10/15/2026
Even the friendliest divorce can leave a significant hole in your finances.
In a recent Globe and Mail story, financial advisors said they often find themselves delivering difficult news to newly divorced people struggling to adjust to the limits of their new financial reality.
Ideally, advisors would rather speak with clients before the divorce process begins, giving them a head start on planning for the next phase of their personal and financial lives.
Here are five areas they say people should consider when planning their post-divorce finances:
1️⃣ Income sources
If you don’t work or have a low income, you may need to find a new job or work longer than planned.
2️⃣ Cash flow
After divorce, former spouses may decide to sell the matrimonial home and downsize, freeing up cash while reducing ongoing housing costs.
3️⃣ Estate planning
Your preferred beneficiaries may change after a divorce. Review your will, powers of attorney and life insurance beneficiary designations to make sure they reflect your new circumstances.
4️⃣ Health-care costs
If you relied on your spouse’s workplace benefits for dental and extended health-care coverage, you may need to find another way to cover those costs, whether through your own employer or a private insurer.
5️⃣ Investment strategy
Depending on your risk tolerance, investment knowledge and portfolio, you may need to reassess your investment goals and expectations.