What must I consider to make sure that I can survive financially post-divorce?

Things to consider to survive financially post-divorce:

1. Money will almost always become an issue in divorce
2. • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward
   • Money is sometimes used as a bargaining tool to resolve other issues
3. Gather everything you can about your family finances
   • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward
   • Money is sometimes used as a bargaining tool to resolve other issues
4. Understand that a 50/50 division of property is not always fair financially
   • Take into account future value of property
   • Comparable values of different types of property are not always equal due to tax implications
5. Consider the tax implications of all of your financial divorce decisions
   • Consider the year in which you divorce, your change in marital status will affect your tax situation
   • Consider the tax effect and true value of the assets you will retain
6. Make sure that you can afford to keep the house before you settle this matter
   • Pre-qualify for a mortgage
   • Upkeep costs can be expensive, both financially and emotionally
7. Understand the value of your investment and RRSP portfolios
   • Understand tax liabilities and advantages of different investments
8. Ensure pensions are properly valued
   • Defined Benefit Plans must always be valued by a specialist
9. Make sure that the payor of child and/or spousal support has life insurance to support these financial obligations
10. Seek FINANCIAL consultation during your divorce from a divorce financial expert, not from a lawyer
11. Redo your will

Sharon Numerow is a Certified Divorce Financial Analyst at Alberta Divorce Finances in Calgary.