Your Divorce Checklist

Going through a divorce can be really difficult – emotionally and financially. As you’re going through this time in your life, you probably don’t even know where to start or what to do. It’s not like a divorce is something you do every day. If you are going through a separation or divorce, here is a checklist to make sure you have everything you need for a divorce application in Ontario.

Important documents for Ontario Divorce Application

There are certain documents you will need to gather for going through the process of divorce. This can include

• Your will
• Tax returns
• List of assets – including homes, investment accounts, retirement pensions, personal savings and all bank accounts
• Mortgage documents
• Life insurance policies
• Credit card paperwork (if you have any)

Keep an emergency fund

Put together a cash emergency fund of about 6 – 12 months’ worth of expenses, and make sure it’s easy to get to. Sometimes during a divorce, assets can get tied up and not be easy to access, so it’s important you are able to support yourself during this process.

Cancel or close all joint accounts

You’re no longer a couple, so having a joint account of any kind has no purpose. For any bank accounts, split the money in it 50/50 and open a new account in just your name. Additionally, while you’re doing this, change any passwords on financial accounts. Make sure you have your own accounts.

Pay off joint debts

If possible, without waiting on the sale of assets, pay off joint credit cards or debts you have so that you can move forward without any debt attaching the two of you.

Get your own credit card

This will help you establish credit on your own but also gives you a little extra safety room if you need access to some additional funds in case of an emergency.

Decide on a custody arrangement for the children

If you still have dependent children, you will need to work out a custody arrangement and child support schedule. This may require the assistance of a legal professional if both sides cannot agree on the arrangement.

Update your insurance

Chances are you had joint insurance for homes, cars, and perhaps life insurance, so now is the time to update everything to be in your own name.

Retitle assets

After the divorce, any assets you are walking away with should be retitled into your name only. This includes homes, investments and other accounts.

Create a new financial plan

Your old financial life reflected what you, as a couple, wanted and what your joint goals were. Now that you are on your own, you will need a new financial plan for what you want your life to be.

This might include talking to a financial planner to see what works best for you and what you want for your life.

Going through a divorce is a difficult time, and there are a lot of things you will need to change. By making sure you have your financial and legal documents in order, you will be prepared to move through this process and start your new life quicker.

Contact A Divorce Lawyer Today

If you are thinking about divorce or have already started the process, having a legal professional by your side can help make things a lot easier. Contact Fine and Associates divorce lawyers in Toronto, Markham and Oakville today to speak to one of our lawyers.