01 Jun Financial Homework in Grey Divorce

When you’re considering divorce in your 50’s,    a big concern is the financial impact for you and your spouse at this stage of your lives.  If you delayed having children, they may be young and child support payments may derail retirement plans/savings. You may still be faced with funding post secondary education. You may be supporting aging parents. One spouse may already be retired.

Part of divorce is dissolving your family’s joint financial relationship. This can’t be done unless you know the total financial picture. All the facts need to be on the table so you can determine how best to separate your finances allowing both of you to make the best choices of how you will move forward on your own.

This means doing some homework in advance.  As a start, you need to find and prepare the following documents:

  • Tax returns from most recent tax years
  • Recent paystubs that show payroll deductions
  • List of personal property  such as cars, boats, valuable art, jewellery, antiques
  • Recent statement from Assets:
    • Bank accounts
    • Investment accounts including open, RRSP, RRIF accounts
    • Education savings Accounts
    • Other assets such as Stock options, other Company awards
    • Company Pension
  • Recent statements of Debts: Mortgage, Line of Credit both personal and joint, Car loans
  • Miscellaneous Info: Life insurance, Medical benefit plans
  • Business Ownership details

Doing your homework takes time.  Documents may be hard to locate. You may have to request copies from the bank or your employer. You may not have looked at some of these documents for a very long time.

You can hire a divorce financial professional to “tutor” you with your homework. They can help explain and organize it all so everyone is ready to start.

24 Aug Silence is Golden…or worth $750M?

This morning as you slipped your coffee and glanced at the headlines in print or on the television… It would be impossible for you NOT to be aware of the Tiger Woods’ divorce drama.

The name Elin will forever become synonymous with $750M (the proof… just Google $750M). Settlement terms of the split have not been revealed and will likely remain under wraps as Elin likely traded her silence for cash. Many reports indicated that Woods forked over $750 million, all just speculation.

“Elin Nordegren ended up with double the sum she originally sought, after her lawyers proved Woods was worth much more than the $1billion she thought… her legal team did a great job digging up all sorts of assets”

Despite everything, Elin and Tiger have reached an amicable settlement avoiding court.

10 Aug Launch of Eva’s RoundTable

Looking for investment advice for your equalization payment… Selling the marital home and looking to downsize… not sure if the kids emerged unscarred post-divorce.
During and after divorce, women need trusted resources to advise on their specific situation, perhaps a mediator, family therapist, realtor, life coach, investment advisor, or mortgage professional.
I have launched EVA’S ROUNDTABLE a directory of professionals who can advise women facing separation/divorce.
Eva’s Roundtable is here to help you connect with professionals that are pre-screened and referred through Women in Divorce Financial. Each one provides a specific area of expertise, and understands the value of working together.

Click here to view Eva’s Roundtable