According to a report by Statistics Canada, separation and divorce are life events that remain primarily consistent among those 50 years of age and over, a stage of life when wealth and assets are often significantly more than when the initial relationship formed. As well, many Canadians are living much longer than previous generations, making estate planning and asset and wealth protection more important than before, in the event that assets need to be divided.
If a separation or divorce are impending, it’s important to proactively build your estate to protect your assets and your wealth during a separation or divorce. Whether the parting is complex or simple, estate planning plays a critical role in ensuring the future of your assets remains with you and your bloodline. Our experts at MacMillan Estate Planning can help you avoid complications with the distribution of assets and wealth after separation or divorce.
Below are some considerations to eliminate the risk to your assets and wealth after a separation or divorce that include:
Consider a prenuptial or cohabitation agreement.
Be sure to actively participate in household finances and investments.
During and after a separation it is important to consider revising your estate plan with the following in mind:
Not all major milestones that occur in your life are expected or welcomed but regardless of the circumstances, our team at MacMillan Estate Planning will help you create a strategy to navigate these important decisions and continuously reinforce your Strongroom. Our team is dedicated to knowing our clients on a deeper, more personal level to act as true stewards of our clients’ legacies and significance. To learn more or to talk to an estate planning professional, contact us today. We also offer complimentary virtual estate planning webinars. For more information, or to sign up for our upcoming webinars, visit our website.