News & Education

Welcome to our WealthStyles segment – your online access to approachable ideas about financial planning with a lifestyle and life event approach.

Divorce Financial Planning

Dealing with Divorce
After all the attention on rising divorce rates over the last few years, you may be surprised to learn that fewer Canadian couples are getting divorced. Even more surprising is that one-third of Canadians will still divorce, but do it later on in life.

Divorce Financial Settlement
If you or your spouse do decide to end the marriage, it's imprtant to understand that seperation and divorce are more than just a physical and emotiol division; it's a financial one as well.

Knowing how your finances are seperated, and being prepared for it, can take some of the anxiety out of an already emotional time.

When a marriage breaks down, there are two ways to seperate finances after the split:

1. Division of property acquired during the marriage
2. Spousal support payments

Upon separation, it may be a wise choice to draw up a separation agreement- an agreement that outlines the division of family assets, the payment of child or spousal support, and the care of the children, including custody and access.

For the full article, click here (PDF format)