Divorce remains among the main causes of insolvency in the province.
That’s according to Nancy Snedden of BDO, who specializes in insolvency and credit counselling. This is Valentine’s Day, and a recent survey by BDO shows that a surprising number of couples keep financial secrets from each other.
Snedden says finances can create tension between spouses and that in turn can make existing tensions worse, leading to divorce and insolvency.
Even with a downturn in the economy, marital breakdown remains one the key causes of insolvency among the cases that she encounters.
She advises couples to keep an open communication on finances, understand each other’s spending, and try to create some common goals.