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Lessons I Learned From My Own Divorce – Financially Speaking

I went through my own divorce in 2003. Here are some things I learned from my personal experience.

1. Keep a separate bank account just for support payments with automatic transfers from your main account to it. It won’t matter when cheques are cashed and you can keep track more easily.

2. Don’t sweat the little stuff. You can easily replace household contents and smaller things.

3. Buy second-hand stuff. It is a lot less expensive and just as good as new.

4. Don’t hoard the kids’ stuff. Your kids will want to take stuff from home to home. It may be frustrating for you but it makes life easier for the kids.

5. Start investing in a Registered Educational Savings Plan. When your kids go to university, it will make the costs more manageable.

6. Cars are a huge waste of money. Downsize now. You can save on gas, insurance and car payments. Park your ego.

7. Don’t mess around with disclosure of assets and debts. Collect the documentation asked by your lawyer and save yourself money so your lawyer won’t have to chase after you for them.

8. The more you can negotiate on your own, the less you spend on legal fees.

9. Let go of control. Your spouse can spend their money as they determine appropriate.

10. Both people will suffer a decrease in lifestyle. In time, you will recover.

11. Dating can be expensive and can lead to remarriage.