On behalf of Gary Kirk of Kirk Montoute Dawson LLP posted in High Asset Divorce on Monday, March 27, 2017.
For a person whose marriage is about to end, it may be of some slight comfort to know that around 40 percent of marriages in Canada end in divorce. A divorce is not unique, nor something to spend too much time feeling badly about. It is, however, something that should be prepared for to avoid making financial mistakes. Anyone entering into a high asset divorce in Alberta may wish to consider some of the following tips for saving money.
Though it may not always be possible, avoiding a courtroom is a key way to reduce the financial, and possibly emotional blow of a divorce. Time spent in court means money spent on fees, and once an argument gets rolling, sometimes it’s hard to stop. A judge’s decision is also beyond one’s control, meaning the results may not be exactly what one had hoped.
Another potential time-waster is arguing over the value of assets. If an estate is of a considerable size, it is likely best to have the assets professionally appraised. With that done, the two parties can more easily go about the business of dividing the assets. Understanding ahead of time which assets are marital and which are not can also save time and confusion during this stage of a divorce.
Many high-income couples sign a prenuptial agreement before getting married. Although the terms of the agreement are generally adhered to, there is no guarantee it won’t be challenged. If a judge feels there has been a significant change in finances since the signing, he or she may overturn the agreement and start fresh.
There is a lot at stake in a high asset divorce, as no one wants to give up the things he or she has worked so hard to acquire. Consultation with a lawyer can help a person understand what may be about to happen. A lawyer experienced with Alberta family law will work with a man or woman throughout his or her divorce, regardless of the form it takes.
Source: mbnews.one, “Note to wealthy people considering divorce: Stay out of court”, March 16, 2017
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