How to Prepare for your Separation/Divorce

In some of our cases, the parties separation has been “brewing” for quite some time.  One or both parties may think about separating from their spouse, but they do not approach a lawyer.   He/she may be preparing emotionally and financially to separate from his/her spouse.  In other cases, a spouse may be surprised to learn that his/her spouse wants to separate.  It comes as a complete surprise.  They then come to our divorce law firm and have no idea where to begin or how to deal with their situation. In both cases, when there are property or support issues, you must prepare to deal with same in the following manner:

1. Prepare a list of all assets and liabilities as of the date of marriage and the date of separation.  Gather all of the documents to substantiate your figures.  If there are any assets that were inherited or received as a gift during the marriage, it is important to provide documentation to substantiate the gift/inheritance and tracing of the gift/inheritance to the date of separation;

2.Do not leave the Matrimonial Home without first discussing the ramifications of leaving the house with your family lawyer.  It is very possible that leaving the house will have a detrimental impact on the sale of the house and any custody/access issues;

3. Do not incur any debts or allow your spouse to incur any large debts prior to the separation.  You want to be able to have sufficient funds to finance any potential litigation.  In addition, you do not want your spouse to incur any joint debts that you be held liable for.  You do not want your spouse to deplete your equity in your residence by utilizing a joint secured line of credit or deplete their net worth.  It may be necessary to cancel joint credit cards and joint lines of credit;

4. If your house is jointly owned, you may want to consider “severing the joint tenancy”.  If you own the house as joint tenants with your spouse, and one person dies, the other person will automatically receive the entire house regardless of the terms of any Will.  However, your lawyer can prepare documents in order to “sever the joint tenancy” .  Each party would then own the house as tenants in common.  Therefore, if you died prior to the resolution of your matter, your estate could deal with your interest in the house and it would not automatically vest in your spouse;

5. You may want to consider changing any beneficiary designations on your RRSPs, life insurance, etc.  If your spouse is a beneficiary, and you die, he/she would receive the benefit of this asset, notwithstanding that it may be your intention due to your separation;

6. Save your money.  A separation/divorce will have financial consequences.  You should have a financial cushion to assist you in coping with any monetary issues;

7. Investigate your spouse/partner’s financial situation.  Gather as many documents that you can find to substantiate your allegations (financial or otherwise).  Copy all documents.  Keep a journal/notes.  It may assist you if there are future court proceedings;

8.  Make sure that your spouse/partner does not have access to your email or mail received at your shared residence.  It is important that any discussions that you have with your Toronto divorce lawyer be on a strictly confidential basis;

9. If there are children involved, you should maintain the status quo (with respect to caregiving) or, better yet, become more involved with the kids.

Please feel free to contact Mr. Fine to discuss any questions you may have.