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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