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RISING WOMEN EXPERT
ADVICE...
How will my
financial future be different if I go through a separation or divorce?
Put up and shut up? Live life in misery or move forward? Not always an easy
decision. And like any decision in life, there are the pro’s and con’s, the
consequences, the issues and the fears.
One of the major fears has to do with the money. How much will you end up
with? Will it support you and your children? And for how long, and will it
last? These are realistic questions to consider.
One of the first things you need to realize is that if you separate, instead
of having one household to run, like it or not, now there are two. The same
income, double the expenses. Yes, the reality is life will change and the
sooner you can get your head around that fact, the faster you can move
forward and get on with your own life.
The best place to start is by gathering as much financial information as you
can. and however you can. This would naturally be easy if you were the one
managing the finances, but more difficult if you were not. You want to
gather tax returns and NOA’s -- Notice of Assessment Information or Business
Financials, books and account information. This is what is needed to
determine both Child Support and Spousal Support. You will also need to
gather any other documents that have to do with money. These are all needed
to create a Net Worth Statement that will ultimately be used to negotiate
Division of Assets.
A very good way to find out what your situation will look like is by
creating a Cash Flow Analysis. I personally like to get people to look at
their cash flow with a bit of a twist. Start by deciding what expenses are
needs, goals or wants. You need to become very conscious of the money,
otherwise you will most likely create more stress. This is also a great way
to determine if you should keep the house, or sell it and buy something
else. Once you know these basics, then you can figure out your future and
decide whether or not to come or go.
Life is about choices. What makes sense for you? Make sure you get
professionals who have the background, experience and knowledge to guide you
through this most difficult time.
Get educated. Don’t be afraid to ask for help. You owe it to yourself, your
family and your future!
For more expert financial divorce advice, contact Wendy Olson-Brodeur
at The Financial Divorce Specialist at 403.398.2466. Visit
www.tfds.ca for upcoming
seminars. |
