Divorcing? Get expert financial advice
Divorce marks the transition between the end of something old and the beginning of something new.
It can feel exhausting, exhilarating or somewhere in between.
Like many transitions in life, divorce will have a major impact on your financial security and your well-being. Are you prepared for the next stage of your life? Joyce and her team will work with you to understand your situation and provide you with clear, professional advice so that you can make important financial decisions that suit you and your family now and for years to come.
Learn more about the benefits of having a CFDS on your team
As a Chartered Financial Divorce Specialist, Joyce can help you answer these questions and more:
Should I keep the house or the pension?
What are the tax implications of dividing property?
How will divorce impact my RRSPs and pension?
What steps do I need to take to protect my investments and other assets going forward?
What do I need to know before I sign a separation agreement?
A word about dividing property…
Deciding how to divide property can be one of the most challenging and contentious parts of a settlement agreement. A CFDS can help you weigh your options and evaluate a wide range of property division scenarios so that you can make an informed decision about your financial future.
On the subject of property division, many clients automatically assume that they need to sell their matrimonial home after a divorce. For some, selling the family home makes smart financial sense, especially when you factor in the ongoing cost of maintaining the home. For others, keeping the home as your asset after divorce is a better course of action. Joyce will sit down with you to discuss each option and help you decide which is right for you.
A word about pensions…
Did you know that your pension might be your most valuable asset? Calculating the value of your pension is complicated. A Pension Valuator can estimate the value of your pension based on vital information that affects your financial future.
Joyce will:
Connect you to a qualified Pension Valuator
Guide you through the pension evaluation process
Provide advice about what to share with the Pension Valuator
Review the report from the Pension Valuator with you
Help you understand what the numbers mean
A word about child support, spousal support and life insurance…
Did you know that if you’re paying child or spousal support, you’ll typically be required to obtain life insurance? According to the Ontario Family Law Act, your obligation to pay child or spousal support continues after death, (i.e. an order for support binds the estate). How much life insurance you will need depends on the amount of the support payments you are legally required to make.
Although it is not mandatory, the spouse who is non-paying is often encouraged to have a life insurance policy to protect the best interests of the children. Whether you are obligated by law or simply encouraged to get life insurance, consider the fact that if you were to pass away unexpectedly, your spouse may not have enough income to sufficiently look after him or herself or your shared children.
In a divorce settlement, both parties can request to be contacted if either payor misses a payment or makes changes to the account. A clause can be added to the divorce settlement requiring the life insurance policy to be maintained for the duration of the legal obligation—or else the estate will owe the equivalent of what should have been received from the death benefits of the policy.
Insurance companies will only accept instructions from the owner of a policy, so unless both parties in a divorce are the policy owners, only one will be allowed to give policy-related instructions to the insurance company. It is often good practice to list the support recipient as the owner of the policy. The policy premium could be paid by the support payor, or by the support recipient via an arrangement between the divorcing parties.
Many aspects of divorce are difficult and complicated. Let Joyce and her team help you sort through the paperwork and offer you comprehensive, expert advice that fits your circumstances, your lifestyle and your goals.
Note: The information offered is intended for general purposes. For legal advice that applies to your specific circumstances, please consult a lawyer.