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Prepare for life after divorce by saving money now

With approximately 40 percent of marriages ending prematurely, no one facing the end of his or her own marriage should feel alone. Even the divorce rate among persons over 50 years old has risen to 10 percent in recent years. Older residents of Alberta may have more to lose in a divorce, as they have had longer to accrue marital assets. Naturally, everyone wants to hang on to as much financial security as possible, so here are some tips for pinching pennies during a divorce.

Understanding one's financial situation is an important first step during a divorce. Many people find their cost of living increases after a divorce due to being on a single income. Preparing for that possibility is crucial to staying solvent after a marriage. Seek valuation of the marital assets and develop a picture of what the future can be, based on a projected division of assets. Don't forget about liabilities, either; debts are divided like assets and come as a surprise to many people.

Though people grow attached to their belongings, it is helpful to try to remain unemotional when deciding what to keep and what to let go. Maintaining an expensive asset, such as a large home or a cottage, doesn't always make sense for a single person with a reduced budget. Selling the asset and splitting the proceeds may be the better choice.

How one chooses to divorce also makes a difference to the bottom line. Staying out of court and utilizing a form of alternative dispute resolution is a great option for many Alberta couples and can save money. However one chooses to pursue a divorce, a skilled lawyer can either help prepare a case, or assist with non-confrontational tactics, and will always keep the best interests of the client front and centre.

Source: CTV News, "Tips on how to save money if divorce is the only option", Patricia Lovett-Reid, March 20, 2017

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