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As soon as you decide to separate you should:

 - change all joint bank accounts

 - cancel all secondary credit cards on your accounts

 - stop contributions to a Spousal RRSP 

If you neglect to do this your partner may use your credit card to the limit and you will ultimately be responsible for the debt as the card is in your name.

If joint bank accounts are not closed all your savings may be quickly withdrawn by the other party and there will be nothing you can do to get the money back.

Keep in mind that a retainer will be needed to hire a lawyer and to do that you will need approximately $2500 before they will even begin to work on your behalf.

If you have been paying into a Spousal RRSP you will have no access to these funds and may wish to cease contributions.

Spousal support can have a big impact on your finances. There is no Government table to determine the support you will pay. Basically the factors in the decision are your yearly income and the duration of the relationship.

A common misconception is that if a spouse has the ability to support themselves - they should. Unfortunately there is no law that forces an able bodied woman to get full time employment if she chooses not to.

In a perfect world a woman would say "Don't worry I'll look after myself if you provide the regulated child support". But it's not a perfect world and if your ex is asking for spousal be prepared to hand over a big portion of your pay.

It is fact that a woman can end the relationship (no concrete reason needed in this day and age), file for divorce, keep most household possessions, have the children the majority of time, continue to be supported by you, remain on your benefit plan till the divorce is final and essentially give up only one thing - you!

The law states that each party shall maintain their standard of living but for Dad's this doesn't always happen. Your ex may in fact be better off than you when you factor in childcare subsidies, G.S.T. Rebate and the Child Tax Benefit and any additional earnings as well as the support you provide.

On top of paying support you will still need to purchase gifts, food, personal items, some clothes, and entertain your children while they are with you. Your GROSS pay is the determining factor for things such as the G.S.T. Rebate and you may find yourself ineligible.

Brace yourself for a tight budget.


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