How to Regain Financial Control of Your Life When You Get Separated or Divorced in Ontario!

How to Regain Financial Control of Your Life When You Get Separated or Divorced in Ontario!

Have you been trying to figure out how to get control of your financial situation with the end of your marriage or common-law relationship?

Most spouses face this difficult task!

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

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

1.  Collect Key Financial Documents

You need to start gathering the key financial documents in your life so that you can see the big picture of your financial situation. 

This includes the good, the bad, and ugly parts of your financial situation.

These important financial documents include the following:  bank statements (joint and individual), mortgage or lease documents, credit card statements, utility bills, vehicle payments, income tax returns and notices of assessment, investment statements, RRSP statements, insurance policies, business-related documents, loan documents, and any documents related to the costs of shared expenses for child care, education, health care and pet costs.

2.  Make a List of Joint and Separate Assets and Liabilities

You now need to make a list of your assets and liabilities.  First, do a list of your own individual assets and debts, such as your own car which is in your name and your credit card debts.

Secondly, you need to create a list of any joint assets and debts that you have.  This includes joint ownership of real estate and joint debts, such as mortgages and lines of credit.

You need to list the value of these assets and the amounts of these debts on two critical dates: your date of marriage and the date of separation.

Your family lawyer can help you with this essential financial process in your separation or divorce.

3.  Close or Freeze Joint Bank Accounts

See if you can get your bank or financial institution to freeze or close any joint bank accounts since your former spouse could easily take all of the funds out these joint accounts.

You also need to set up your own individual bank accounts to protect your financial future.

Remember as well to make sure that you have figured out how to pay your regular monthly bills that were paid from your joint bank accounts. 

For example, if your monthly hydro bill was set up from your joint bank account, you have to set up a new way for this bill to be paid instead of from your joint bank account.

4.   Stop Your Spouse From Racking Up Any Credit Cards or Lines of Credit

You want to ensure that your former spouse is not arbitrarily using your credit cards or lines of credit for big and small purchases after you have separated. 

You can quickly lose control of your finances if this happens.  Be on your guard!

Make sure you spend some time with your family lawyer discussing these important issues in your separation or divorce.

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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