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2.4 Financial Separation Checklist


The page provides a checklist of the many steps you need to take in order to separate your finances. Go through and check off what you have already done.

Use the checklist as your financial TO-DO list. Refer back to this list often to make sure you are taking the necessary steps. The more checks you make on this page, the better prepared you will be. 


Check Financial TO-DO List
Review the specifics of all financial accounts. Make sure you have access to all information: account numbers, financial institutions, insurers, your tax accountant, important documents and contact information for each.
Make copies of all relevant documents and computer files with financial data for yourself.
Meet with a financial planning professional and a tax accountant to discuss the financial and tax implications of decisions you will need to make as you plan for separation.
Make sure you have access to savings of your own in the event that you must suddenly rely on your own resources to meet household and personal expenses.
Have a credit card in your own name. If not, apply for one.
Begin an inventory of all separately and jointly-owned assets. Include investments, cash, vehicles, real estate and furniture.
Obtain appraisals of assets such as art, antiques, fine jewellery and other tangible items.
Make a list of all outstanding debts.
Check the contents of any joint safety deposit box.
If you changed your name contact your service providers to make the change on legal, financial, business documents. Contact Vital Statistics to identify documents where you may need to make changes.
Review health, life and disability insurance coverage. Replace any lost protection. Consider changing beneficiaries on policies you own unless your separation agreement requires you to continue to name your former spouse.
Review and update your will and other estate planning documents. If you have no will, prepare and execute one.
Contact your employer to make changes to benefits as needed that reflect your requirements as a single person.
Obtain advice about filing your first tax return as a single person, particularly if you were still married at the end of the previous tax year.
Collect and organize your important legal and financial documents.



2.4 Financial Separation Checklist