In most marriages, finances are often completely intertwined. Going from “ours” to “yours or mine” as part of a separation or divorce can be a thorny process. 38% of Canadians end their marriage every year, and this week, Travis and Derrick – along with our guest, Island Savings Senior Wealth Advisor, Chris Gerow –are going to simplify what you need to know about managing finances and assets while going through a separation or divorce.

2:30–Money Problem:When Travis’ client was ending her marriage, she was facing some complex financial decisions. She never needed to worry about the finances during her marriage – and now, she was solely responsible for her financial future.

4:30– Expert Examination:Travis, Derrick and Chris help you understand what you need to do, when to be cautious, and how to protect your pocketbook when splitting up your shared finances:

• How to identify which assets are worth fighting for.
• Avoiding emotional decision-making.
• Un-linking your accounts and investment assets at the right time.
• Creating your own credit.
• Safeguarding your income.
• Avoiding tax troubles.
• Special considerations for “grey” divorcees.
• Common financial disputes.
• Being a financially-savvy single.

23:00–Weekly Financial Fix:The first, critical step to simplify the process of your separation or divorce.

If you have an undiagnosed financial concern or want to better understand a financial subject, send Travis and Derrickyour question at islandsavings.ca/wealthbeing, or at wealthbeing@firstwestcu.ca, and we will consider it for a future episode.