Can a divorce be achieved without breaking the bank? Yes!

Can a divorce be achieved without breaking the bank? Yes!

Recently, I helped a couple achieve their divorce without breaking the bank.  The couple, who I will call Mr. Y and Mrs. X, decided to separate, and divorce after many years of marriage.  Mr. Y and Mrs. X were not of the same opinion as to how to come to an arrangement that could satisfy both.  He wanted to work out the separation of assets and the details around spousal support without the help of anyone.  Mrs. X admitted that she did not have a clue how to work out the details and, perhaps even more importantly, was not able to think clearly about how to have a good discussion on these topics.  One thing was clear, they both knew that the marriage was over, and they needed to get on with life independent of each other.

Mrs. X reached out to me against the advice of Mr. Y.  Mr. Y was confident that he knew everything he needed to do because he had researched the topic on Google.  Mrs. X tried to do her homework with the help of her colleagues at work and her neighbor lady next door.  Neither wanted to engage the services of lawyers because the stories of high costs and long legal battles seem common in the marketplace.  Mrs. X was referred to me, a professional Chartered Financial Divorce Specialist (CFDS), by a colleague.  I was able to explain to her how she could proceed with confidence if she better understood the basic substance and some of the processes as outlined in the Divorce Act.  We also discussed that the separation of assets is governed by the province in which people reside.  This was very helpful to Mrs. X because the information she was getting from her next-door neighbor was about her cousin’s divorce in Prince Edward Island. 

Mrs. X accepted my services and shared the information that was provided to her with Mr. Y.  We all followed the process as outlined in the Engagement Agreement and within 5 months, determined 2 ways to look at how the division of assets could be achieved.  After some give and take on a few minor points, the “parties to the divorce” found a notary who drafted up the divorce agreement. 

In my opinion, the reasons why Mr. Y and Mrs. X got to this amicable split relatively quickly were:

  1.  Even though they were unhappy about the failure of their marriage, they both agreed that the marriage was over.
  2. Mrs. X and Mr. Y understood that they could not get more money from the other because of real or perceived injustices that occurred while being married.
  3. Mr. Y and Mrs. X were respectful of each other’s wish to look for a couple of ways to split the assets.
  4. Both “parties” found value in using a disinterested third party who could help them negotiate a solution that they wanted.

The professional fees that Mr. Y and Mrs. X were relatively low.  They had to pay for a professional valuation of the marital property, their recreational property, and their respective government defined benefit pension plans.  The fees of the CFDS and the Notary were focused on the solution they wanted as opposed to paying “fighting” costs.

In conclusion, a divorce can be achieved without breaking the bank!  In this case, Mr. Y and Mrs. X were invested in solutions that would help both have a hopeful financial future!

Ps.. this blog is a true story.  I have changed some details to protect the privacy of and location of these two people.

Note:  I am in favour of marriage!  Healthy and happy families are the primary units of a strong and vital society and should be encouraged to thrive by everyone… individuals, families, churches, community groups, and all levels of government!  Like all noble endeavours, it takes hard work, sweat and tears to make something beautiful and worthwhile!  If divorce is the route a couple takes, then make the break clean, quick, and efficient… your financial future depends on it!