The 2021 Australian Bureau of Statistics census data recently released shows that 2.5 million Australians are now divorced; up from 2.2 million in 2016. Of 5.55 million families, nearly 1.07 million are now single-parent families.

Divorce is an extremely emotional event and a huge milestone in anyone’s financial life. It is the emotional nature of a relationship breakdown that leads us to highly recommend seeking financial advice during the settlement, not just afterwards.

Having a third-party removed from the emotional elements of the relationship will help to objectively state the asset division options available, remind of the rules and protections and advise a sustainable and amicable financial structure for shared assets and dependents.

Here is what a financial advisor can do at this time:

• Value joint assets including a property, investments and superannuation.
• Assess your financial situation and provide advice on your portion of the settlement.
• Review your financial goals in light of changes to your position.
• Explain financial structures available to help protect your current assets and your future financial opportunities.
• Manage the movement of your money into sustainable and secure arrangements.

A financial planner can help you to navigate the complications of a break up to ensure you do not need to make crippling sacrifices. If you’re concerned about your financial status in your relationship, contact us for a complimentary Financial Discovery with an authorised Financial Planner.