It makes good financial sense for clients to know one another’s assets when entering a relationship for a variety of reasons, including in the event of a breakup
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“Divorce is so emotionally challenging, we all know that, so the first thing I ask is, ‘Are you okay?’ and do they need the name of a counsellor or someone they need to speak to.” “You want to have a detailed understanding of what are the assets and liabilities? What was brought in or built prior to the marriage? How about during the marriage?” she asks.
A client’s house is probably the financial asset that “is worth the most” and holds the most significance emotionally, which means it requires a clear budget to see whether it’s something the client can truly afford on their own “because sometimes they simply can’t,” says Wendy Olson-Brodeur, CFP at The Financial Divorce Specialist Inc. in Calgary, whose practice collaborates with both parties in a divorce.
“I usually use this example with my clients: if my mom passes and she leaves me $100,000. Then, I take it and I put it into a [guaranteed investment certificate ] in my name and that GIC has grown now from $100,000 to $150,000 – that’s $50,000 in growth,” she explains.
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