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Checklist: Divorce liabilities

Check List Check List


Here’s what to cover off in meetings about divorce liabilities, as well as some to-dos to take care of in advance to make the meeting more productive.

In addition to assets, a divorcing couple must take stock of its liabilities. These can include student debt, a car loan, a remaining mortgage, or a loan incurred for improvements on a residence or vacation property.

Regardless of the source, debt can be a major bone of contention as couples may disagree on whose idea it was to borrow in the first place. While it’s not your place to mediate, an exercise like this can help you gain some of the financial transparency you’ll need to manage a couple through divorce.

This list helps you ensure each debt is clearly detailed so that each creditor can be made whole.

Preview of Checklist: Divorce liabilities

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Checklist: Divorce liabilities

Creditor name

Total owed

Payment term and amount (eg  $150/month)

Payment source (chequing account #)

Which spouse incurred

Debt payment shared

 

$

 

 

 

Yes__   No__

 

$

 

 

 

Yes__   No__

 

$

 

 

 

Yes__   No__

 

$

 

 

 

Yes__   No__

 

$

 

 

 

Yes__   No__

 

$

 

 

 

Yes__   No__

 

$

 

 

 

Yes__   No__

Courtesy of Advisor.ca © 2018 Transcontinental Media G.P. These materials are for reference and guidelines only. You are responsible for the advice you give your clients.
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