When a couple makes the difficult decision to divorce or separate, financial issues are often a central focus of the parties. In deciding how to separate finances, it is not always as simple as a 50/50 split, as decisions can be complicated by a number of factors. Finding reliable information and support is crucial in successfully navigating through complex financial issues.
Recent amendments to the Canadian Divorce Act favor the use of ADR processes as a means to create long-term solutions to financial concerns. ADR processes allow parties to maintain control over decisions that affect them and their loved ones through a non-adversarial process. ADR processes which may be helpful in resolving separation and divorce matters include mediation, arbitration, a combination of mediation/arbitration, and collaborative law.
Frequent Sources of Conflict About Financial Issues
- Financial support for dependent children
- Differing perspectives around work and family contributions to the marriage
- Spousal support
- Dividing property
- Addressing debt
Conflict Mitigation Strategies
- Have a clear idea about what is most important to you
- Make a list of what you owe and what you own, individually and together
- Enlist the help of a Certified Divorce Financial Analyst (CDFA) or other financial professional who specializes in separation and divorce matters
- Seek legal advice to get questions answered throughout the process, to ensure you understand your rights and responsibilities, and before finalizing decisions
- Create a detailed separation agreement
Additional Information
- ADRIA Directory
- Centre for Public Legal Education Alberta
- Separation Agreement Checklist: https://www.cplea.ca/wp-content/uploads/SeparationAgreementChecklist.pdf
- Information for married and unmarried couples about separation and divorce in Alberta: https://www.cplea.ca/wp-content/uploads/separationdivorce.pdf
- Dividing Your Finances When You Separate or Divorce – Government of Canada
