Divorce: Preparations that may protect finances

A British Columbia resident who considers ending a marriage may be concerned about protecting his or her assets. In fact, it is quite common for people to think they will lose everything in a divorce. With proper planning and skilled advice — other than advice from friends and family — it might turn out to be a fair process for both parties.

As preparation for a divorce, the person can identify all the marital assets and list which items are personal property. Assets may include mortgages, bank accounts, retirement accounts, investments and more. It will be a good idea to get the most recent statements of these accounts, as the court may want documented proof of all the assets. Electronic copies of tax forms, bank account statements, brokerage firm statements and any recently signed financial documents may not do.

Building a support team is also important. While moral support from friends and family is treasured, it is the legal support that may prove even more valuable. Experienced legal counsel can explain the divorce laws of the province, and provide advice related to all family law issues. A divorce lawyer may have other resources that can give valuable input such as financial and tax advisors and child specialists.

Navigating a divorce without the guidance and support of a seasoned British Columbia family law lawyer could be challenging. A skilled lawyer who knows what the client expects can even assist during the negotiation in the property division process. He or she can help the client see the importance of making thoughtful decisions that might be in his or her best interests in the future.

Source: businessinsider.com, “How to keep from losing everything in a divorce, in 6 steps“, Emmie Martin, Feb. 1, 2017

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