News Flash: Finances are a Top Concern for Divorcing Couples

Is this news to you? I just read about a recent survey conducted by BMO in August 2011 of Canadians going thru divorce suggesting that financial security over the short- and long-term are of primary concern when deciding whether to split from their spouse.

The top 3 concerns were: the family home (53%), pensions (17%) and investments (13%).

When I see these numbers, I am not surprised in the least.  Going from two incomes to support one household to two incomes to support two households is obviously going to put a significant amount of strain on the family resources.  Most clients anticipate the emotional upheaval that they will undergo, but they underestimate the financial strain that it will cause their family.

The best advice I can give is to ensure that you have done your research before you start anything.  If you are separating or already separated, don’t immediately spiral into the high conflict setting that can have significant negative long-term effects for you and your kids.  Look into the different ways that you can transition into your post-separation life – do you want the DIY option? Can you and your spouse sit down with a mediator? Do you want to have a lawyer represent you, but avoid court (Collaborative Process)? Or maybe the best option for you is to fight the big fight.  I don’t know your personal situation.  What I do know is that most people jump the gun in assuming that they need to get a lawyer and go to court. 

Do your research!  This is the best way to move down the path of ensuring that your financial concerns for the future can be addressed, and the best option for your family can be chosen.  Once you have a bit of information under your belt, then choose a professional who will assist you to move through your separation in the way that best suits you.  Don’t let a professional tell you how your divorce will go – you need to stay in control of your own outcome!

Did you do your research before starting your divorce? Share your stories with me – send me an email at Stephanie@kindrachukdobson.com or follow me on Twitter at @stephaniecollab and send me a tweet.  I want to hear from you! Find archives of my articles on www.kindrachukdobson.com.