divorce1Managing the financial turmoil of divorce

Every year in Australia approximately 50,000 divorces are finalised and many of these face common financial challenges and complexities.

The highly-emotional nature of divorce often results in divorcees failing to address key challenges which can result in both short and long-term financial concerns.  Timely financial advice can help protect their financial security throughout the process.

It can also be a bewildering time for those people that don’t normally deal with financial matters.  Opening a bank account or signing up to rent a home can seem like extremely difficult tasks so having someone you can trust to guide you through it can provide real peace of mind.

Are you entering into a divorce?

The high legal and court costs associated with divorce mean that professional advice is vital to protect the financial interests of those involved in the divorce proceedings. It’s probably the last thing you feel like doing but getting good financial advice as early as possible could make a big difference.

Have you received an offer but not sure if it’s enough?

What does the proposed settlement mean to you? Will it be enough to allow you to achieve the outcomes you want for your financial future?  It’s important to understand how much you will really need in the future before you agree to a settlement.

You’ve received your settlement but not sure what to do next.

Should you buy a home, put it aside for your children or invest your money to generate a future income stream?  There are likely to be many options available and a good financial adviser can help you navigate through them.

Once I’d left, I realised I was really out there on my own. I didn’t even know how to rent somewhere to live. I didn’t know what a bond was. I didn’t know you had to call the agent time after time to get things fixed.

Anna, Divorcee

Managing a change in circumstances

In our experience, the immediate financial impacts of divorce are often overlooked; but once recognised, they often generate the greatest concern. These typically include;

  • Transfer of assets, particularly cash, out of joint names without your knowledge.
  • Having to pay for expenses Which previously came out of joint incomes.
  • No credit history in your name to allow you to apply for rental properties or utilities.

TWD can guide you and provide professional advice on how to setup and manage your financial affairs.

Managing your money post divorce

Once the settlement has been finalised, you’ll want to make sure that it’s spent and invested wisely to provide for your future. We can help you prepare budgets and financial projections so you can see how long the money will last.

Understanding the settlement

Divorce settlements can be made up of a range of different assets including real estate, shares and cash.  The way this is structured could make the difference between achieving or not achieving your financial goals.

There could also be tax implications in converting some of these assets into cash so it’s important to understand what this means to your final position. We can assist you in getting the advice you need from a range of professionals so you know what it means to you.

I honestly thought that the divorce settlement would've been amicable… but then he waged a war against me. It's important to get all your ducks in a row, especially if you know the divorce is inevitable.

Sandra, Divorcee

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