Canadian government statistics continually show that roughly half of all marriages end in divorce. If a couple is contemplating moving forward with a divorce, it is important to carefully consider how this event will affect their overall financial situation.
Understanding how a divorce changes financial and estate plans can help reduce legal costs and reduce the complexity of an already-stressful experience. Let us look at some of the key financial issues that should be considered in the event of a divorce.
Provisions for Wills and Testaments
If you and your divorcing spouse share a will, each person will need to create their own individual will that reflects their new situation. Child custody, support requirements and other factors will need to be considered. We strongly suggest obtaining proper legal advice when preparing new wills. In the...