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Financial Agreement

Now that you know your expenses and have your financial budgets in order, you are ready to negotiate the financial aspects of your agreement.

This can be quite complex and even scary.

If you have children your situation is more complicated.  Parents have responsibilities to support their children until, at a minimum, they complete their first post-secondary school degree or diploma.

Financial separation is impacted by your financial responsibilities, your ability to communicate with your ex-partner, the amount of assets and liabilities, and your value systems.  Each situation is different.  The financial issues to be considered are:

  • Child Support and Extraordinary Expenses (if there are children who are being supported)
  • Spousal Support
  • Life Insurance to secure support payments
  • Medical Coverage if there is currently an extended health plan
  • division of family / Personal Assets
  • Liabilities, including appropriate valuations, decisions regarding the Matrimonial Home, and Equalizing your assets, etc.

Note: Financial separation can be very confusing, complicated and can bring out your worst fears.  You are used to a certain lifestyle but financially your life is about to change.  It’s important to speak with a qualified Financial Mediator or Family Lawyer before reaching financial agreement with your ex-partner.  Included in our website is a Support Calculator.  It is accurate but simplistic.  Many families have complicated situations financially.  Remember to get good advice.

 

 

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