Although a sensitive and uncomfortable subject, separation and divorce is quite common among couples. It can happen slowly and amicably, unexpectedly and painfully, or anywhere in between. What is important to have during this emotional and often confusing time is a financial team that has your best interests in mind.
The implications of this major life transition can be quite jarring, and you'll have a laundry list of tasks that must be done in order to move forward. Will you move out of your home? How will you and your ex-partner communicate? How are you going to divide up your physical and financial assets? Will you be negotiating custody agreements?
While taking care of these essential tasks, you'll need to take care of yourself as you handle the many different emotions that will come with this transition.
While our team can't be there for all of your Practical, Emotional and Family transitions, we are here to guide you through your Financial and even your Legal transitions.
Each province and territory in Canada has slightly different laws, which can make this process even more complex and it is important to seek professional legal counsel before making any major decisions. We step in when it comes to the division of assets you hold with us. Our team can help you with any changes in beneficiaries, dividing any joint accounts, and updating any financial or estate plans.
In addition, you should also speak with a tax planning professional or accountant to ensure you are prepared for any tax implications. Our extended team has professionals on hand to help you during this difficult time.
This article outlines the financial and tax implications of a relationship breakdown - and it relates to both married and common-law couples.
The Biddle Johnston Wealth Management Team