Even More Essential Ways to Regain Control of Your Financial Future When You get Separated or Divorced in Ontario!

Even More Essential Ways to Regain Control of Your Financial Future When You get Separated or Divorced in Ontario!

There is no better time to start regaining control of your financial future when you are getting separated or divorced in Ontario than right now.

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

Here’s some more important steps to regaining control of your future during your separation or divorce:

1.  Discuss Important Issues with Your Spouse

You need to talk to your spouse about how you will deal with the payments of bills and expenses during your separation or divorce.

This is especially important when you and your spouse are still living in the same residence.  You need to determine who is going to pay for which monthly expenses and costs.

Often you can agree that you and your spouse continue to pay the household expenses that you were paying during the marriage or common-law relationship.

When you live in separate residences, obviously you will then be responsible for your own expenses and costs.

2.   Make a New Budget for Your Living Situation

When you start planning to live in your own residence, you need to figure out exactly how much you can afford for monthly mortgage or rent payments.

Of course, you must figure out your other usual monthly expenses, such as food, utilities, and clothing costs.

You also need to know your available monthly income to cover your costs and start saving and investing your money for the future.

When you have these important figures, you can prepare a monthly budget so that you can keep track of your financial situation on a monthly basis.

3.    Talk to an Experienced Financial Advisor

You need the help of an experienced financial advisor to help you plan your financial future. 

They can give you great guidance on how to move forward in your life so that you have secure financial future.

You need to know how to pay for your children’s education and fund your own retirement.  They can help you create a plan to achieve these important goals.

4.    Update or Change Important Financial Documents

You need to change your will and powers of attorney when you are getting separated or divorced. 

You don’t want your former spouse to inherit your investments and assets now that you are no longer together.

You should also change any insurance policy and RRSP beneficiary designations as well unless your separation agreement states otherwise.

5.     Hire an Experienced Family Lawyer

You definitely need to hire an experienced family lawyer to protect your family law right and secure your financial future in your separation or divorce.

Your family lawyer can negotiate a fair and reasonable separation agreement or court settlement that protects your family law rights.

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 to find out more: Durham Region Separation and Divorce Legal Support Group  

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