Money Problems – Separation or Divorce

I’m considering Separation or Divorce. What do I need to know?

One of the leading causes of personal financial problems in Canada is marital stress. In fact about one third of people who file personal bankruptcy in Canada are either getting a separation or divorce at the time of filing.

Before you get separated or divorced talk to a divorce lawyer to protect yourself and understand what’s in your best interest.

Visit www.divorce-canada.ca for a free consultation about divorce and separation in Canada.

If you are newly separated here’s what you need to know:

While you are married you usually have two incomes and one set of bills. You only have to pay one rent or mortgage, one phone bill, utilities and most other expenses you share. Now that you are separated you’re each paying your own set of bills, so your expenses increase, but your own income stays the same. So you need to spend less.

If you are separated here’s what we recommend.

1. Open a new bank account as soon as you can.
2. Contact a divorce lawyer for help on separating your debts. If you have two names on credit cards, or other bills you are BOTH responsible even if you are separated.
3. Spend less. You now have one income, you need to cut your spending.

For more information about separation and divorce visit www.divorce-canada.ca For more information about personal bankruptcy or consumer proposals contact a Trustee.