You may not immediately think of a financial planner (a.k.a. financial divorce specialist) when you separate or divorce, but the prospect of creating two financially independent households is daunting to all but the wealthiest of Canadians. As a financial divorce specialist, I provide context, projections and creative solutions throughout the negotiations. To be clear, my role is not to compromise or disadvantage the other spouse. I will not participate in revenge-seeking. If, on the other hand, you want support as you proceed to this new phase of life, then read on and register for my webinar on December 1st at 10:00 a.m. EST.

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The most direct pathway to financial independence comes from getting and listening to professional advice. Many negotiations go sideways because of well-meaning friends and family who paint inaccurate pictures of how the negotiations “should” go. The courts do not care about what brought the couple to decide to dissolve the union. To borrow a phrase from popular culture, the goal of modern family courts is amicable “decoupling” focussed on creating financial independence and the fostering of the well-being of the children.

Separating and divorcing is primarily a legal process and the costs of that process can easily get out of control.  Following these steps will be key to managing those costs: 

  1. Use your lawyer’s time wisely by keeping a running list of questions or agenda items that you wish to discuss and then booking an appointment.
  2. Remember: your lawyer is not your best girlfriend. He or she will charge you an hourly rate to listen to the airing of your grievances.  Need to vent?  Call your sister, not your lawyer.
  3. Lastly, if you are obligated to pay spousal support, there are tax and cash flow strategies that can make those payments more tolerable.

There is so much more to share so please join the discussion on December 1st, where we will go over the key steps mentioned above and much more.  If you miss it, you can always access the recorded version by visiting where all my pre-recorded content is stored.

I look forward to seeing you on the 1st!

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Monique Madan, lead financial life strategist at Upotential, has been working in the financial services industry for over 15 years and has acquired a unique and sought-after perspective on personal financial planning. She has been featured as a financial advisor in the Globe and Mail and provided her guidance to the Financial Planning Standards Council (FPSC®) in the development of their current code of ethics and to Moody’s Analytics as a subject matter expert.