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British Columbia family law: The cost of divorce

It is widely understood that a divorce can be a potentially expensive endeavour. Leaving aside the costs associated with this family law field, there is also the division of assets to consider, as well as lost income and the cost of essentially starting a new life. This is why it is so important for British Columbia residents to have a solid understanding of their finances before divorce proceedings begin. 

Asset division is one of the more contentious parts of many divorces. People are often loathe to part with long-term assets like a family home, and the deliberation over who gets the house can become challenging. However, many couples do not consider the fact that if one spouse "wins" the home, that spouse could very well become responsible for mortgage payments and escalating costs to maintain the home. Not everyone is in a financial position to be able to handle that responsibility alone. 

It may come as a surprise to British Columbia residents that divorce is one of the leading causes of bankruptcy for individuals between the ages of 40 and 49. However, a closer look at the financial impact of divorce removes some of the incredulity in this equation. When a family income is abruptly halved, it can have far-reaching impact on both spouses for years to come. 

Thankfully, there is support available for British Columbia couples filing for divorce. Family law attorneys are able to provide guidance and help to collate financial information in advance of a divorce filing. In this way, both spouses can effectively plan ahead for their upcoming split and ensure both individuals move forward in their single lives from a more financially stable starting point. 

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