People in British Columbia who are preparing to divorce should take some steps to make the separation of their finances and accounts easier. With careful planning, people may be better able to move forward following the separation of debts and property.
People could start by making a complete list of all of their jointly held debts, assets and accounts. It might also help to gather all documents they will need, including pension, bank account and investment account statements. Credit card records, wills, insurance policies and mortgage documents might also be necessary.
For jointly held accounts, people may close them and divide the money contained within them evenly. They could then open a new account in their own name. Furthermore, it might be helpful to pay off joint credit card accounts and other jointly held obligations. The debts will be divided in the divorce, but paying them off early can help make the later division easier. While the divorce is pending, continuing to pay their bills on time to avoid bad credit and unnecessary interest payments may be important as well. People could also take steps to update their wills.
By being proactive, individuals who are attempting to dissolve their marriage could help lessen the financial damage the process may cause. However, it may be difficult for a person to negotiate a settlement without professional help. A lawyer who is familiar with family law could assist a client with collecting the necessary documentation to support their interests during negotiations with the other party and court hearings if litigation becomes necessary. That lawyer might also be able to help the client pursue an equitable divorce settlement that provides a solid foundation for life after the marriage has legally ended.