How to Prepare Financially for a Divorce

Divorce isn’t just emotionally taxing—it’s financially complex. Being proactive can help minimize stress and protect your long-term financial health.

Gather Key Financial Documents

Start by organizing documents such as:

• Bank statements

• Credit card bills

• Mortgage documents

• Income tax returns

• Investment accounts

• Pension plans

Know Your Assets and Debts

Ontario follows the principle of equalization of net family property. Each spouse's net worth is calculated from the date of marriage to the date of separation, and the person with the higher net worth generally owes the other spouse half the difference.

Consider Spousal and Child Support

Depending on your circumstances, you may need to pay or receive support. Online tools like the Federal Child Support Guidelines can give a rough estimate, but a lawyer can provide a more accurate figure.

Revisit Your Budget

Your lifestyle will likely change post-divorce. Evaluate your income and expenses, and adjust accordingly.