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.
Reduce some of your stress and uncertainty by creating a plan that helps to protect you financially.
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.
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.
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.
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 Will
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.
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.
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:
Going Through a Divorce or Separation?
Stay in the know with a copy of the Marriage Breakdown Checklist.
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How Can I Be a Smart Investor?
How Does Getting Married Affect My Will?
Conversations to Have With Loved Ones