7 Big Money Mistakes To Avoid in Your Separation or Divorce in Ontario!
I know you’ve been worried about how to deal with your money and finances as a result of your separation or divorce!
I would be really surprised if you weren’t worried.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
Please remember to like this video and subscribe to my Youtube channel if you have not done so already.
Here’s 7 big mistakes you need to avoid in dealing with your finances in your separation or divorce:
1. Spending Large Amounts of Money Before Your Separation or Divorce is Completed
You should not spend large amounts of money after your marriage or relationship ends.
If you earn more money than your spouse, your former spouse or their lawyer could easily allege that you are making more money since they see you spending large amounts of money now.
If you are spending this money based on funds from a line of credit or a credit card, you are still liable for these amounts of money that you are spending.
If you spend large amounts of money on a joint line of credit or take these funds from a joint bank of account, you might be responsible for paying these funds as part of a separation agreement or a final court order.
In short, you should not suddenly start spending large amounts of money when you are getting separated or divorced.
2. Not Closing Joint Bank Accounts and Joint Credit Cards
You should take your half of the funds in a joint bank account and close the joint bank account so that your spouse does not take all of the funds in the account.
Remember you will probably have to arrange to have your automatic payments for monthly bills changed to another bank account to make sure there is no disruption in the payment of these monthly bills.
You definitely need to stop the use of any joint credit cards and joint lines of credit so that you don’t suddenly find that your spouse has used them and you owe thousands of dollars now!
3. Not Getting Full Financial Disclosure From Your Spouse
You cannot settle the key financial issues in your separation or divorce without full financial disclosure from your former spouse.
Your former spouse must provide you with a detailed Financial Statement setting out their income, assets and debts. You also need their supporting documents that show the value of their assets and the amounts of their debts.
You must also provide full financial disclosure to your former spouse.
I will discuss 4 other big mistakes in dealing with your finances in your separation or divorce in the next video.
If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact me on my Facebook law office page, that’s O’Malley Family Law, or call me at 905-434-8837 and I’ll point in you in the right direction.
Click here to join my free Facebook GTA and Durham Region separation and divorce support group: GTA and Durham Region Separation and Divorce Support Group
Please make sure to share this important information with your friends, family members and co-workers.
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