What if My Spouse Handled the Money?

Frequently asked Question The Common Sense Divorce

In some relationships, one spouse takes responsibility for handling the finances and the other steers clear of anything related to money. This may be for simplicity’s sake, because one spouse has a stronger interest, or for any number of reasons. While there is nothing inherently wrong with this dynamic in a relationship, it becomes a […]

Taking Control of Your Finances After Divorce

Taking Control of Your Finances After Divorce 1

Some spouses think that they are doing their ex-partner a great favour by continuing to manage the finances, or by paying a mortgage or debts. Some spouses allow this to happen. This is not the way it works. You are separating. Your spouse no longer pays your bills. Instead, if there is support to be paid, then […]

How Do You Learn to Manage the Money on Your Own?

Starting a new life after separation is challenging! One of the most daunting hurdles is learning how to manage the money on your own. You may come out of your relationship having never managed your family’s finances, for one reason or another. Rather than waste time fretting about your new responsibilities, you need to take […]

Tax Smart and Money Savvy Divorces

stay at home mom

In divorce, the real value of a settlement is not what you get in the agreement, but what’s left over after you pay Revenue Canada their share. Its hard to think taxes when the emotions are running high, but smart divorcing spouses really must consider the wide range of financial implications and tax planning issues […]

Divorce and Tax Implications

Divorce and Tax Implications 2

When you’re in the middle of your separation process you’re probably not thinking about your taxes, but you really should be. There are a number of tax implications that will arise coming out of your divorce, and it is important to be aware of them while you are creating your separation agreement. Here is a […]

Gail’s Guide to Taxes and Divorce

Gail's Guide to Taxes and Divorce 3

During and following a divorce, your tax situation changes significantly. Here are a few of our most commonly asked “divorce and taxes” questions:   How can divorce affect my taxes? There are real consequences attached to the transfer of assets between spouses when they get divorced. Not all assets are created equally, and you need to be […]

The Canada Revenue Agency and Divorce

The Canada Revenue Agency and Divorce 4

During and following a divorce, your tax situation changes significantly. Here are a few of our most commonly asked “Divorce and Canada Revenue Agency” questions: When does Revenue Canada consider you separated? Separated for family law purposes is different than separated for Canada Revenue Agency (“CRA”) purposes.  For family law, you are separated when you […]

How to Value Assets

How to Value Assets 5

The value of your assets is not always obvious. During the separation process, you will need to value these items in order to properly divide your assets. Here are the top-5 most commonly asked questions about valuations. Valuing the Matrimonial Home There are normally two options for valuing the matrimonial home during the separation process. […]

What is a CDFA?

What is a CDFA? 6

Imagine heading out for a night of dancing in your rain boots. Awkward. How about trying to shovel two feet of snow in stiletto heels. Ridiculous! And yet, every day, people ask their divorce lawyers to be their financial guides. It’s the wrong shoe and it just doesn’t fit. Let me introduce you to the […]

The Do’s and Don’ts of Dividing Assets

The Do's and Don'ts of Dividing Assets 7

In Ontario, when two people enter into a marriage, each spouse becomes automatically entitled to an equal share of the profits of that marriage. This means that when you divorce, you and your spouse will need to begin dividing your assets so that each of you ends up with half the value of all property […]