Divorce can be a difficult time for everyone involved, especially when it comes to money. If you’re considering a divorce in Alberta, it’s essential to understand the financial implications of splitting up. This article will outline the basics of Alberta’s divorce finances, including asset division, child support, and spousal support. Knowing what to expect helps…
When you get divorced, the last thing on your mind is likely to be your finances. But if you don’t take a step back and plan, you could be in a precarious financial situation. Here are some things you need to know about divorce financial planning: It would help if you were proactive about your finances….
Divorce can be a difficult and emotionally charged process, and there are a lot of processes to go through and documents to sign. Unfortunately, even once the separation documents are signed, there’s still something else to occupy your mind: your taxes. Divorce does have its financial implications, and one of the biggest implications occurs during…
Divorce mediation or family law mediation is a process whereby couples who are divorcing or separating can resolve disputes between themselves with the help of a trained mediator. In Alberta, Canada, divorce mediation is a voluntary process that can be used to resolve any issues arising from the breakdown of a marriage or common-law relationship,…
A married couple is meant to love each other for better or worse, as per their wedding vows. However, a marriage is only as good as the effort both parties put in, and there are times when it just doesn’t work out, leading to divorce or separation. This creates a new problem because finances come…
Dividing up assets and property can be complex, made even more so by tax implications. In Canada, there are a few things to keep in mind when it comes to divorce and separation regarding taxes. Split Your Family Assets This means that you should consider the taxes you will have to pay on the assets…
Divorce in Canada is an optimal arrangement for some former married people’s physical and mental well-being. However, aside from having those parts of your life impacted, you will also experience some financial changes. Compared to taxes where everything is filed in conjunction with a former partner, there will be several differences to keep in mind….
Alberta’s Matrimonial Property Act (MPA), governing how property is divided upon divorce, defines several assets as exempt from distribution. Assets are exempt if they are so personal that the government does not expect you to share them with your partner. Any time you deprive yourself of an exempt asset, you risk forfeiting its exempt status. …
In Canada, there are ways for an individual to protect their inheritance in the event they get divorced or separated. However, the rules can be very different depending on whether the estate is received before, during, or after marriage. Read this article to learn about the steps you can take. Legal Advice in Receiving an…
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…
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