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Collaborative Divorce Alberta Blog

Dividing Assets

11/23/20

Three essential tips to prepare you financially for your divorce or separation

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...

02/05/20

Navigating the Financial Aspects of a Collaborative Divorce when a Business is Owned

Author: Crystal Hawryluk, CPA, CGA, CBV, CFE Some divorcing couples may have limited assets to be divided such as a house and RRSP’s and perhaps some liabilities such as a mortgage and credit card debt. Divorces such as these can often be quite straightforward from a division of matrimonial property standpoint. However, in more complex situations like this, you may require the assistance of a Financial Neutral (i.e. a financial expert that has also been collaboratively trained) to help you navigate the additional complexities that arise from owning a business. Specifically, how do you determine what the shares of your...



06/25/19

Podcast: An in-depth discussion about Collaborative Practice

In early June 2019, I had the pleasure of joining Catherine Potter on her podcast, “You – The Universe, The Holistic Mind”, to discuss the concepts of Collaborative Practice.  We discussed the basic principles of Collaborative Practice, how it is beneficial and what it offers couples that are working through a divorce with a team of Professionals consisting of divorce lawyers, financial professionals and mental health professionals & coaches. Click play to enjoy the 1-hour podcast interview below.



06/08/19

Are you a divorce “DIYer”?

When it comes to taking care of your finances, are you a Do-It-Yourself-er?  Do you like to buy/sell your own investments, search for the lowest insurance rates, complete your own tax return? There are many people who feel they can save money by overseeing their own finances. And if they are considering a divorce or separation, they may feel they can handle that on their own, too. There are rules and laws in place when it come to dividing marital property in Alberta. Trying to figure this out is not something you should do on your own.  You will need...



02/13/19

Important changes coming to Division of Property for Common Law Relationships

The division of property after separation in a common law relationship is going to change dramatically in Alberta on January 1, 2020. After this date, common law couples will have the same rights to property as married couples as a result of Bill 28 which will amend the Family Law Act in Alberta. That means that they will share all property accumulated during the common law relationship on a 50-50 basis after separation unless there are assets which are exempt from shared division, but these exemptions will be the same as for married couples. Family law in Alberta has always...



11/20/18

Separation & Divorce Can Be Tricky for Your Finances

There’s nothing enjoyable about a separation/divorce, regardless of who initiated the action. But life happens, and people need to move on. I began specializing my mortgage brokering business on servicing the needs of those going through separation/divorce after personally having to navigate the processes alone. It was a very humbling experience having to ask my parents to co-sign my mortgage in my 30’s. That was my driver to find another way, so nobody else had to go thru what I did. I help homeowners split their marital home and educate my clients so they can create financial independence and own...



11/05/18

Promptly exchanging all financial disclosure is key to a quick resolution

If your goal is to avoid court and come to a quick resolution about the division of the matrimonial property between you and your spouse, then it is important to know that you and your spouse must exchange a list of all your assets and debts, as well as any supporting documentation that either one of you would like to see. Under the Matrimonial Property Act (“MPA”) of Alberta you and your spouse can divide your property in any manner you agree, provided that: You understand the agreement that you have reached; and You follow the formal requirement of the...



03/21/17

The “Grey Divorce” & Retirement

A growing trend in the the divorce rates in Canada appears to be for middle age or older adults.  Thus the term “grey divorce”.  There are many concerns that middle age or retired couples may have with regards to splitting their retirement assets and adjusting their retirement goals.  If the divorce is close to their anticipated retirement age, they may have less time to recover and rebuild their individual retirement plans post-divorce.  As a Certified Divorce Financial Analyst and Certified Financial Planner professional, the most common questions I get asked is: How much will I be able to retire on,...



07/23/15

Dividing property in Divorce – What Alberta divorcing couples need to know

When a couple is separating or divorcing one of the most important issues that must be dealt with is dividing the property that they acquired during their relationship. Property: People often think that property refers only to homes, or land. The term “property” actually means anything that is owned by either one of the parties, or both of them together. Some obvious examples of property are the home in which they live, other land, real estate, recreational property, or timeshares. It also includes financial assets like bank accounts, term deposits, stocks, bonds, stock options and life insurance. More examples of...



07/23/15

How a Certified Divorce Financial Analyst can help you divide assets in Divorce

A Certified Divorce Financial Analyst is an important member of your team of professionals that will help you navigate your divorce. A CDFA is your “financial coach” and will help you with the financial end of things. One of the first steps is to work with a client and lawyer to prepare an asset list separating the wife, husbands and their joint property. Property includes everything that was acquired (except by gift or inheritance) between the date of marriage and the date of separation or valuation date. Likewise, the debts are listed. Generally clients will have options of how the...



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