A divorce can cause financial and emotional turmoil

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A divorce can cause financial and emotional turmoil

It is sad but true that a significant percentage of marriages in Ontario and other provinces do not last a lifetime. This is typically a transition that is a considerable challenge, even if the divorce is uncontested. While many divorcing couples remain able to communicate and negotiate contested issues, thorny financial and emotional issues will need addressing.

Important matters to discuss may include child custody, parenting time and visitation; although the court will determine child and spousal support, it will need some discussion. Decisions related to property division and the manner in which joint debts will be divided are also important. The longer it takes a divorcing couple to reach agreement on material issues, the longer the finalization of the divorce will be delayed.

Each spouse may want to ensure that their credit scores are not adversely affected by the divorce proceedings. A damaged credit score can make things difficult when a mortgage or car loan is sought after the divorce. The most appropriate step will likely be to close a joint bank account as soon as possible and open a personal account that can be used to start building an emergency fund for unexpected expenses in the time leading up to the divorce and also in the immediate aftermath.

Fortunately, Ontario divorce lawyers are available to provide valuable guidance and support throughout the process of divorce. A seasoned divorce lawyer will assess any unique circumstances of the client before providing valuable input and advice based on experience and knowledge of applicable laws. Legal counsel may also assist in the facilitation of negotiations involving contentious issues, making sure that the client’s rights are protected.

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