5 Essential Strategies to Prepare Financially For Your Separation or Divorce in Ontario!

5 Essential Strategies to Prepare Financially For Your Separation or Divorce in Ontario!

One thing is for sure:  You’ll probably face serious financial issues in your separation or divorce.

As I mentioned in another video, it’s always much better to be safe and prepared than sorry!

Hi, my name is Thomas O’Malley.  I’m an experienced family lawyer in Durham Region and the GTA.

Here are some critical tips for preparing financially for your separation or divorce:

1.  Start Saving Money Now for Your Extra Expenses

When you are considering getting separated or divorced, you are usually planning this process for a number of months before you tell your spouse you want to separate and end the relationship or marriage.

You’ll inevitably face some extra expenses during the separation process.  You must start saving extra funds now to pay for these necessary expenses.  For example, you’ll need to pay for a retainer to hire an experienced family lawyer to help you protect your legal rights in your separation or divorce.

Make a list of your anticipated additional expenses and start saving extra money to cover these required expenses. 

It’s the smart way to go!

2.    Determine What Debts You or Your Spouse Should Pay in a Settlement

You want to carefully examine your debts and see what debts should be covered off by you or your spouse in a settlement.

Your family lawyer and financial advisor can help you with this important issue.

3.     Make Sure You Have Your Own Bank Account and Credit Cards

You need to have your own financial independence to do well during and after your separation or divorce.

You can start by making sure you have your own bank account that only you can access and, at least, one credit card for your own use.

4.   Benefits Plans

You should make sure you have any necessary medical or dental work done covered by a benefits plan that might not otherwise be covered during or after your separation or divorce.

You can save yourself hundreds or even thousands of dollars by getting these important health issues covered now while you still can.

5.  Start Working on a Better Career if Necessary

You should start planning on getting a better job after your separation or divorce so that you can reach financial independence.

Make sure educational expenses are covered in any settlement to help you move with your life financially.

If you have any questions about your separation, divorce or family law case and you would like our help, there’s a few ways to contact our office.  

You can leave a message on my Facebook law office page, visit my website at www.canadiandivorcelegaladvice.com, or call me directly at 905-434-8837.  We would be happy to speak to you.

Oh, by the way, did you know you can protect your family law rights and get essential information on settling your family law issues with your former spouse with the daily indispensable family law advice and tips at my FREE Facebook group? 

Click here now for more information: Durham Region Separation and Divorce Legal Support Group  

Thanks for watching this video.