Ottawa, November 6, 2013 – Working out what to do when a relationship ends can be hard, but the change in your financial situation can pose even tougher challenges. The Financial Consumer Agency of Canada (FCAC) has produced a new life event, a helpful free guide, that forms part of FCAC's complement of life event-based financial literacy resources. Getting Separated or Divorced outlines the financial decisions that need to be made, steps to take and things you should know about dividing property and debts; it also lists some of the professionals, like lawyers and financial advisors, who may be able to help.
“The new reality of less money, changes in your living arrangements and needing to take time to consult with lawyers, support services and financial institutions can be very stressful, financially and emotionally,” says Lucie Tedesco, FCAC Commissioner. “A guide like this makes it easier to plan the next steps.”
The guide covers some of the financial considerations related to separation and divorce, including some key points:
Getting Separated or Divorced is one of a series of life events available on FCAC’s website, itpaystoknow.gc.ca. Others include Moving Out on Your Own, Dealing with Debt and Owning a Home.
With educational materials and interactive tools, the Financial Consumer Agency of Canada (FCAC) provides objective information about financial products and services to help Canadians increase their financial knowledge and confidence in managing their personal finances. FCAC informs consumers about their rights and responsibilities when dealing with banks and federally regulated trust, loan and insurance companies. FCAC also makes sure that federally regulated financial institutions, payment card network operators and external complaints bodies comply with legislation and industry commitments intended to protect consumers.
