One of the biggest fears during divorce is whether you will be able to survive financially after the divorce. While the uncertainty can feel overwhelming, the reality is that most people adjust and rebuild over time. When you gather good financial information and have the right professional support, you can create a realistic post-divorce financial plan and move forward with greater confidence and stability.
The First Question About Divorce
When you first begin thinking about divorce, the question that often rises above all the others is:
“How am I going to afford this?”
You may worry about keeping the house, paying bills on one income, supporting your children, or starting over financially after years of building a life together. These are normal fears that most people have during their divorce. In fact, financial fear is one of the biggest reasons that many people stay stuck in unhappy relationships longer than they should.
But fear and reality are not always the same thing.
Start with Information
When you are overwhelmed emotionally, your mind can jump to worst-case scenarios. That’s why one of the most important things you can do is to start gathering accurate financial information.
During your divorce, you will need to understand:
- What assets you own
- What debts you owe
- Your monthly expenses
- Your income and your spouse’s income
- What obligations may exist
Once you have the full financial picture, you can begin to make informed decisions about your future, rather than fear-based decisions.
Redefining “Comfortable”
In most cases, divorce changes your financial reality. Instead of supporting one household together, you are now supporting two households separately. That can be a difficult adjustment.
You may need to:
- Downsize your home
- Rework your budget
- Delay certain purchases
- Re-enter the workforce or increase your income
That does not mean you are failing. It means you are adapting.
One mistake people make during divorce is fighting to maintain a lifestyle that is no longer financially feasible. Long-term financial stability is more important than “winning” a short-term battle over assets.
Use Professionals to Help You Plan
In Collaborative Divorce, a neutral financial professional can help you to understand your financial future. They will help you evaluate:
- Whether keeping the house is affordable and/or feasible
- Retirement plans
- Pension division
- Budgeting for life after divorce
This type of planning can reduce fear by replacing uncertainty with practical information that can guide your decisions during the divorce negotiations.
Focus on Long-Term Stability
When you are emotional, it is easy to make impulsive financial decisions. You may want to keep the family home at all costs because of the memories attached to it, but you also need to ask yourself:
Can I realistically afford it long term?
The goal is not simply to survive your divorce, but to build a sustainable future where you feel financially stable and emotionally secure.
You Are More Resilient Than You Think
Many people walk into our offices convinced they will never recover financially from divorce. And while divorce can create some initial hardships, most people are far more resilient than they realize.
The right support, honest financial planning, and a willingness to adapt, can help you to move forward and build a stable new chapter for yourself and your family.
Contact Miller Boileau Family Law Group
For effective and practical legal advice, call the lawyers at Miller Boileau Family Law Group at780-482-2888 or contact us here.
FAQs
Q1: Will I have to sell my house?
Not necessarily. But whether you can keep the home depends on your overall financial situation and whether it will be affordable in the long term.
Q2: How is child support calculated in Alberta?
Child support is generally based on federal guidelines, the parents’ income and the parenting arrangement. The amount varies depending on parenting arrangements and income levels.
Q3: Should I meet with a financial professional during a divorce?
Yes. Financial neutrals, accountants, or financial planners can help you understand your options and reduce uncertainty about your future.
Early in her legal practice, influenced by her late uncle who was a Justice of the Court of Queen’s Bench, Marla Miller, K.C. became a Family Law Mediator. She has been helping families through mediation for over 30 years. In 2001 she, along with Pierre Boileau, K.C. and others, was one of the founding members of the Association of Collaborative Professionals (Edmonton). She has been an active volunteer with that Association ever since.
One of the first Family and Divorce Lawyers in Edmonton to make a commitment to give up litigation as an option, Marla remains passionate about helping her clients settle outside of court by finding agreements that meet their needs and interests. As both a Registered Collaborative Family Lawyer and a Registered Family Mediator, Marla is one of the most experienced family Mediators in Edmonton.