FAQ for Financial Statements, Tax, and Other Divorce Matters

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FAQ

Divorce is a difficult moment for anyone. Even if you’re going through the most painful times of your divorce, there are still a lot of things you need to decide on and follow through with. Some aspects of your money and tax matters might be quite complicated, and you may become perplexed. But don’t worry; this article will answer the most frequently asked questions regarding financial statements, tax, and other divorce matters.

Frequent Asked Questions on Divorce

Always put yourself in the best position possible during a divorce. However, this doesn’t mean that you have to be cruel to your partner. Always protect yourself financially and make sure everything is settled.

 

  • How Much Does It Take to Get a Divorce?

The price range for getting a divorce differs for every person and their situation. Matters of child custody, attorney’s fees, or other support orders all weigh in on the price differences. But roughly, it takes about $560 to get divorced. But keep in mind that this figure does not include attorney’s fees since it’s always dependent on the lawyer you have. Also, you don’t really need to have a lawyer when you get a divorce decree court. But the process can be very technical so having expert professional guidance and representation is always the best way to go at it. If you check online for divorce prices, you’ll see that prices can differ from province to province.

  • Why Do I Need to Prepare My Financial Statements?

Financial statements include important information about your assets and liabilities as a couple. Everything from your cash, to all of your properties, can be found within a financial statement. So if you’re planning to commence a divorce application that includes claims for child support or property division, your counsel will help you serve and file these financial statements. Always keep your financial statements in order ahead of time before commencing the divorce proceeding. As always, if you have some concerns, always check and clear your questions with your law firm and accounting services in Calgary before the divorce proceedings.

  • When Do I Need to Change My Marital Status for Tax Purposes?

It is important that you change your civil status at the Canada Revenue Agency by the end of the month your divorce is finalized.

  • Do I Need to Settle Child Support Matters Before Getting Divorced?

Yes, this is actually a very important matter that some people often overlook. Remember that when there are children involved in a marriage, the court always looks to their best interests. That’s why you’ll need to settle your child support matters ahead of time. If you haven’t settled the matter yet, the courts will be very reluctant to grant you your divorce.

  • Who Gets What After the Divorce?

You might have some important possessions in self-storage & lockers facilities in North York, or maybe a house in London. So who gets what? Under the Canadian Constitution, each province has their own set of rules. So what really matters here is where you are and where you filed the divorce. However, some general laws that Canadian provinces have is the equal division of properties that have been acquired during the marriage. So this would mostly refer to your family assets. To know what property rules apply to you, always consult your counsel so they can properly explain.

  • Where Do My Children Stay After a Divorce?

It is highly likely that the children will continue living in the family home. That is if the house has not been sold yet. The children can always stay in the family home together with both parents unless one of the parents chooses to move out.

Remember that these questions are just general questions that have been gathered and  you may need therapists in Windsor for additional support. These are not legal advice. Always seek the opinion of your lawyer.

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