Sunday, March 20, 2011

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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