According to the law, couples should receive a 50/50 split of their assets following a divorce. This means that Canadian divorcees may need to reorganize their retirements. For this reason, couples are encouraged to speak with a financial planner prior to going through with their divorces.
It is always best to get financial advice before beginning the divorce process as opposed to after the divorce has already begun or already been finalized. This way, couples will be fully aware of any hidden costs they could face as a result of their divorce proceedings. For example, couples are often surprised to find that they have to split up their pensions, which can be very traumatic and difficult to do when hundreds of thousands of dollars -- if not millions -- are involved in the split up.
According to one financial planner, more and more divorcing couples are finding the emotional and mental fortitude to put their differences aside in the name of making their break up go a little bit smoother from a financial perspective. They are also interested in saving money rather than spending it on lengthy divorce battles and disagreements that go nowhere.
Financial planning becomes even more important for couples who are nearing retirement age. These individuals need to understand the implications of each and every one of the financial and asset division decisions they make as they separate from each other. That way, their decisions do not end up getting them in trouble or causing regrets in the long term.
A qualified Alberta family law lawyer can help divorcing couples -- regardless their ages, life stages and goals -- in navigating their divorce fairly, lawfully and cost effectively. An experienced Alberta family law lawyer will also be able to preserve the peace of mind of divorcing couples as they navigate the complicated process of dividing their assets.
Source: CBC, "Divorce: splitting your assets means rethinking retirement plan," accessed April 22, 2016