Desjardins Financial Security - I'm Getting Divorced

Consult a lawyer or notary to:
- Prepare the divorce agreement. Divorce is the only way to legally terminate a marriage contract, since a separation or even a court order does not end this union or the obligations it involves.
- Check our marriage contract or cohabitation agreement in order to apply the terms we agreed on when we signed it. Evaluate the family patrimony (Quebec) or family assets (Ontario) as required by law and ensure a fair division of our assets and debts.
- Evaluate the child support payments that the children will be entitled to receive.
- Review my power of attorney in the event of incapacity. This document gives another person the authority to look after me or my property if I become unfit to do so myself.
- Change my will, because I want to leave everything to the children. I appoint a tutor to property, who will look after my children's estate when I die. It's important to discuss this first with the person I've chosen to make sure they agree.
Review the beneficiary designations in:
- My individual and group life insurance contracts, if applicable
- My investment contracts, if applicable
- My private or public pension plans, if applicable
- Other.

The separation of property has changed my net worth. To get a clearer idea of my financial situation, I draw up a new personal balance sheet.
My family income isn't what it used to be. I adjust my priorities, analyze my spending and review my budget.
I consult an expert about the tax implications of the transfer of assets, following the division of patrimony and assets, and my new tax status.
I gather the various documents related to our joint possessions (credit cards, investments, joint bank account, etc.) to determine what needs to be changed as a result of our new situation.
I inform the various professional services of my new situation, for example: my representative, my accountant, private and public organizations, the federal and provincial governments, the school, etc., if applicable.

I negotiate with my ex about taking out life and disability insurance. These coverages will replace the financial support my ex provides our family should he become disabled or die prematurely before our children are completely independent.
I review my insurance portfolio. I make sure that I have enough life insurance and critical illness insurance to cover my children's needs in case I die, become disabled or critically ill.
Since I don't have group insurance, my ex checks with his/her employer to see if our children continue to be covered under the family plan of his/her group insurance.
To replace the group insurance coverage I no longer have, I look into the benefits offered by Desjardins Financial Security products:
- Universal Life Insurance, a product that adjusts easily to my personal needs and my changing situation.
- Small Business and Self-employed Worker Insurance to obtain individual coverage that's comparable to the one provided by group plans.

Image - I need advice I refer to the I Need Advice Tailored to My Situation section for an example of a situation that's similar to mine and get practical advice.

Divorce Law - Guidebook published by the Department of Justice Canada

Child Support Information - Department of Justice Canada

Spousal Relationship Breakdown - Information on family patrimony, application for divorce, child support, etc., Ministère de la Justice du Québec