Planning For

Relationship Transitions

Planning for Relationship Transitions

Money is the number one issue couples argue about and a leading cause of divorce and separation. It doesn’t have to be that way – building strong financial skills and habits early in your relationship can provide you the confidence for life’s next milestones.

At any age, if you’re

  • getting married for the first (or second or third) time
  • entering or in a common-law relationship
  • creating a blended family
  • divorcing or separating from your partner

Getting in or out of relationships is an important life event that has significant financial consequences.

How We Can Help

Surprisingly, many of the financial issues of “getting into” a relationship are similar to those of “getting out” of one.

Merging or uncoupling finances isn’t simple – because relationships aren’t simple. That’s why:

  • The FocalPoint “Getting Ready” Financial Plan provides a path to build financial confidence for your next life transition – whether it’s “getting into” or “getting out” of a relationship.
  • Our Divorce Financial Analyst provides scenarios for the division of family assets and obligations with divorce or separation.

Relationship Transitions

We can work with you to answer questions like these… because the answers are all about you.

Transitions

  • How much should a wedding cost, and how do we plan to pay for it? And are there ways to minimize these expenses?
  • When do we become a common-law couple?
  • Where will we live? Should I put my new spouse on the title of my house?
  • My new spouse has children. Who is responsible for their childcare expenses?
  • How will marriage impact my long-term financial goals, such as retirement? And what adjustments do I need to make to my financial plans?
  • Are there financial advisors or therapists who specialize in relationship issues? And how can I get support to manage the emotional and financial impact of entering a spousal relationship?
  • How much will the divorce process cost, including lawyer’s fees and mediation costs? And are there ways to minimize these expenses?
  • When does my marriage end?
  • Where will I live? Should I keep the marital home, or should we sell it? And how will the sale or transfer of the marital home be handled?
  • How is child support calculated, and what factors are considered? And who ensures child support payments are paid?
  • How will the divorce impact my long-term financial goals, such as retirement or saving for my children’s education? And what adjustments do I need to make to my financial plans?
  • Are there professionals or therapists who specialize in divorce-related issues? And how can I get support to manage the emotional and financial stress of the divorce or separation process?

Tax Planning

  • How will my tax situation change when we’re married? How does the CRA know if I’m in a common law relationship?
  • Can I split income with my new spouse from the profits of my private corporation?
  • Does my new spouse become a part owner of a family business or professional practice when we marry? And should I get my business valued before I get married?
  • How will my tax situation change after the divorce? And who will claim the children as dependents on tax returns?
  • How are corporate assets and debts divided in divorce or separation?
  • How will a family business or professional practice be valued and divided? And what options are available for handling business assets and interests?

Risk Management

  • Do we need a prenuptial or co-habitation agreement? And what can be included in it?
  • Do I become responsible for my partner’s debt obligations when we enter a relationship?
  • When should I update my will and other estate planning documents? And what happens if I die without a new will?
  • How will my health insurance coverage change with a new relationship? What if my partner also has health insurance with their employer?
  • Do I need more life insurance if I get married? And how much is appropriate?
  • How is a prenuptial agreement factored into a separation agreement?
  • How will our debts be divided, including mortgages, credit card debt, and loans? And who will be responsible for paying off joint debts after the divorce?
  • How and when should I update my will and other estate planning documents after the divorce? And what happens if my spouse dies during the divorce process?
  • How will my health insurance coverage change after the divorce? And what are my options for obtaining health insurance if I was covered under my spouse’s plan?
  • What happens to our insurance policies? And are there new insurance needs when I exit a relationship?

Wealth Accumulation

  • What is considered joint property when I get married?
  • Should we open a joint bank account and develop a joint financial plan – or keep things separate but coordinated? And should we co-mingle all our assets when we become a common-law couple?
  • What happens to my employer pension? Does it continue to be solely my asset?
  • When do we begin to develop a joint budget and financial plan? And what steps do we take to manage our individual credit?
  • If I receive an inheritance while I’m married, is it joint property?
  • How will our assets be divided, including the house, cars, and other property? And what happens to our joint bank accounts, investments, and retirement accounts?
  • How will our retirement accounts be divided? And how will any pensions be divided?
  • How can I create a new budget and financial plan post-divorce? And what steps should I take to rebuild my financial stability and credit score?

Discover your “Getting Ready” Financial Plan or Divorce Financial Analysis to prepare for your future.

Speak To Our Financial Divorce Specialist

Divorce and Separation

FocalPoint’s divorce financial analysis team, lead by Michelle Aucoin, works with you to develop scenarios for the division of assets and debts and to understand the financial consequences of your divorce. We will strategically guide you through a disciplined financial analysis process, which is delivered independently of a financial plan.

Divorce Financial Solutions

The Impact We’ve Had

Discover Your “Getting In” or “Getting Out” Financial Plan.

Getting In or Getting Out of a relationship can bring uncertainty, but FocalPoint’s expertise and credentials can help you navigate the challenges with a robust, effective plan.

Schedule Your Consultation
Call Us at 250-863-2952