Few Tips to Financially Prepare For Your Divorce
Usually, divorce brings many changes in the financial condition of both spouses. If you are on the edge of a divorce, you should take all precautions to save yourself from a financial crisis after the dissolution of your marriage. If you are going to file for a BC divorce, here are some tips that may help you to financially prepare for your divorce.
Make sure to obtain all financial documents necessary for your divorce. You may require documents like tax returns, property deeds, life insurance papers, pension plan documents, your recent pay slip, employment contracts, bank statements, credit card statements, and mortgage statements. You should also collect documents regarding your RRSP, investment plans, and stock accounts.
It is also very essential to make an inventory of your non-marital property. Your spouse does not have any right over your non-marital estate. Non-marital property usually includes;
a) Property owned by a spouse prior to marriage
b) Assets, other than matrimonial home, acquired as gifts
c) Property other than matrimonial home obtained through inheritance
d) Income derived from non-marital property
e) Damages from personal injury cases
f) Assets and liabilities excluded by a written agreement like prenuptial and postnuptial agreements
During court procedure, you are required to produce evidence to prove the non-marital status of your property. If you want to claim certain property as non-marital, remember to obtain all appropriate documents to support your claim
If you and your spouse have signed a prenuptial agreement before the marriage, you can divide your assets as per that agreement. Now, many couples prefer to enter into a prenuptial agreement before getting married. As an internet article, “Prenuptial Agreements: Unromantic, but important,” points out, a prenuptial agreement helps to deal with financial issues during a separation or divorce.
The next important thing you have to do is to evaluate and asses the value of your marital property. Any property that has been acquired by either or both spouses during their married life is considered as marital property. Usually, the courts use a method, known as equalization of net family properties, to divide marital property equitably between the parting spouses.
You can get the services of a professional like a certified financial divorce analyst to help you to determine the value of your assets and liabilities and also to prepare financial statement to file in the court. If you and your spouse have no disagreements regarding the equitable division of marital property, you can sign a property settlement agreement or separation agreement with your spouse before filing for BC divorce in the court.
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