Property Division and Full Financial Disclosure
November 6, 2015 by West Coast ADR
Property division is often the most contentious part of a divorce. This is true even more so for those situations where one person was the primary breadwinner and controlled the finances. If you were not part of the handling of the family finances when you were married, it can be overwhelming and confusing to figure out what you are entitled to by law and how to go about ensuring that you get a fair settlement.
One of the very first steps is to make sure that you have an accurate picture of the family’s financial standings and assets. Get statements for bank accounts, investments and any retirement accounts. You need to have a full understanding of the finances before you can make a decision on what you want out of the divorce.
During this process, it is important to have someone who can help you look for and identify any hidden assets. When only one person is in control of the finances, it’s much easier to set up unknown financial accounts or to buy physical assets and store them somewhere else. A lawyer can help you during this process.
Once any hidden assets are uncovered and you have a clear picture of your family’s financial standing, you can begin the arbitration process and start working towards a settlement. Even if your situation is fairly cut and dried and you believe that you and your spouse can come to a quick agreement, it’s important to be prepared for the possibility of extended litigation. Divorces don’t usually bring out the best in people, so it’s important to be prepared.
Source: The Globe and Mail, “Will divorce destroy your retirement plan?,” Brenda Bouw,
Property division is often the most contentious part of a divorce. This is true even more so for those situations where one person was the primary breadwinner and controlled the finances. If you were not part of the handling of the family finances when you were married, it can be overwhelming and confusing to figure out what you are entitled to by law and how to go about ensuring that you get a fair settlement.
One of the very first steps is to make sure that you have an accurate picture of the family’s financial standings and assets. Get statements for bank accounts, investments and any retirement accounts. You need to have a full understanding of the finances before you can make a decision on what you want out of the divorce.
During this process, it is important to have someone who can help you look for and identify any hidden assets. When only one person is in control of the finances, it’s much easier to set up unknown financial accounts or to buy physical assets and store them somewhere else. A lawyer can help you during this process.
Once any hidden assets are uncovered and you have a clear picture of your family’s financial standing, you can begin the arbitration process and start working towards a settlement. Even if your situation is fairly cut and dried and you believe that you and your spouse can come to a quick agreement, it’s important to be prepared for the possibility of extended litigation. Divorces don’t usually bring out the best in people, so it’s important to be prepared.
Source: The Globe and Mail, “Will divorce destroy your retirement plan?,” Brenda Bouw,