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Steps to take to secure a positive financial outcome in a divorce

The decision to end a marriage is one that most people in the greater Toronto area do not make lightly. For the best chance of securing a positive outcome financially, it is advisable to take certain steps. While the things we are talking about today pertain to both genders, they could be particularly helpful for women.

The first thing is to make sure you have a separate financial account. This will be necessary if the couple divorcing opened a joint account after they were married. Taking this course of action prevents one spouse from taking all of the money, which belongs to both of them, from the other. Along these same lines, it is also important to open individual credit cards. Having an emergency financial account could come in handy should an emergency arise.

Next, it is important to know your credit score. This is accomplished by pulling a credit report. If there are mistakes on it, they should be addressed. Similarly, if the credit score is not high enough to be considered “good” steps should be taken to improve it. This could make it possible at some point to get an apartment, purchase a car or secure a mortgage.

Before filing for divorce all relevant financial documents should be pulled together and the hard copies saved somewhere safe. Relevant documents include:

  • Tax returns
  • Year end reports from credit card companies
  • Interest and dividend statements

Perhaps the most important thing to do is make sure that you have the right people on your team. In addition to contacting a family law lawyer who handles divorces, a financial planner and possibly a therapist or counselor could be a good idea.

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