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Finances Should be a Focus of Collaborative Law Process

October 25, 2016 by West Coast ADR

Making the decision to get a divorce means choosing to begin a new life. Much of what an individual took for granted as a married person will likely be very different as a single person. It is important to give consideration to how that new life will function, most especially the financial aspects. Those considering a collaborative law approach to separation in British Columbia have a unique chance to sit down and discuss those aspects with their soon-to-be former partner and with legal advisers.

One American expert says there are four key financial areas to think about during a divorce. The first is the division of assets. Everything a couple owns needs to be either disposed of or taken into someone’s possession. This includes anything from real estate and vehicles, down to appliances, electronics and even home decor.

Accumulated debt is the second aspect, and it is, unfortunately, something that needs to be shared between former partners. How these debts will be managed will be a key part of divorce proceedings. Thirdly, how a married couple’s tax situation will change needs to be investigated. For example, the possible sale of real estate will impact each person’s capital gains for the year. And if there are children, the matter of child benefit payments needs to be considered.

Which leads to the fourth and final aspect: children. Raising a child is expensive, and it is a good idea to agree early upon how the child or children will be supported after the divorce. Custody arrangements must be made, and possibly support payments will have to be set up.

Family law in British Columbia sets out guidelines for the division of assets after a divorce. However, there is still much to be discussed and settled for any couple that is separating. Using the services of a family law firm may take much of the stress and worry out of divorce proceedings by utilizing collaborative law to help create a plan for a financially sustainable future.

Source: goodmenproject.com, “4 Top Money Issues In Divorce“, Colin Amos, Oct. 24, 2016

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