If your Divorce is completely final, and the distribution of assets is already locked, well, we can’t help you. But if you’re still in the process, or you’re Di-Curious, you need to get educated on how to protect yourself financially in your Divorce.
This article from Canada’s Globe and Mail focuses on the fact that couples Divorcing Over 50 typically have accumulated more assets than younger couples, and also have less time to acquire more. Additionally, a retirement plan that had been set up to support two people living together must now be split into plans supporting two individuals. (Translation note: you’ll see reference to “RRSP’s” — that stands for Registered Retirement Savings Plan, the Canadian equivalent of the American IRA or 401K). And the biggest take-away is that complicated finances, for instance that include a business, require high-level, thorough analysis to ensure an equitable split.
If you’re still dealing with dividing assets, or think you may be someday, this piece is a solid start on making sure you come out as well as possible.