Divorce significantly impacts your financial situation by altering your income, assets, and debt obligations.

When going through a divorce in Ontario, one of the key considerations is the division of assets and debts accumulated during the marriage. The Family Law Act governs how property is divided, usually aiming for an equal split of the net family property. This includes shared assets like homes, pensions, and savings, but it also means shared responsibilities for debts incurred during the marriage. Additionally, spousal and child support payments may also affect your ongoing financial obligations. Proper financial planning can help you navigate these changes and prepare for your new financial reality post-divorce.