Divorce & Separation

The financial side of separation,
clearly explained for Canadians.

Property division, support, tax implications, and separation agreements — built around Canadian law, not American templates.

Separation and divorce are rarely just legal events — they're financial turning points. The decisions made in the first weeks and months have lasting consequences. This guide helps you understand what's at stake and what to do first, without the jargon.
The financial process — three phases
PHASE 01
Preparation
→Gather all financial documents
→Understand your full asset & debt picture
→Get valuations for property and pensions
→Open individual bank accounts if needed
PHASE 02
Negotiation
→Decide on a dispute resolution method
→Exchange financial disclosure
→Negotiate property, support, and parenting
→Understand the tax impact of each option
PHASE 03
Finalization
→Sign a separation agreement
→File for divorce (if married)
→Transfer assets using correct CRA forms
→Update beneficiaries, title, and CRA status
Financial document checklist
0 / 22 gathered
Income & Employment
Last 3 years of T4s and T1 General tax returns
Recent pay stubs (last 3 months)
Notice of Assessment (NOA) from CRA
Employment contract or proof of self-employment income
Any CPP, OAS, pension, or disability benefit statements
Assets
Bank statements (all accounts, last 12 months)
Investment account statements (TFSA, RRSP, non-registered)
Pension plan statements with commuted value
Real estate: mortgage statement, property tax assessment, any appraisals
Vehicle ownership and current value (Canadian Black Book)
Business interests: financial statements, shareholder agreements
Debts & Liabilities
Credit card statements (all cards)
Mortgage statement with remaining balance
Car loan / lease documents
Student loan balance
Line of credit statements
Any personal loans or money owed to family
Family & Legal
Marriage certificate
Prenuptial or cohabitation agreement (if any)
Children's birth certificates
Any existing court orders or prior agreements
List of major assets owned at the date of marriage (with values if possible)
Immediate financial steps — before anything is signed
1.
Open a personal bank account
If you only have joint accounts, open an individual account immediately and redirect your income there. This is protective, not aggressive.
2.
Get a credit card in your name only
If you don't have one, apply now. Your credit history as an individual matters post-separation.
3.
Document your assets as of the separation date
Take screenshots of all account balances, get a property appraisal, and note vehicle values. The date of separation is legally significant in every province.
4.
Do not make large financial moves unilaterally
Do not drain joint accounts, sell major assets, or take on new major debt. Courts look unfavorably on this and it can hurt your position.
5.
Notify CRA of your separation
Once you've been separated for 90 days, you must update your marital status with CRA. This affects your GST/HST credit and Canada Child Benefit.
Explore each area in depth