With roughly one in three marriages ending in divorce (ABS 2004), it is not unusual for important financial issues to be overlooked amongst the emotional turmoil.
Some estimates2 suggest that marriage breakdown costs the nation up to $6 billion each year. With the median age of divorce for men at 42.6 years and 39.9 years for women, divorce often occurs in a crucial wealth accumulation period of your life. Also, at least half of all divorces involve dependent children.
At such a time of upheaval, how do you take control of your finances and get organised so you are appropriately protected?
Common questions to consider
- How do I start to become financially independent?
- What government benefits am I entitled to?
- Am I eligible to a part of my ex-partner’s super?
- I have children and I’m the primary breadwinner. What are my financial commitments?
- Will I need to get my own life insurance?
- Do I need to change my Will?
- What should I do with my divorce settlement?
- Where can I go to get more help?
If you divorce it’s wise to reassess you financial situation and goals.
- Review your financial situation after your divorce settlement.
- Help you set new financial goals.
- Identify your income and financial commitments.
- Develop a new budget and plan to achieve your new goals.
- Review, recommend and organise appropriate insurance for you and any dependents.
- Review your superannuation and retirement savings.
- Recommend ‘catch up’ strategies for retirement savings if you need it.
- Review your finances to see if you are entitled to any social security benefits.
- Recommend if you need to meet with a solicitor to create or update a Will.