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RISING WOMEN EXPERT
ADVICE...
I have never looked after our finances
while I was married. I’m going through a separation. What do I do first?
Most importantly, look after yourself. Make sure you are safe and ensure
your children are a priority. Ask for help. There are lots of resources
available today that did not exist a few short years ago.
Asking the question of what to do first is a very personal question because
every case can be so different. If you still have good communication, the
process can be smooth and things can be looked after quickly without costing
a ton of money. The more tension, animosity and lack of communication, the
more difficult and costly a case becomes. It takes longer because you have
to communicate using a mediator, lawyer and/or a judge. Whichever direction,
the bottom line is it is YOU who will need to negotiate somewhat. You may be
so emotional you just want to walk away, however often months and perhaps
years later, you will learn about things that you “should have known about”
that can be very upsetting. Take time now and learn as much as you can so
you can keep your dignity and your future!
When it comes to finances, the best thing you can do for yourself is to get
educated so you can make better decisions regarding the pros and cons of
different strategies. You may hear a few different opinions and that’s okay
as long as you decide what makes most sense for you. You will want to
protect your credit, if it is not too late, as you may need it to qualify
for a mortgage so you can keep the house or buy a new one. You will also
want to protect your credit cards and have them in your own name. Close
joint accounts as soon as possible and open a new account at a different
bank.
When it comes to division of assets, you need to understand how tax affects
the assets. Different assets grow at different rates of return, so you
should understand that accepting one asset over another during the division
negotiation may have a dramatic effect for the future. There may be more
complicated assets (i.e: employee savings plans) that you should understand.
Pensions are also a big issue, especially if you have a defined benefit plan
and you have worked for many years. Professional valuation is often worth
the cost. Certified valuation for business owners may also be a
consideration. Professional advice can often very quickly help you decided
what comes first based on your situation so that you, your children and your
possessions are properly dealt with.
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. |
