Some might say preparing for the breakdown of a marriage is morbid or signals a lack of faith in the relationship, as though voicing the possibility that your marriage may fail will cast an inescapable spectre of doubt over the union. A similar logic applies to the lack of popularity of prenuptial agreements, a legal contract that only 8% of Canadians sign before reciting their vows.<\/p>\n\n\n\n
Divorce is Likely, So Be Prepared<\/h2>\n\n\n\n![\"\"](\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2021\/12\/divorce-likely-1024x683.jpg\")
<\/figure>\n\n\n\nStill, when an estimated 40% of marriages end in divorce<\/a> (with some saying that number is much higher in a post-COVID<\/a> era), it’s clear that the odds of divorce are much higher than the odds of experiencing a life-altering natural disaster. We prepare for disasters like fires and floods. We even buy insurance for earthquakes. So why don’t we prepare similarly for the sudden end of a marriage?<\/p>\n\n\n\nRelated content<\/p>
Estate Planning Resource Guide: Checklist and Tips<\/a><\/p><\/section>\n\n\n\nPlanning for any emergency, including the end of your marriage, isn’t fun. Still, an hour of preparation can lessen the burden of anxiety during the first days and ease the difficulty of the transition. You need a marital emergency checklist, and here’s what should be on it.<\/p>\n\n\n\n
Your Financial Essentials<\/strong><\/h2>\n\n\n\n![\"\"](\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2021\/12\/financial-documents-1024x683.jpg\")
<\/figure>\n\n\n\nThe first few days after the breakdown of a marriage can be chaotic and emotionally exhausting regardless of whether the split is amicable or contentious. The last thing you should be worrying about is whether your credit card will be declined when making essential purchases. While people divorce for many reasons, a recent BMO poll<\/a> put money as the number one reason Canadians would consider divorce – ahead of infidelity. So if money is an issue in your marriage, it’s essential to secure your finances as soon as possible.<\/p>\n\n\n\nRelated content<\/p>
Lessons from a $38 Billion Divorce Settlement<\/a><\/p><\/section>\n\n\n\nLet’s be clear, when I talk about securing your finances, I don’t mean spousal support or who gets the house. You’ll work out these details later. Instead, I’m talking about the steps to take in the days following the breakdown of your marriage to secure your resources in the short term. But, of course, if your spouse is the primary breadwinner in the household, this advice is doubly important.<\/p>\n\n\n\n
Here are the financial essentials you’ll need on your marital emergency checklist.<\/p>\n\n\n\n
- Bank account login details, including account numbers and passwords<\/li>
- Login details for financial statements for investments held in either spouse’s name<\/li>
- Financial information from the first day of separation<\/li>
- Mortgage documents and car loan documents<\/li>
- Matrimonial property titles<\/li>
- Tax printouts if available, tax software login details, or your accountant’s details<\/li><\/ul>\n\n\n\n
Before you spend time printing out financial statements and tax returns, take these two essential first steps:<\/p>\n\n\n\n
- Change the passwords on any privately held accounts, including security questions and two-factor authentication<\/li>
- If your spouse is an authorized user on your credit card, revoke their access<\/li><\/ul>\n\n\n\n
Taking these steps will guarantee you access to short-term funds while the details of your financial separation are settled.<\/p>\n\n\n\n
Your Children’s Essentials<\/strong><\/h2>\n\n\n\n![\"\"](\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2021\/12\/childrens-essential-documents-1024x682.jpg\")
<\/figure>\n\n\n\nDivorce isn’t just hard on the separating spouses – it’s also hard for children. While evidence suggests that divorce can have a lasting impact on children<\/a>, you can mitigate these effects.<\/p>\n\n\n\nYou don’t want to disrupt your children’s routines because you didn’t grab their vaccine certificates before leaving your home.<\/p>\n\n\n\nRelated content<\/p>
10 Best Canadian Cities to Buy a Home on a Single Income<\/a><\/p><\/section>\n\n\n\n
<\/figure>\n\n\n\nStill, when an estimated 40% of marriages end in divorce<\/a> (with some saying that number is much higher in a post-COVID<\/a> era), it’s clear that the odds of divorce are much higher than the odds of experiencing a life-altering natural disaster. We prepare for disasters like fires and floods. We even buy insurance for earthquakes. So why don’t we prepare similarly for the sudden end of a marriage?<\/p>\n\n\n\n Related content<\/p> Estate Planning Resource Guide: Checklist and Tips<\/a><\/p><\/section>\n\n\n\n Planning for any emergency, including the end of your marriage, isn’t fun. Still, an hour of preparation can lessen the burden of anxiety during the first days and ease the difficulty of the transition. You need a marital emergency checklist, and here’s what should be on it.<\/p>\n\n\n\n The first few days after the breakdown of a marriage can be chaotic and emotionally exhausting regardless of whether the split is amicable or contentious. The last thing you should be worrying about is whether your credit card will be declined when making essential purchases. While people divorce for many reasons, a recent BMO poll<\/a> put money as the number one reason Canadians would consider divorce – ahead of infidelity. So if money is an issue in your marriage, it’s essential to secure your finances as soon as possible.<\/p>\n\n\n\n Related content<\/p> Lessons from a $38 Billion Divorce Settlement<\/a><\/p><\/section>\n\n\n\n Let’s be clear, when I talk about securing your finances, I don’t mean spousal support or who gets the house. You’ll work out these details later. Instead, I’m talking about the steps to take in the days following the breakdown of your marriage to secure your resources in the short term. But, of course, if your spouse is the primary breadwinner in the household, this advice is doubly important.<\/p>\n\n\n\n Here are the financial essentials you’ll need on your marital emergency checklist.<\/p>\n\n\n\n Before you spend time printing out financial statements and tax returns, take these two essential first steps:<\/p>\n\n\n\n Taking these steps will guarantee you access to short-term funds while the details of your financial separation are settled.<\/p>\n\n\n\n Divorce isn’t just hard on the separating spouses – it’s also hard for children. While evidence suggests that divorce can have a lasting impact on children<\/a>, you can mitigate these effects.<\/p>\n\n\n\n You don’t want to disrupt your children’s routines because you didn’t grab their vaccine certificates before leaving your home.<\/p>\n\n\n\n Related content<\/p> 10 Best Canadian Cities to Buy a Home on a Single Income<\/a><\/p><\/section>\n\n\n\nYour Financial Essentials<\/strong><\/h2>\n\n\n\n
<\/figure>\n\n\n\nYour Children’s Essentials<\/strong><\/h2>\n\n\n\n
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![\"\"](\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2021\/12\/personal-essential-documents-1024x680.jpg\")
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