Asset Division

It is very important to receive legal and financial advice when it comes to division of the family assets. In the separation or divorce agreements:

• Make Sure each asset and liabiiity are addressed by each party;
• Assets and liabilities should be documented and they nee dto be attached to your seapration agreement; and,
• If there are significant assets to divide, you should see professional advice.

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Financial Checklist

FINANCIAL CHECKLIST

Negotiate a fair settlement.  However, you can go broke during property division if you insist on fighting over every item.  Realize that you won’t get everything you want in the property division – make a short list of the must haves and compromise on everything else.

• Collect all of your financial documents quickly.
• If you have children, decide on child support and custody.
• Get credit in your own name.  Also, it is a strong recommendation to close those liabiities which are held jointly.
• Stay on top of your bills.  Falling behind on credit card and line of credit liabilities can seriously impact your credit rating.
• Get a credit report from one but it is recommended that you get one from the two common reporting credit bureau companies:
• Equifax:  www.equifax.ca
• Transunion:  www.transunion.ca
•  Update your will and life insurance.
• Update your beneficiary information and such things as RRSP, life insurance, pensions, etc.
• Protect pensions and RRSP's - have your pension valued by a professional
• Do not make big financial decision immediately.  It is best to wait until you and your ex-spouse have divided the major assets and liabilities.

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6 divorce advice tips - Divorce advice: 6 tips to help get through it - More magazine

6 divorce advice tips - Divorce advice: 6 tips to help get through it - More magazine

What is a Family Asset?

Usually anything used by both parties during the marriage and the most obvious examples are:

• Family home and its contents
• Family vehicle

Other family assets could include:

• Bank accounts
• Investments
• RRSP's and Pension Plans
• Family Business
• Recreational vehicles

Things to Remember

One of the first things to do in the aftermath of Divorce is:

• Cancel any joint accounts,
• Cancel any joint credit cards; and,
• Change the terms of your life insurance, investment/rrsp beneficiaries and any other policies.

Protect yourself.

Divorce and Finances

Deciding who gets what can be the most difficult decision about divorce.  The fact is that once the terms of the divorce agreement have been settled both parties are poorer than they were during their marriage.  There is an upside though, when all the dust settles each party will know where they stand financially and what they need to do to get back on track.