What must I consider to make sure that I can survive financially post-divorce?

By Sharon Numerow
September 29, 2011
  1. Money will almost always become an issue in divorce
    • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward
    • Money is sometimes used as a bargaining tool to resolve other issues
  2. Gather everything you can about your family finances
    • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward
    • Money is sometimes used as a bargaining tool to resolve other issues
  3. Understand that a 50/50 division of property is not always fair financially
    • Take into account future value of property
    • Comparable values of different types of property are not always equal due to tax implications
  4. Consider the tax implications of all of your financial divorce decisions
    • Consider the year in which you divorce, your change in marital status will affect your tax situation
    • Consider the tax effect and true value of the assets you will retain
  5. Make sure that you can afford to keep the house before you settle this matter
    • Pre-qualify for a mortgage
    • Upkeep costs can be expensive, both financially and emotionally
  6. Understand the value of your investment and RRSP portfolios
    • Understand tax liabilities and advantages of different investments
  7. Ensure pensions are properly valued
    • Defined Benefit Plans must always be valued by a specialist
  8. Make sure that the payor of child and/or spousal support has life insurance to support these financial obligations
  9. Seek FINANCIAL consultation during your divorce from a divorce financial expert not from a lawyer
  10. Redo your will

ON FAQs/Financial Issues

Sharon Numerow is a Certified Divorce Financial Analyst at Alberta Divorce Finances in Calgary. She can be reached at (403)703-7176 or Sharon@AlbertaDivorceFinances.com. View the firm profile here and firm website here www.AlbertaDivorceFinances.ca


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September 29, 2011
Categories:  FAQs

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