The last thing you want to think about when you tie the knot is the possibility that your union might not last. Statistically speaking, there’s a good chance that you’ll get divorced. According to Butterfield Law, between 38 and 41% of Canadian marriages end in divorce before the 30th wedding anniversary. Divorce or the dissolution of a civil union not only takes an emotional toll but can be financially devastating too. It’s best to be prepared for the possibility. Here’s how to protect your finances from divorce and cheaters.
Have a prenuptial agreement
Know what the rules are in your province or territory
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Know your net family property
Have your own bank account
Close your joint accounts
Build a good credit record
Consider downsizing your home
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Adjust your budget
Have a detailed separation agreement
SEE ALSO: why Canadian women need to save more money than men for retirement.
Change your will and insurance policies
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