When you’re considering divorce in your 50’s, a big concern is the financial impact for you and your spouse at this stage of your lives. If you delayed having children, they may be young and child support payments may derail retirement plans/savings. You may still be faced with funding post secondary education. You may be supporting aging parents. One spouse may already be retired.
Part of divorce is dissolving your family’s joint financial relationship. This can’t be done unless you know the total financial picture. All the facts need to be on the table so you can determine how best to separate your finances allowing both of you to make the best choices of how you will move forward on your own.
This means doing some homework in advance. As a start, you need to find and prepare the following documents:
- Tax returns from most recent tax years
- Recent paystubs that show payroll deductions
- List of personal property such as cars, boats, valuable art, jewellery, antiques
- Recent statement from Assets:
- Bank accounts
- Investment accounts including open, RRSP, RRIF accounts
- Education savings Accounts
- Other assets such as Stock options, other Company awards
- Company Pension
- Recent statements of Debts: Mortgage, Line of Credit both personal and joint, Car loans
- Miscellaneous Info: Life insurance, Medical benefit plans
- Business Ownership details
Doing your homework takes time. Documents may be hard to locate. You may have to request copies from the bank or your employer. You may not have looked at some of these documents for a very long time.
You can hire a divorce financial professional to “tutor” you with your homework. They can help explain and organize it all so everyone is ready to start.