longer covered through your ex-partner
- If you are on the receiving end for spousal support or child support, you’d want your ex-partner insured in case of disability or death to make sure the safety net is always there for you or your children.
A divorce or separation is not a decision made lightly. It is also a time when emotions run high and reason often takes a backseat. Our financial services advisors can help you sort out your financial priorities and goals so you can work through your emotions during this time.