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Can you afford life after divorce?

Household finances are a common source of worry for many people. A recent study indicates that a surprisingly large number of people in Alberta are living on the brink of significant financial difficulties. For couples considering divorce, cash flow both before and after a separation should be top of mind.

On Sept. 28, 2016, MNP released the findings of their Consumer Debt Survey. This survey is conducted semi-annually; the previous survey occurred in February. The most recent survey revealed that more than half of Albertans have concern about their current levels of debt. It also showed that 58 percent of people living in Alberta believe that a loss of just $200 a month would prevent them from paying their bills. 

There are many potential causes of a sudden income shortfall, including job loss, or even a reduction in salary. Divorce is also an event that can trigger a loss of income. Not only does the divorce itself cost money, but the settlement can also have a profound impact on a person's financial picture. Shared incomes become separate, assets change hands or are disposed of, and support payments are a possibility.

Getting a divorce solves the immediate problem of being in an undesirable marriage, but it also creates issues for the future. It is important for both halves of a former couple to consider their individual financial well being down the road. Seeking counsel from a family law firm that handles divorces is a very good first step. They may be able to help work out the details of a secure financial future.

Source: metronews.ca, "Albertans report spike in inability to pay bills and debt: survey", Jeremy Simes, Sept. 28, 2016

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