Few marriages find their genesis in a desire to see that marriage end. However, as some British Columbia residents are keenly aware, divorce is a potential risk any married couple takes on when they walk down the aisle. Given the number of marriages that end in divorce, it can pay to be prepared. This is especially true for women who may find themselves in a more challenging divorce situation.
Divorce almost always involves a deep dive into the finances of both spouses, which is why it is so important for both parties to have their financial documentation in order. If there are joint accounts, it is a good idea to close them so both parties can begin to forge their own financial paths without worrying about one another’s debt. This can also help both parties to establish separate credit and begin building their credit scores as individuals.
Not all divorces are amicable, which means in some cases it is in the best interest of a spouse to prepare for a contentious battle. This might mean creating a so-called “secret fund”, wherein a spouse puts away funds for the divorce in an account the other spouse has no access to or does not know exists. Above all, seeking the best support team available is a high priority for any divorce situation. The services of an experienced attorney can help smooth this difficult road whether or not the divorce is amicable.
Divorce has long-lasting repercussions on both spouses, so it is a good idea to educate oneself about the process and one’s role in it before embarking on the settlement road. For British Columbia residents, knowing the rights and responsibilities of each spouse in a divorce is a good way to start down the road to independence. With the help of an established attorney, the road does not have to be uphill all the way.