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Mapping Out Your Finances

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Mapping Out Your Finances

When people hear the word “divorce”, they often only think of the emotional impact that they will be experiencing, and forget about the financial implications of starting over. It is still common in many relationships, where only one spouse is in charge of money matters while the other spouse has minimal participation.  Either way, a divorce or any lifestyle change requires each person to confront their own finances. Even under the best circumstances, it is a very hard thing to do. This is where an Investment Advisor steps in to help ease the financial burden.

As advisors, our job is to assist clients in getting better organized, developing strategies to build their net worth and providing overall wealth management. In the case of divorcing couples, some of the financial areas that people often overlook are: changes in expected lifestyle, reduced income, child related expenses and support payments, spousal support, splitting retirement & pension savings, re-writing wills, and so forth. All of these factors have a significant effect on people starting over.

It is strongly suggested when people are going through a divorce to take into account the following: what is owned, sources of income, what is owed, short & long-term goals, tax minimization, estate planning and overall wealth management. Once all this information has been discussed, advisors can prepare a sound financial plan for starting over and for the future. It is our goal to strive and achieve satisfied clients who now have healthy finances leading to financial security. As an offer to Gelman & Associates clients, I would be happy to sit down and provide a complementary financial plan. The added value of making good financial planning decisions can amount to the equivalent of “an extra 1.8% return on your portfolio every year.” (Morningstar Retirement Income Research, 2012).

Samuel Gorenstein is an Investment Advisor with RBC Dominion Securities Inc. and can be reached via his website at www.samuelgorenstein.ca.

Written by Lisa Gelman

Senior Lawyer

Senior Lawyer Lisa Gelman has over 25 years of family law experience and founded Gelman & Associates to provide strategic legal counsel in family law matters concerning divorce, parenting, separation, and more.

Frequently Asked Questions - divorce & separation

If you are litigating your matter, social media posts made by your spouse or partner may be relevant, especially if they contradict what your spouse is claiming in his or her pleadings.

For example, if a spouse is claiming financial hardship, a Facebook post that shows that spouse going on an expensive trip or posing with an expensive car can undermine such claim  and, potentially affect that party’s credibility in court if presented as evidence on a motion or at trial.

Further to photograph-based posts, statements that are made on social media by one party can be relevant if said posts (i) are related to the litigation, to issues of parenting  and/or (b) they contradict statements that were made by the party in his or her pleadings. For example, if a party who is attempting to establish that he or she is an appropriate custodial parent, then recent social media posts about extensive partying and drug use made by that party may be relevant in court, as they may speak to that party’s fitness when it comes to appropriate supervision of a child in his or her care.

The Ontario Attorney General’s website estimates that divorce proceedings can take approximately four to six months to complete, provided that all documents have been appropriately accomplished and submitted on time.

No. The law does not favour mothers over fathers in divorce proceedings. The judge will base his decision on the evidence laid out by both parties.

The main distinction between divorce and separation is that divorce ends your marriage formally. You and your partner are no longer married.
If you’re separated, you’re still legally married to each other even if you receive a formal separation, and you must continue to record that you’re married on documents.

No. You are not required to get a lawyer for a divorce. However, it is best if you retain one to ensure that you fully understand all your rights and obligations.

A joint divorce application occurs when you and your spouse both agree to a divorce and on all other family law matters such as parenting, spousal support, or division of property.

Yes, it is different. Family law problems are addressed mainly by provincial laws in Ontario. Divorce law, on the other hand, is controlled by federal legislation in the form of the Divorce Act, which applies uniformly across the country.

Divorce can be a difficult decision to make, especially if you’re unsure if your partner will sign the petition. However, a divorce does not require your partner’s consent. Although it may be a long process if your partner doesn’t comply, they will not be able to stop you indefinitely.

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If you need legal advice regarding divorce & separation matters in Ontario, contact our Toronto family law lawyers for a free consultation. Some conditions may apply.

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