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Divorce rates have increased, and the way you settle your finances really matters Posted on July 15, 2022
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.