Love is uncertain, your finances aren’t – what to do when the love is gone (Part 1 of 2)

Marci • April 27, 2012

The two of you are separating and suddenly you face not only emotional upheaval, but financial changes as well. At a time when your head is already spinning, you need to wrap your head around the shift in income, the current asset and debt picture and what to do with the house.

 

The steps you take now will have a huge impact on the final settlement and your life going forward. (No matter how overwhelming it may feel, remember you will have a life going forward!) Take it slowly. Here’s where to start:

 

STEP ONE – Make lists:

This step will be tedious, but it may be the most useful thing you do as you move through your separation and finalize your divorce.

 

  • List your household ASSETS. You must list everything. From your cash and savings to physical items with a financial value; and don’t forget the little things like travel points!

Take the time to create a list like the one below. It will be time consuming but keep in mind you’re doing it to benefit your future.

 

Asset Description Mine Yours Joint TOTAL
1
2
3
4

 

2. List your LIABILITIES. Again, you must list everything. Car leases/loans, lines of credit, student loans, all credit cards (don’t forget gas and department store cards), even debts to family members must be on this list.

 

Liability Description Mine Yours Joint TOTAL
1
2
3
4

 

Now you can see clearly which assets and liabilities are jointly owned and which are in separate names. An important goal in the process is to ensure you both walk away with clean credit. Even while things are being worked out, you must commit to keeping payments up to date.

 

Wherever possible, have your name removed from credit cards and lines of credit that you do not have access to or that you are not using. If you do not have a card that lists you as the primary card holder, now is the time to get credit established in your name only.

 

STEP TWO – Work out your Monthly Cash Flow:

This is never fun. Take time to record all of the money coming in and going out. By keeping careful records for a month or two you will see the pattern of spending. This step is essential for two reasons: 1 – it will help you set a budget for your future life and 2 – this will help clarify any future support payments.

 

With the lists and cash flow behind us, the next post will cover paperwork, the mortgage and hardest of all: talking to your spouse.

 

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RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Marci Deane • July 22, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Marci Deane • July 15, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

Let’s Talk About Getting Top Dollar for Your Property

By Marci Deane • July 8, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.