Separation and Divorce: Not Necessarily the Same Thing
In this past year, I have been engaged in many discussions where the decision to separate and then divorce has been contemplated for a long time. In one case, the decision to divorce had been contemplated for over 18 years, in another, 12 years, in another, 7 years. The shortest period was made after 2 years. In my short career as a Chartered Financial Divorce Specialist, the decision to separate and then divorce has always been deliberately and seriously made.
My role as a Chartered Financial Divorce Specialist is to assist in helping couples to separate the assets fairly to reach a 50/50 split. The way to get to 50/50 can take a variety of paths depending on the priorities of each person. In one situation, one person was moving away from the community and therefore had no desire for the marital home. In another instance, one person, who had custody of the children, wanted the marital home. Yet again, in a more complicated case, the cash flow from the family business created a desire on one person’s part to stay involved in the day-to-day operations while living in a new condo with a new partner.
In my experiences to date, the decision to separate was usually made quite quickly. The more complicated and lengthy part of the divorce has been to figure out the separation of the money and assets. In Canada, it usually takes a year of living separately before a divorce is granted under the “no-fault” guidelines of the Divorce Act. While divorce can be granted in less that one year, if adultery, physical or mental abuse can be proven, most couples opt for the one year of separation. For these people, they use the lead time to negotiate the split of assets and money. Often the most complicated aspect of the negation is how to calculate child and spousal support.
My goal, as a Chartered Financial Divorce Specialist, is to help couples get to closure as quickly as makes sense. Most people want to start a new chapter in life, once they have determined that the previous chapter has ended. The future value of those decisions can be enhanced if the separation of assets can be reached sooner than later.
- Always check with and understand the property laws of your province *
Note: I am in favour of marriage! Healthy and happy families are the primary units of a strong and vital society and should be encouraged! Like all noble endeavours, it takes hard work, sweat and tears to make something beautiful and worthwhile! If divorce is the route a couple take, then make the break clean, quick, and efficient… your financial future depends on it!