How to plan for your financial future after separation

Relationship breakdown, separation and divorce is stressful and difficult. There are so many feelings, stresses and challenges to grapple with, while trying to keep yourself, your family and your career or business afloat. We understand that in the midst of all this stress, you are worrying about what your future is going to look like and how you will be able to recover and rebuild your life and family.

A big part of working out how you will recover and rebuild is gaining clarity on what property is available for division between you and your Ex. Once you have this information, you can start taking steps to work out what you need to plan for yours and your children’s financial future and get legal advice on whether this falls within your range of entitlement.

Here are 6 tips to get you started on your pathway to a resolution:

1. Identify the assets and liabilities held by you and your Ex in your own names and jointly. If possible, keep a copy of all financial documents prior to separating.
2. Speak to your bank and find out whether your mortgage has additional funds or has an off-set or redraw facility attached to the mortgage account that can be drawn upon by you or your Ex. If so, make arrangements for all withdrawals from the mortgage, off-set or redraw accounts to be joint signatory to avoid funds being withdrawn and used without your knowledge.
3. Work out how the mortgage and related expenses and liabilities will be paid pending a final settlement. Those costs are commonly paid by the party who has occupation of the property if that person has the financial capacity to do so, however, if this is not possible, then you may each need to contribute to those costs until a final agreement is reached.
4. Work out your goals – what do you want to achieve, what’s important to you moving forward and what are the things that are less important to you.
5. Work out your financial needs –do you need to re-accommodate, do you want to keep the house, do you want to keep the business, what are your future anticipated living expenses and what do you need to rebuild financially.
6. Get sound legal advice about your range of entitlement and ensure that any offer of settlement you make is viable and realistic. Don’t get wedded to a figure or percentage amount that you must achieve, rather look holistically at the outcome and whether it allows you to move forward with minimal stress and uncertainty.

We work with individuals and business owners after separation or divorce to deliver a solution that moves them out of uncertainty and gives them clarity for their future life and business planning. We do this by getting to know the client – their family, business, goals, stresses and find out how they want to live their life moving forward.

If you want more information on your situation, get in touch with us. We offer a free 30-minute CLARITY CALL.  We would love to help you move forward. 

***Disclaimer***

This article is for general information purposes only and does not constitute legal advice or any other professional advice.