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Key financial considerations to make during a divorce

Statistics Canada reports that the average married Canadian has about a 40 per cent chance of ending up divorcedd. As it happens, the number one day for divorce, the first Monday of the new year, is rapidly approaching. With that in mind, it may be good to review some financial tips for residents of Oshawa who may be heading toward a separation.

One Canadian financial expert has compiled a list of considerations for those facing a divorce to lessen the financial impact. The first step is to be financially aware. That means understanding one's own financial situation, including knowing what one's assets and liabilities are, and also one's income and expenditures. Being prepared by having ready access to financial documents, like tax returns, may prevent struggling to get everything in order if and when a divorce actually occurs.

Settling out of court is also a recommended cost-cutting measure. Going to court is expensive and potentially risky, and there's always a chance of spending more on litigation than is actually awarded at the end of the proceedings. A better alternative, where possible, is to come to an agreement via mediation or direct negotiation.

It is also strongly advised to not let emotions get in the way of good judgment. Feelings of guilt, or a desire for revenge will not provide the best possible results. Time really is money during a divorce, so it's best to try and solve the problems at hand in as detached a manner as can be done to sort matters out efficiently. 

A divorce can be an emotionally draining life event. Handled with care, however, it doesn't necessarily have to be financially draining as well. An experienced attorney who knows the Oshawa community well can try to help an individual, or a couple, get through a divorce with the minimum of difficulty.

Source: BNN, "5 ways to juggle the financial pitfalls of divorce", Pattie Lovett-Reid, Dec. 2, 2016

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