Getting divorced or separated

A divorce or a separation will generally have a major impact on your financial situation. But with a little planning, you should be able to avoid a lot of the negative financial consequences and get through this difficult time.

Money matters

Create a budget so you can…

• Allocate income to expenses (rent, groceries, loan payments, etc.)
• Decide which shared expenses (mortgage, personal loans, etc.) will have to be split up
• Decide how to divide your joint accounts (bank accounts, credit cards, investments)
• Figure out what type of child or spousal support is needed

Start or update your estate planning so you can…

• Get an idea of what's involved in settling an estate
• Name an executor
• Set up your Personal Record (PDF, 186 KB) so all your personal information and documents are in one place to make things easier for the executor

Need help with estate planning?

Tips from an expert

Talk to a representative or a financial planner about…

• Taking stock of your ex's insurance coverages to decide which ones should be maintained or replaced, like group insurance
• Updating the beneficiaries of your insurance policies and retirement savings plans
• Taking out life insurance to make sure your loved ones are taken care of when you die
• Buying other coverages (disability, critical illness, long-term care, etc.) to protect your savings in case you get sick or become disabled
• Improving your savings skills

Talk to a lawyer or a notary about…

• Drawing up the divorce agreement – it's the only way to legally end a marriage
• Your prenuptial agreement or common-law agreement and applying the relevant clauses
• Splitting up your assets and liabilities fairly (called a division of property or family patrimony)
• The possibility of child support payments

Talk to an accountant or a tax specialist about…

• The financial and tax impact of ending your relationship and the resulting asset transfers on your taxes, child benefits, tax credits, etc.

Other links and useful information

Getting Divorced – Service Canada

Divorce Act – Department of Justice

About Child Support – Department of Justice Canada