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Stay on Top of Your Finances During a Difficult Time
It can be hard to see things clearly when you’re going through a personal loss or adversity. Having a financial plan can give you a fresh perspective.
Protecting Myself Financially in a Divorce
Reduce some of your stress and uncertainty by creating a plan that helps to protect you financially.
6 Ways to Protect Yourself
1.Get Organized
Find out exactly what assets you and your spouse own, and what liabilities you have. You’ll gain insight into your net worth and feel confident that you know where you stand.
2.Establish Your Own Credit
It’s important to set up credit in your name now, in case you need it in the future. It’s also smart to close joint credit accounts and notify your mortgage lender of the change.
3.Open Your Own Bank Account
And close joint accounts at this time. If you need to keep joint accounts open for any reason, ask that both signatures be required for transactions.
4.Revise Your Will and Power of Attorney
While the laws vary by province, divorce doesn’t generally revoke a Will or a Power of Attorney. This is an important time to review your estate documents.
See Estate Planning is More than Just a Will5.Update Your Investment Accounts
Notify your investment representative about your change in status. It may also be a good idea to review or possibly freeze trading authorizations until your divorce is settled and assets are divided.
6.Set up a Network of Professional Support
Among other things, your financial planner can refer you to other qualified professionals—such as a lawyer and accountant—to provide the expertise you need to reach a fair settlement that protects your interests.
How an RBC Financial Planner Can Help
Can I keep the house? Will I have enough to retire? What kind of lifestyle can I afford? A financial planner can address questions like these while helping you to:
- Manage your cash flow and reduce taxes
- Make smart borrowing decisions
- Create or revise your retirement plan
- Plan for your children’s post-secondary education
Going Through a Divorce or Separation?
Stay in the know with a copy of the Marriage Breakdown Checklist.
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Marriage Breakdown ChecklistIf you change your mind later, you can always contact us toll-free at 1-833-722-7526.
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RBC Financial Planning is a business name used by Royal Mutual Funds Inc. (RMFI). Financial planning services and investment advice are provided by RMFI. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.