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Financial Planning for Divorce

In 1995, after being recruited by many different entities looking for women with a strong business background, Debbie decided to follow a passion and become a Certified Financial Planner. After interviewing many banks, insurance companies, and proprietary houses, she decided the best fit for her was an independent financial planning firm, and joined Mr. Ossie Fisher at Professional Investments. Having been there over 25 years, it seems the fit was perfect.

Divorce and Your Finances

Canadian government statistics continually show that roughly half of all marriages end in divorce. If a couple is contemplating moving forward with a divorce, it is important to carefully consider how this event will affect their overall financial situation.

Understanding how a divorce changes financial and estate plans can help reduce legal costs and reduce the complexity of an already-stressful experience. Let us look at some of the key financial issues that should be considered in the event of a divorce.

9 Ways to Destroy Wealth

Taking the time and effort to manage your money better is certain to pay dividends in the future. By following the rules of careful money management, it is possible to cut out wasteful outgoings and increase savings, which can mean being $1,000s better off each year. Any of these extra savings can be put aside or spent on your next vacation, car, or even used towards your pension.

Read on to learn about the nine things (in reverse order) that are highly likely to have a negative impact on your personal wealth:

Divorce

For most people, a divorce causes severe emotional trauma. The process of separating lives and possessions often leaves a long-lasting impact that affects family relationships for years.

The financial ramifications of divorce can often be quite devastating for individuals who do not properly prepare to seek a fair settlement. It is always best to seek an experienced professional to assist you with determining the best course of action. Any decisions made regarding the division of matrimonial assets are ones that each party will usually have to live with for a very long time.

Financial Plans & Divorce

History tells us about half of marriages in Canada end in divorce. Andrew and Sara are about to end theirs and are concerned about the changes that will have to be made to their financial and estate plans. Some financial and estate issues they need to consider are:

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