Safeguarding Your Interests

Safeguarding your interests: How to protect yourself during divorce

By Lance Hiesinger, Senior Financial Advisor, CFP, CIM, FCSI CFDS, CFDA 27 February 2024 3 min read

Divorce is a major life event that requires careful planning and strategic decision-making to protect your interests. The right team of experts can guide you through complexities of divorce, leaving you confident in the decisions you have made. In this article we’ll explore initial steps to protect and prepare yourself, the places where you’re most likely to need expert help and how I can help you establish your support team, every step of the way.

Get organized

Establishing a solid organizational system is crucial to effectively manage your divorce proceedings.

Maintain a detailed calendar to track important dates, deadlines and court appearances.
Keep comprehensive notes for all calls and discussions related to your divorce.
Create a dedicated email address for divorce-related communication to protect your privacy and keep your new life separate from your old one.
Consider using a secure and sharable cloud storage platform to share and manage important documents.

If you have time, researching divorce law in Canada can empower you to make informed decisions with more efficient consultations with your lawyer.

Document financials

To protect your financial interests, thorough documentation and assessment of your financial situation is essential.
Create a spreadsheet that identifies and categorizes all your assets, including properties, investments and personal belongings. Assign precise values to each asset, considering market fluctuations and expert opinions.
Keep a close eye on all your financial accounts. Watch out for unauthorized removal.

A thorough approach to documenting your financials will require the input of financial professionals. This could include advice from a financial advisor, an accountant and an insurance advisor.

Review cash flow

Reviewing your cash flow over the last year will help you develop a realistic budget. This analysis ensures that you have a clear understanding of your financial resources and can make informed decisions about your future financial stability.

I can provide an ATB budgeting tool to help you with this step.

Self care

Taking care of your mental, emotional and physical well-being is equally important during divorce. Seek support from professionals such as therapists and divorce coaches. You could consider joining a support group.

Establish your team

The financial aspects of divorce are often complicated and always important. No one should manage them alone.

For example, I will know when you need an accountant for guidance on the tax implications of your divorce, and when you should talk to an insurance advisor.

Of course, divorce is about more than money. A strong divorce team should also include:

Emotional support. Therapists and support groups offer safe spaces to express your feelings, process emotions and rebuild your life after divorce.
A divorce coach will guide you towards a positive and empowered divorce experience through goal setting and communication tools.
Engaging a competent divorce attorney ensures proper legal representation, protecting your rights and interests throughout the proceedings.

I can act as the quarterback for your divorce team. Different experts are needed at different times throughout a divorce. I know who is needed when, and can introduce you to a team of trusted experts.

Envision your future self

It can make a major difference to envision your post-divorce life before it arrives. Consider what you want in the following areas:

Work and life purpose
Children
Travel and recreation
Health and well-being
Retirement
Home

Divorce can be a challenging and emotionally taxing process. By taking action now and enlisting the support of a qualified team of professionals, you can protect yourself and navigate this complex journey with confidence. By getting organized, documenting your financials, reviewing your cash flow, and establishing a support team, you set the foundation for a successful transition to the next stage of the divorce process—planning for the next chapter of your life. I am happy to connect with you to discuss your situation and respond to questions you may have.

View Terms & Conditions

ATB Wealth^® (a registered trade name) consists of a range of financial services provided by ATB Financial and certain of its subsidiaries. ATB Investment Management Inc., and ATB Securities Inc. are individually licensed users of ATB Wealth. ATB Securities Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization.

The information contained herein has been compiled or arrived at from sources believed to be reliable, but no representation or warranty, expressed or implied, is made as to their accuracy or completeness, and ATB Wealth (this includes all the above legal entities) does not accept any liability or responsibility whatsoever for any loss arising from any use of this document or its contents. This information is subject to change and ATB Wealth does not undertake to provide updated information should a change occur. This document may not be reproduced in whole or in part, or referred to in any manner whatsoever, nor may the information, opinions and conclusions contained in it be referred to without the prior consent of the appropriate legal entity using ATB Wealth. This document is being provided for information purposes only and is not intended to replace or serve as a substitute for professional advice, nor as an offer to sell or a solicitation of an offer to buy any investment. Professional legal and tax advice should always be obtained when dealing with legal and taxation issues as each individual’s situation is different.