How To Split Your Finances in Your Separation or Divorce in Ontario!
I think you’ll agree you want to separate financial situation from your spouse as soon as possible when you are getting separated or divorced.
Hi, my name is Thomas O’Malley. I’m an experienced family lawyer in Durham Region and the GTA.
Here are four ways to start dealing with your finances successfully during your separation or divorce:
1. Make arrangements for which spouse is covering specific expenses while you and your spouse still live in the same home.
In many cases, spouses getting separated or divorced continue to live in the same home or residence until they have settled the issue of what happens to the home.
You and your former spouse should agree on which spouse will cover which monthly expenses for the home, including utilities, internet, and television.
You could simply continue to cover the household expenses that you have already been covering on a regular basis with your spouse covering their regular household expenses as well.
2. Open your own bank account now.
You should open your own bank account as soon as possible. You need to start creating your financial future as you unmingle your financial situation with your former spouse.
3. Get full financial disclosure from your former spouse.
You cannot make critical decisions about your financial future until you get full financial disclosure from your former spouse.
Full financial disclosure means that your former spouse completes a specific Financial Statement that details their monthly income and the value of their assets and the amounts of their debts.
Your former spouse must provide a recent paystub and their last three years’ Notices of Assessment to show their annual income.
They must also provide documents that prove the value of their assets and the amounts of their debts, such as credit card debts and loan amounts.
You must also provide this full financial disclosure to your former spouse.
4. Decide what you want to do with the matrimonial home.
You must start giving some thought to what you want to do with the matrimonial home.
If you are married and you are on title to the home, you might want to buy out your spouse’s interest in the home. Your spouse might also want to purchase your interest in the matrimonial home.
However, you need to consult with an experienced Ontario family lawyer before you do anything with the matrimonial home since the overall financial situation can have a significant impact or bearing on what you do with the matrimonial home.
Your financial situation simply might require you to sell the matrimonial home.
If you are in a common-law relationship and you are the only spouse on title to the home, you are entitled to keep your home or sell it depending on what you want to do.
Your common-law spouse can possibly make a claim against your home if they made significant financial contributions for obtaining and maintaining your home.
You cannot make key decisions about your home until you get full financial disclosure from your former spouse.
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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