How does a divorce settlement work?

A divorce settlement is a legal agreement that divides assets, debts, and establishes support obligations between separating spouses. A divorce settlement agreement serves as the formal blueprint for how separating couples will handle their shared financial and personal matters. This legally binding document typically covers: Property division - including homes, vehicles, investments, and personal belongings Financial obligations - such as mortgage payments, credit card debt, and joint loans Support arrangements - including spousal support (alimony) and child support payments Parenting responsibilities - outlining custody arrangements and visitation schedules Insurance and benefits - addressing health coverage, life insurance, and retirement accounts Working with a qualified divorce mediator or family law professional is essential to ensure the settlement is fair, comprehensive, and compliant with provincial laws. Once approved by the court, this agreement becomes legally enforceable.

Divorce Settlement Guide: Assets, Support & Agreements

A divorce settlement is a legal agreement that divides assets, debts, and establishes support obligations between separating spouses.

A divorce settlement agreement serves as the formal blueprint for how separating couples will handle their shared financial and personal matters. This legally binding document typically covers:

Property division – including homes, vehicles, investments, and personal belongings
Financial obligations – such as mortgage payments, credit card debt, and joint loans
Support arrangements – including spousal support (alimony) and child support payments
Parenting responsibilities – outlining custody arrangements and visitation schedules
Insurance and benefits – addressing health coverage, life insurance, and retirement accounts

Working with a qualified divorce mediator or family law professional is essential to ensure the settlement is fair, comprehensive, and compliant with provincial laws. Once approved by the court, this agreement becomes legally enforceable.