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.
"After 38 years of marriage, I was blindsided when my husband asked me for a divorce," says Patricia, 61. "I didn't see it coming and was shocked at how fast and efficiently he left the life we had built together."
Statistics show that about half of marriages end in divorce. Ed and Liz are ending theirs and are concerned about changes that will have to be made to their financial and estate plans. Some considerations, also in common-law relationships, are: