10 Financial "Must-Knows"
to Successfully Survive Your Divorce

1. Money will almost always become an issue in divorce
   • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward

   • Money is sometimes used as a bargaining tool to resolve other issues

2. Gather everything you can about your family finances
   • Make a list of your financial property
   • Gather statements and documents on all property

   • Frequently one partner is not "in-the-know" on the family finances which makes this task difficult

3. Understand that a 50/50 division of property is not always fair financially
   • Take into account future value of property

   • Comparable values of different types of property are not always equal due to tax implications

4. Consider the tax implications of all of your financial divorce decisions
   • Consider the year in which you divorce, your change in marital status will affect your tax situation

   • Consider the tax effect and true value of the assets you will retain

5. Make sure that you can afford to keep the house before you settle this matter
   • Pre-qualify for a mortgage

   • Upkeep costs can be expensive, both financially and emotionally

6. Understand the value of your investment and RRSP portfolios

   • Understand tax liabilities and advantages of different investments

7. Ensure pensions are properly valued

   • Defined Benefit Plans must always be valued by a specialist

8. Make sure that the payor of child and/or spousal support has life insurance to support these financial obligations

9. Seek FINANCIAL consultation during your divorce from a divorce financial expert not from a lawyer

10. Redo your will

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