Divorce is a dreadful function emotionally for everyone involved, but it also has a huge financial impact on Australians due to our family law arrangements.
When it returns to splitting assets, everything shall be thought about component regarding the matrimonial asset pool: the home, investments, savings, and even your superannuation.
Data from the Australian Bureau of Statistics (ABS) indicates that around 1/2 of all marriages end in divorce with 47,000 divorces granted in Australia each year. When you think about this figure does not with defacto couple break-ups it's easy to look how many people are impacted by the financial ramifications of relationship breakdowns.
Financial Advice for Divorce
Rebuilding your life financially and emotionally subsequent to divorce and relationship breakdown is a difficult task. In addition to the emotional impact, your divorce and separation also has financial ramifications. Whether you were the first income earner within the household, or a wait at building mum, your about insurance status has changed like a result regarding the separation and you need to make sure that that your assumptions are realistic going forward. To begin rebuilding your life you need to begin with a budget to make sure that that you own an accurate plan about your new cost of living. Many people locate that an experienced financial planner can assist them in this rebuilding phase to:
assess your income and expenses and develop a budget moving forward
help you to identify your financial goals – it is likely that these shall have changed now that you can be divorced
formulate a financial procedure to help you secure your financial future through appropriate investing and life insurance. This shall incorporate any funds received from your financial settlement.
Many people who divorce locate that the financial impact can set them return years. This is particularly evident where divorce occurs later in your working life – you own fewer time to rebuild your finances prior to retirement. By getting the advice of a financial planner experienced in divorce and separation, you can make the greatest of a difficult situation and begin getting your financial life return on track.
For more facts about how to rebuild your finances subsequent to divorce, download our free ebook Divorce and Separation. In it you will locate some best facts to help you.
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