Getting through a divorce or separation: A financial checklist continued
Pay off your credit cards and other debts.
Once you and your ex-spouse have a separation agreement, you will divide
your assets and debts. Then you can pay off your joint credit cards, and
either close them down or transfer them to your name only.
Make sure you have your own credit card before you close any joint ones.
Also, check your credit report within three months of your separation/
divorce so you can clean up any errors. For instance, make sure all joint
loans and credit cards are shut down.
In Canada, to check your credit
report, you can contact:
Equifax Canada
1-800-465-7166
TransUnion Canada
1-800-663-9980
Don’t make any big financial
decisions right away.
Avoid making big purchases or
big investment decisions until
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you and your ex-spouse have
divided your assets and debts. Give yourself time to decide what’s best for
you and your family, and be sure to get professional advice if you need it.
Update your will.
You’ll probably do this as you put together your divorce agreement. It’s
important that you protect your children in case something happens to you.
Make sure you get legal advice to put everything in order.
Getting Separated or Divorced
Most people who go through a divorce or legal separation will need legal help even
if you and your ex-spouse find it fairly easy to work things out. This is because you
need to know what the law says is fair when you divide up your assets. A lawyer
can also explain how child support and spousal support work in your province.
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