How to Protect Your Financial Future in Your Separation or Divorce With a Few Simple Moves!
It’s so important to protect your financial situation in your separation or divorce.
I will discuss more details on how to safeguard your financial circumstances in this video.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
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When you have received full Financial Disclosure from your spouse, you should definitely negotiate a solid separation agreement with your former spouse.
Now the key to negotiating a successful separation agreement is to get the advice of an experienced family lawyer.
In fact, your family lawyer will draft and negotiate the separation agreement for you.
You want to make sure you take full advantage of all the deductions that you are allowed to take on your Financial Statement.
Make sure you list each debt that you have on the date of separation. This can dramatically reduce your net worth so that you either pay a lower equalization payment to your spouse or you receive a higher equalization payment from your spouse depending on situation.
Make sure you get a deduction for the cost of selling your home or cashing out your RRSPs. These are called notional dispositions.
You should realize as well that you probably don’t have to pay the full amount of child support. In many cases now, children live with each parent for approximately half of the time. You would only pay child support based on a set-off amount that is usually much lower than the full amount of child support.
Don’t let your house sit forever. In many cases, one spouse will continue to live in the matrimonial home. That’s fine for a short period of time.
However, if you are entitled to equity from the home, you should encourage settling the issue of the house with your former spouse. If your spouse wants to buy out your interest in the home, they should check with a mortgage broker to see if the qualify for the necessary mortgage to pay you for your interest in the home.
If your spouse cannot buy your interest in the home and you don’t want to buy out your spouse’s interest in the home, you need to get the house listed for sale within a reasonable period of time after the start of your separation.
As part of the process of getting separated or divorced, don’t make big expenditures. You need to keep your expenses under control as you figure out your financial future.
By taking these steps, you are well on your way to protecting your financial future during and after your separation or divorce.
If you have any questions about your separation, divorce or family law case and you would like our help, feel free to contact 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 and video with your friends, family members and co-workers so that it helps more people avoid serious problems in their separation or divorce before it’s too late.
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