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Covid Divorce: Putting a new strain on relationships

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The pandemic friction has created a whole new set of challenges for couples, and as divorce rates continue to rise in Canada, you may be curious about what your options are if you were to separate.

If getting married is about love, then getting divorced is about money. Divorce is also about the kids, the house, and many other things, but money will be an emotion-fueled and consuming topic.

The covid-era is overwhelmed with uncertainty. Could there be a decline in housing prices? Could I lose my job? How will my investments perform? Will my kids be at home or school? This uncertainty adds additional stress to relationships, and lockdown puts a magnifying glass on the compatibility you may or may no longer have with your spouse.

A pre-covid divorce had less risk than a divorce happening during the COVID-19 Pandemic. A change in housing pricing may require consideration to continue living in the same home for an extended period, post-divorce. If your ex-spouse loses their job, how will they continue to pay your child or spousal support?

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Although not ideal, some assets, like rental property, may need to be held jointly for a while because the timing for a sale in the housing market isn’t great. If you’re facing a divorce during all of this economic uncertainty, then financial advice from a Chartered Financial Divorce Specialist® (CFDS®) is a must!

There is never a great time to bring up divorce. Before you do, you may want to understand how the finances could look post-separation, and having this information before asking for a divorce is invaluable. I have worked in finance for 17 years and strive to ensure my clients can negotiate their best financial settlement. My clients receive a written proposal, which includes recommendations and creative settlement options aligned to their unique situations.

As a CFDS® I work with individuals, couples utilizing a collaborative divorce option, or in partnership with a lawyer, mediator or within the arbitration process. In working with both you and your former spouse, I help determine the most equitable split possible based on each person’s priorities and goals. If you are considering divorce and want to understand the financial aftermath, I can help. If you are in the thick of it and feel like things are not progressing in a financially fair or reasonable way, then calling me is a must!

About Lindsay Sparrow

MBA, CFP, CFDS

Lindsay has worked as a Certified Financial Planner & Investment Advisor for the past two decades. Lindsay is a transition expert who does her best work when clients are going through a significant life change. As a Certified Financial Divorce Specialist, Lindsay makes sure her clients walk away with what is rightfully theirs. 

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