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How do you avoid costly financial mistakes during the divorce process?

a couple sit facing opposite directions after divorce
  1. Taking the time to seek proper legal counsel so that you understand your rights and obligations at the outset, thus avoiding have to re-start midway through the process
  2. Refusing to entertain an out of court process, such as negotiating between lawyers or seeking assistance from a mediator
  3. Take into consideration the tax consequence of any support and/or property settlements
  4. Maintaining realistic goals for yourself financially. For example, consider whether it makes sense to delay selling your matrimonial home if the cost of upkeep it too high, or it is clear that netierh party can buy-out the other party’s share
  5. Seek legal advice in relation to how capital gains or withdrawals from your RRSP will impact your income for support purposes
  6. Get appraisals where needed – you don’t want to learn that you valued an asset to low or too high after you’ve already negotiated a property settlement

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About the Author

Zakiya obtained her LL.M. at Osgoode Hall Law School and was called to the bar in 2020. Zakiya has extensive litigation experience in divorce and separation, including in decision-making, custody and access, support, property, and child protection proceedings. She has appeared at the Ontario Court of Justice and the Superior Court of Justice in Ontario she also uses collaborative and alternative processes to reach agreements that are mutually beneficial for all parties involved.