Going through a divorce is not a pleasant experience. It has a dramatic and negative affect on several aspects of both parties including the children and other family members. One area that has to be addressed during this time is the legalities which include the finances. You both need to be able to depend on professionals who can assist you with this. You will want to use the services of both a Toronto accountant and a lawyer in Toronto that specializes in divorce.
Most times during a divorce proceedings both individuals are required to support their financial status through documentation. There are a lot of decisions that have to be made on the financial front. It could be the splitting of assets and settling on the amount of financial support either party may be required to pay.
Just as you want to make the best decisions in any other type of financial matter, it is most important that you do the same here in this circumstance. With the turmoil that is taking place in your lives right now it is difficult to think straight. You will be hard pressed to be able to make wise decisions about your future financial status, which is what will be required. All too often when either the man or woman has to prove what their financial situation is they will only depend on last year’s tax return for this. By consulting with a Toronto Accountant, this expert can advise you as to what documentation you can use to show where you stand now financially and perhaps assist you in doing a financial projection for the future. This will be important if you are the party that is going to be responsible for paying spousal or child support.
Many couples really don’t realize the impact that a divorce can have on them financially. It may seem that it’s just a matter of splitting up the assets and deciding on a future payment for support and that’s it. When couples start looking at how their financial situation is going to change once they become single again it is often overwhelming. For one party the pressure may be how they will be able to survive financially without their partner. For the other the concern may be how they are going to manage the extra payments of support and still meet their own necessities of life. A Toronto accountant can be very instrumental in presenting a clear picture of your current financial situation, and what the situation will be depending on the court settlement that is being proposed through the lawyers. The division of assets, separate financial planning, support, future cash flow and even your future retirement financial position is just some of the financial issues that will need to be considered.
Throughout my many years of providing accounting services to clients in the Toronto area I have handled the financial analysis for many couples. I realize this is an extremely difficult time for the family, and I focus on trying to relieve the stress that comes with trying to sort out the financial matters that are so relevant to their current decision making responsibilities.
Please give me a call at (416) 398-1700 or fill in the contact form on the right here, and allow me as an experienced and professional Toronto Accountant to assist you and your legal counsel with the presentation of your financial status.
