"I'm worried that this divorce is going to ruin me financially. Do you have any tips to prevent this?"
Tip #1: Understand and Control Your Expenses. You may have been responsible for managing the household and other finances during your relationship, in which case, this may be easier for you. However, many spouses only truly appreciate the full extent of their "operating budget" after they separate. There are many excellent financial planners and financial divorce specialists who, along with your lawyer, can assist you in understanding both past and future finances.
Tip #2: Be Prepared to Adjust Your Lifestyle. It is cheaper to live as a couple than to live separately, particularly when it comes to housing expenses. If you can accept early on in the separation process that this lifestyle adjustment will occur, you may be able to reach a resolution with your spouse more quickly and less expensively.
Tip #3: Control your Legal Expenses. The cost of lawyers and the lack of control over the legal process is a great concern to many separating spouses. While legal costs can be expensive, there are a number of things you can do to control them:
Tip #4: Be Flexible! Change is certain, but with change comes the opportunity for a fresh start.
About the authors of this Ontario Family Law FAQ:
Laura E. Fryer and Heather McGee are partners with the family law firm McGee & Fryer in Markham, Ontario. They can be reached at (905) 940-1598. View the Divorce Magazine profile for Ontario Collaborative Divorce professionals.
Certified Divorce Financial Analyst
Business Valuators / CPAs