17 Apr Do I need Financial Advice when I’m going through Divorce?

Divorce is not only the ending of a marriage but it  involves  the unbundling of the business part of the relationship .. separating assets.. the house, retirement savings, pensions, dealing with debts, future  income, future financial goals. If you are facing divorce.you are likely  beginning to understand that there is a legal, emotional and financial aspect of divorce.    You should reflect on where you’re at  and prioritize what professional help you need most.  You may need to  get emotional support from  a counsellor or therapist to prepare you emotionally and financial advice from a divorce financial consultant  who will provide the financial guidance to  have you ready to begin  legal separation discussions

If any one of the situations listed below is your case, you have good reason to get some expert financial advice;   if you face two or more, going without seeking advice, is risky.

Personal

  • You don’t understand your situation
  • You have a good income and a busy schedule, so you would be better off if someone else did the paperwork
  • You want to be sure you’re doing the right thing and have the confidence of knowing it’s being done right

Property

  • The division of marital assets and debts is unequal
  • Home or real estate is being kept to sell later
  • Major asset is being divided or sold
  • You aren’t sure how to value some assets
  • You aren’t sure how to value pension from employment during marriage
  • One or both spouses are self-employed owners of a business or professional practice

Your spouse

  • You can’t agree about important issues
  • You can’t get information from your spouse about assets or income
  • You suspect your spouse may be hiding assets
  • Your incomes differ by more than 20%
  • There are special needs or health problems

 

05 Oct 40% of Marriages Ending in Divorce…

I was reading an article today by CBC News…

The traditional definition of family is changing in Canada, with 40 per cent of marriages ending in divorce, according to a new study.
For the first time in Canadian history, there are more unmarried people than legally married people age 15 and over in this country, says the study from the Vanier Institute of the Family released Monday in Ottawa. It was based on data from the 2006 census.

The article went on to list… Top 5 reasons couples separate or divorce
1. Different values and interests
2. Abuse — physical and emotional
3. Alcohol and drugs
4. Infidelity
5. Career-related conflict
Source: Vanier Institute of the Family

Interesting that money issues/finances did not make the list of top 5. One could make the case that money/finance has an underlying effect.

The recent economic downturn has proven to be a stressor for families. The higher cost of living means most families now require two income earners to achieve an average standard of living.
More families are also struggling with debt and poverty. Men are also working longer hours and spending less time with their families.

Share your thoughts on today’s “Modern Family”.