How to recover financially from divorce + MORE Dec 4th

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The holidays are just around the corner and, although it’s usually a happy time of the year, a new survey from PC Financial* has confirmed that many of us have long known, the holidays are stressful and expensive. 49% of Canadians surveyed said they’ve blown their holiday budget, while 74% said holiday spending is a source of stress. 
What’s worse is that sometimes you’re put in a position where things can get awkward fast: 43% said they didn’t have a gift for someone who had one for them and 70% said they’ve compromised on the number and quality of gifts due to financial constraints. The good news is there are ways to relieve that stress. Nearly 70% of Canadians are planning to use loyalty points to offset holiday spending and reduce stress this season. Loyalty cards like the PC Financial Mastercard* can help you earn points on your disaster-averting purchases or rack up more points for you to use when you need them the most.
Playing host
When hosting dinner over the holidays, Canadians spend more than 13 hours on average planning, cooking, shopping and setting up for the big day…

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Right off the top, it’s important to acknowledge that there are no secret strategies for magically avoiding the financial impact of divorce. Divorce is difficult. You may lose half of your assets—or more—during the process of equalization. You may have ongoing spousal support or child support obligations to an ex-spouse. There can be differences from province to province, and equalization and support may depend on whether you were legally married or common law, or if you have children together. Divorce terms are sometimes the result of prolonged negotiation, or even contentious litigation, as opposed to a simple form or formula.
Bouncing back emotionally can be hard. Doing so financially can also be difficult. Focusing on the short-run moves to get on track can be the best approach.
Consider real estate carefully
I think it is important not to make any knee-jerk reactions regarding real estate. The cost of buying and selling can be expensive. Buyers in cities with municipal and provincial land transfer taxes may pay more than 3% to buy, and real estate commissions to sell can be more than 5% of the sale price…

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