Canadian government statistics continually show that roughly half of all marriages end in divorce. If a couple is contemplating moving forward with a divorce, it is important to carefully consider how this event will affect their overall financial situation.

Understanding how a divorce changes financial and estate plans can help reduce legal costs and reduce the complexity of an already-stressful experience. Let us look at some of the key financial issues that should be considered in the event of a divorce.

"After 38 years of marriage, I was blindsided when my husband asked me for a divorce," says Patricia, 61. "I didn't see it coming and was shocked at how fast and efficiently he left the life we had built together."