Some couples are waiting longer to divorce because of the poor economy, according to a specialist who says that may not be a good idea.
Karen Stewart is a certified divorce financial analyst and founder of Fairway Divorce Solutions. She offers the following tips:
What are the pros and cons of waiting to divorce?
Money is always an issue. The pro for delaying it is not having to split assets in a downmarket. The con is that as people stay in relationships that in their own minds have ended. I find that stress and anger escalate. It’s better to nip it in the bud and be prudent.
How can you have a small and successful divorce in hard economic times?
Step one is to be really prudent and careful of who you employ to help you move through your divorce. Step two is to avoid making decisions around the divorce that are going to destroy the long-term well-being of your assets.
What should couples ask themselves before hiring a lawyer?
Decide whether or not it’s worth hiring one to begin with. It is prudent to have independent legal advice but I don’t advocate getting that immediately. Whomever you hire, ask how much it’s going to cost, what are the guarantees around the outcome, etc.
What is the best way to divorce?
Avoid liquidating if at all possible. Look for creative ways to divide all assets, so for example if a couple is looking to split their RRSPs in half, then do it in away that maintains the portfolio intact. And also do it in a way that separates and divides the risk associated with the portfolio.
