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What are the first steps you need to make to take control of your financial life when your relationship ends? What should you be prepared for?
No matter how a couple have arrived at the decision to separate, dividing up their financial lives can be a challenge. There are many things to consider financially during a separation, some need addressing quite quickly, others are better left to be more fully researched and considered. At Invest Blue, we have worked with many people in this situation.
At all times, our main objective in this situation is to help that person understand exactly what their current situation is, what they have and what they owe; what they truly want for their future and what is most important, and how to build the bridge to get there.
We also partner with The Separation Guide who advocate for couples to find a way through separation without forcing each other into the courts, potentially saving them both from additional scrutiny and cost.
Understand how a financial adviser can support you with your need for financial security. Get in touch.
Where should you start?
What decisions need to be made now, what can wait
In the early stages of separation, each person has to start down their own financial path. There are some immediate actions you will want to take to start and move away from the previous joint path with your partner.
Steve Fort, a Financial Adviser and Director of Invest Blue, recommends taking things one step at a time. “When a person is faced with the reality of separation, they can be driven by a desire to get it all over with as quickly as possible. We recommend taking time to work through the financial aspects of separation, starting with your short term needs first. Be willing to explore your options without preconceived ideas of what must happen.”
What can wait?
There will be some decisions and actions that have to wait. Big life choices require research and time for consideration.
Upon the initial separation, there may be work to be done with accountants, mediators, or lawyers. That will take time. Financial advice can help you get the ball rolling, but ultimately decisions around your settlement agreement will involve additional parties and time.
We also know from experience that trying to make decisions that impact your long term future when you are in the initial period of upheaval or shock is very difficult at best. While it may not feel like it in the short term, there are likely options available that need considering and it is better to keep longterm alternatives available.
Learn more about how financial advice can help at this time by listening to Steve Fort chat with Jack Whelan from the Separation Guide.
Many couples are surprised to learn that upon separation, they share more than they realised. Things like:
Debt
Property
Superannuation
Insurance
Your Will
To learn more about this, get tips for managing your finances during separation well and learn what to avoid, read more.
How advice can help
One of the biggest benefits a Financial Adviser can bring to this challenging time is objectivity.
In our experience and work with the Separation Guide, we have learned that for most couples, the process of separation becomes easier when they have support.
A financial adviser can help you to:
Clarify what your current financial position
Help you to simplify what is most important about money to you
Prioritise your financial and life goals
Set up a financial plan to achieve your goals and demonstrate what is possible
Help you make choices about your financial life that are in line with your personal values and goals
Ensure you have the right financial tools and products to suit your needs and support you in using them effectively
Provide coaching and knowledge around financial literacy
Help you create a budget that aligns to your new income and expense requirements
Help you with paperwork to update beneficiaries (insurance, super, etc.)
If you are preparing for or in the midst of a separation, please reach out. We are here for you and more than happy to sit down and discuss your situation. There is no obligation to proceed after a first meeting so if it doesn’t feel right, you can continue searching for the right fit. Get in touch with The Separation Guide for more resources and support.
Financial Advice is only a phone call away. Set yourself on a path to financial freedom. Contact us or ask us a question today.
What you need to know
This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
