Three essential tips to prepare you financially for a Collaborative Divorce

My top three tips to help you get financially prepared for your divorce or separation.

First, be in the know of your finances and this means knowing how to logon to online financial platforms like bank accounts, your CRA online account, investments, etc.  If you don’t already have one, register for the MYACCOUNT online account service with the CRA to obtain your own logon credentials. This will allow you easy access to your previous income tax returns, Notice of Assessments, notices for Government benefits that you are entitled to like the Canadian Child Benefit (CCB), etc.

Second, gather any documents relating to anything financial, including but not limited to, paper income tax returns, property and investment statements, bank account statements, etc.  Make a copy for your spouse if it’s a jointly held accounts as they will need to provide this disclosure as well.  Be open and co-operative in the sharing of financial disclosure with your spouse.  Hiding accounts or financial documents will only delay the process which will cost you more in the long run and the information will eventually be found out anyway.

Third, don’t be afraid to ask questions.  This is your financial future, and you need to understand your finances and where you are going.  Financial literacy is not taught in schools and we all must learn about it sometime.  If you find yourself feeling disadvantaged by the lack of your financial knowledge, enlist the help and guidance of a professional like me.