Snowbirds Fly the Coop to Escape the Cold

Snowbirds Fly the CoopFor as long as memory serves, Canadians of retirement age have been moving south for the winter to escape the cold. This group of people are lovingly referred to as snowbirds. Despite the state of the dollar, Canadians are still holding to this practice. They are also one of the few groups of “foreigners” who are being welcomed by the United States.  Tourism from Canada spurs job growth in the destination towns across the US aiding in their economy. Not to mention that Canadians purchase 6% of all homes sold in Florida, therefore injects nearly half a billion dollars in property taxes per annum. Continue reading

Planning for the Unexpected in Today’s World

70687889_sIn 2017 the world has experienced some extremely traumatic events; many centered around major tourists areas. Many people were injured and killed in cartel related shootings in Mexico and most recently the tragic mass shooting in Las Vegas. We have even experienced suspected terrorist activities in Canada with the recent attack in Edmonton. Our hearts and sympathies go out to all those affected indirectly and directly by these events.

While we like to believe these circumstances will never happen to us, the sad reality is they can happen to anyone, anywhere. This is why it’s so important to plan for the unexpected. Continue reading

Divorce Debt and Next Steps

Financial Planning due to divorceWe’ve covered how to financially survive a divorce and dividing assets, now it’s time to get down to the brass tacks – debt. Some couples come into a marriage with debt, as we talked about in one of our blogs “So You’re Getting Married”, and some couples accrue debt during their marriage. Either way, when a marriage comes to an end, that debt must be dealt with.

One approach to addressing marital debt is to pay it off before filing for divorce. This requires a couple who can speak candidly to each other regarding this topic as well as two people who are willing to accept that debt is generally mutually created and accept joint responsibility. More often than not, this situation is just not a reality. Debt is quite often a major instigator of marital breakdown. Continue reading

Dividing Assets During Divorce

A couple of weeks ago, we talked about how to financially prepare for divorce. Facing the topic head-on, while it’s a tough row to hoe, knowing you’re not alone can help. According to Stats Canada, 43% of marriages end in divorce before the 50th anniversary. Reading that, you may think “Who would divorce after being married that long?”. The answer is anyone. Life affects everyone and when you share your life with someone, it affects them too. While knowing this doesn’t make preparing for the emotional impact of divorce any easier, planning your financial decisions ahead of time can put you in a better position to move forward. In life, moving on is the key to moving forward.

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How to Financially Survive Divorce

43131755 - divorce agreement. wife and husband can not make settlementMost people have been exposed to divorce either directly or indirectly and can attest to the impact it has on all involved. Some people avoid the couple and some get far too involved. One of the most damaging aspects of divorce is the financial damage that can be caused if you don’t address the money side as soon as possible.

A “friend of a friend” had been married for a number of years when they found out their spouse was cheating. Emotionally devastated, this friend didn’t know the steps to take to protect themselves. So while they sorted through how they felt and where they wanted to go, their spouse was spending all their money and amassing a large amount of debt. By the time next steps were decided, this friend was now financially responsible for half of the debt.

If this were you, would you know the steps to protect yourself from that level of financial destruction? Did you know if you are directly involved in a divorce, one of the people that can help is your Financial Advisor. At YourStyle Financial, we can help you organize your financial information which will allow you to effectively and efficiently work with your spouse and lawyers. This can also help reduce legal fees, which assists in financial recovery. We’ll start the conversation with a Checklist-divorce-2017 and go from there.

This is just an inch in the well of information and assistance we are able to offer. We’ll be writing again soon on dividing assets and dealing with debts. If you think we can help, be sure to contact us in the early stages of potential separation or divorce.