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Honey, We Need To Talk [infographic]

By Joel Kranc

Published November 14, 2016 • 2 Min Read

Most people go into marriage with the idea of this being their lifelong partner. Families are started, goals and dreams are discussed and lives intertwine. But love and life are not always the same thing. Marriage does not always work out. In fact, in North America, divorce occurs in about 50 percent of marriages.

And while divorce can be the end of one chapter, it can also be the beginning of a new chapter. With the the right communication, openness and prudence, divorce can be relatively smooth for both parties, and even kids if there are any. Acknowledging the problems, protecting yourself legally and financially, and ensuring an amicable outcome will benefit everyone now and into the future.

Steps involved in navigating divorce

Navigating Divorce – HONEY, WE NEED TO TALK

Getting Through the Stages
The negatives of divorce can be mitigated with open communication and the proper counsel. Talk to your spouse and a lawyer to ensure you are well-protected. If there are kids, focusing on taking care of them can make the process a more amicable one.

Divorce in Canada
48% of Canadian marriages end in divorce.1

These are the steps
1. Acknowledge the problems.
2. Communicate – Talk to counsel to make sure you are protected.
3. Prepare for potentially dramatic financial changes.
4. Remain as amicable as possible.

Moving On
It’s not easy and will take time, but a slow and steady approach along with civil and open communication can help navigate divorce successfully and potentially mitigate fi¬nancial and mental stress.

Source: 1United Nations Statistical Division (UNSTAT)

This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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