You may be considered separated by family law even if you live in the same household. However, the income tax act says that you are only considered separated if you start living separately and apart from your spouse or common-law partner due to relationship difficulties. If your relationship is on the rocks, this blog post…
Going to court is, indeed, expensive and stressful, and couples have little control over the outcome. Mediation assists many parties in resolving disputes outside of court. In case you didn’t know, the goal of mediation is to simply settle divorce-related matters outside of court. Many divorced couples cannot agree on co-parenting or financial difficulties. Mediation…
Going through a separation or divorce is a difficult process. It can cause significant psychological and financial burdens for you and your family. Thus, making sure you are emotionally and legally prepared for a divorce can help lessen the emotional pain and guarantee that your rights are respected. Preparation is essential if you believe your…
If you received an inheritance from a loved one, it was intended for you, not your spouse. If you are not careful with your inheritance, you may be forced to share it with your spouse if you separate or have an Alberta divorce. Getting an Inheritance while Married Because every scenario is different, you should…
You may reach a point where you and your partner are unable to resolve disputes on your own. When that happens, divorce may be the only answer. If you and your partner break up, you will need to divide your assets in accordance with the applicable laws constituting your province. If you own a business,…
Most of us intend to coast in our golden years. If you unexpectedly find yourself divorced, you may find yourself living on less than you thought during years when you make less money. You may be required to re-enter the workplace or work for longer than anticipated. These are the reasons why financial planning is…
Going through a divorce typically means handling many issues and smoothing out arrangements for a peaceful separation. Some of the things that would have to be discussed with your former spouse involve setting up child custody, child support, living agreements, division of assets and more. While many of those will typically affect your finances, one…
A divorce or separation can be acrimonious and difficult for family members. If you have young children, it can be exceptionally stressful and upsetting for them too. The divorce process can be long and drawn out, especially if couples cannot settle their differences amicably. And when it comes to the division of assets, such as…
If you get divorced in your 50s, there are some financial considerations that come into play because you may be losing more when it comes to the division of savings, investments, and the overall value of your assets. When married couples divorce, their property is usually divided between them. The rules vary slightly depending on…
Going through a divorce can bring about several changes. There could be physical, mental and emotional shifts during this time of separation, especially if you’ve been with your spouse for a long time. Another evident alteration that you would have to go through after married life would have to be finance-related. As you change your…
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