Many Canadians are not financially prepared for a divorce, according to new research from TD Canada Trust, however there are steps advisors can urge clients to take to regain their financial footing in the period after a breakup.

According to a survey of 2,000 Canadians, the majority those in serious relationships have shared assets. Of those Canadians currently in a relationship, 72% own a home together, 68% have a joint bank account, 64% have a joint financial plan and 52% have a joint credit card.

The results also show that divorce proceedings are taking longer, with 21% lasting more than two years, an increase of 6% in the past 5 years.

“Most Canadian couples are financially interdependent, and it is a real challenge trying to navigate the financial aftermath at the end of a relationship. Many people just aren’t prepared for the costs associated with divorce and how their lifestyles may change afterwards,” says John Tracy, senior vice president at TD Canada Trust. “It’s important for newly single Canadians to stabilize their financial situation after a break-up so that they don’t start taking on debt, and there are simple steps people can take to re-establish their financial independence at any stage in life.”

To regain financial stability, advisors should urge newly single clients to take the following steps:

Divide up the assets: Your client and their partner likely have joint assets and liabilities. Encourage them to divide up the assets and determine which liabilities they’ll each be responsible for.

Establish a new plan: Newly single clients should re-evaluate their goals and financial situation, and adjust their investments accordingly. Help clients create a new financial plan that organizes their resources and puts them on track to achieve their short-and long-term goals.

Track progress: Once your client’s new plan is in place, help them track their progress towards their goals. A life event such as a divorce can cause a significant detour in a client’s financial plan, so they’ll likely be eager to get back on track as quickly as possible.