Divorce Financial Planning Brisbane

 
 

Divorce Financial Planning at 24kWealth

Divorce is something none of us want to face. Unfortunately, sometimes it is the only way forward. But just as you should plan for your wedding and life together, you need to plan through your separation. Engaging a lawyer is a common sense first step towards divorce. However, did you know that enlisting the help of a financial planner ensures the most fair and equitable division of assets? Professional and reliable divorce financial planning in Brisbane and across Australia is possible with 24kWealth.

  • Is there such a thing as a financial adviser who is a divorce specialist?

  • What will my financial adviser need from me?

  • Your financial well-being is just as important to protect as your legal well-being.

  • How is my ‘financial well-being’ protected during a divorce?

  • The benefits of engaging a specialist financial adviser during a divorce are many and varied.

Financial Adviser Divorce Specialist

A financial adviser may not be who you first consider when approaching separation and divorce. Often, they are not included in the process of dividing your assets at all, or only asked for advice when it is all too late. Once a settlement is reached, it is binding. Divorce can induce significant financial hardship for many people. Therefore, it is important to completely understand the bigger picture prior to making any decisions about division of assets.

Additionally, many divorces originally stem from financial discord and property settlements can complicate and delay separation. It makes sense to have a financial adviser that specialises in divorce to help move things along. This also helps give both parties confidence that an amicable settlement can be reached.

Divorce is an emotionally charged and conflicting period. Mistakes made during a divorce when confused or distressed can cost you thousands of dollars and take many years to recover from.

 

What Will My Financial Adviser Need From Me?

It is important to have all the required paperwork and documentation prepared prior to undertaking divorce financial planning with your 24kWealth specialist. You should have ready:

  • personal identity documents: birth certificate, marriage certificate, etc;

  • information pertaining to your car or personal loans;

  • superannuation account information;

  • any stocks, bonds, and mutual fund assets;

  • personal and business tax returns;

  • real estate and mortgage holdings;

  • a list of any existing debts or assets that were brought into the marriage;

  • prior divorce judgements (if applicable);

  • any life or health insurance policy details;

  • monthly estimated expenses, including those related to any children from the marriage;

  • business holdings;

  • credit and savings account balances;

  • information on any child support payments you already make or receive;

  • any pending legal cases against you, whether financial in nature or not;

  • anything pertaining to pre or post nuptial agreements you entered into; and

  • any other financial information you believe may be relevant.

Think of your divorce financial planning as drafting a winning team. Engaging a lawyer as well as a financial adviser specialising in divorce sets you up for success.

Divorce Financial Strategist

Just as a lawyer protects your legal interests and rights, a financial adviser protects your financial well-being. At 24kWealth, we understand that divorce is an emotionally charged and conflicting period. Mistakes made during a divorce when confused or distressed, can cost you thousands of dollars, and many years to recover from.

Divorce financial strategists at 24kWealth are focused on you. We are committed to guiding you with sound financial advice through your divorce and beyond.

So What Does A Divorce Financial Strategist Do?

  • Reviews your current financial situation and where you would like to be post-divorce.

  • Assesses your current and future earning potential of you and your ex-spouse.

  • Assesses the changes and levels in source of income.

  • Reviews the minute details of your joint and individual financial affairs.

  • Assesses offers made by the opposing party and advises whether they are fair or acceptable for your goals.

  • Aids in the reduction of conflict and distress through impartial, sound advice you can trust.

  • Works collaboratively with your lawyer to strategise the best financial outcome.

  • Explains your options and helps you allocate your wealth where it can be most productive moving forward.

  • Manages risk – they can review any current life insurance and decide whether it is appropriate coverage for your new situation.

  • Assists with estate planning – offers advice on updating Wills and trusts to reflect your post-divorce wishes regarding beneficiaries in the event of your death.

Engaging a lawyer as well as a financial adviser specialising in divorce sets you up for success

Benefits of Engaging A Specialist Financial Adviser During A Divorce

Divorce financial planning comes with many benefits. It isn’t just about separating what you have; it’s about ensuring you can continue to live well, into your future.

A financial planning specialist can simplify and expedite a divorce, making the process more efficient and cost effective. This can leave more funds to invest post-divorce depending on your circumstances.

They can work with your other advisers to ensure an equitable division of assets that won’t leave either party with an unbalanced settlement that has you beginning again.

They can support you to map out your financial future post-divorce. Their expertise provides an in-depth perspective on both your current and future financial position.

Making educated decisions during your divorce and understanding the long-term implications of your final settlement, gives you clarity and confidence in the outcome you achieve and gives you the best starting point for a new life of financial independence and security.

Think of your divorce financial planning as setting you up for the next chapter of your life. Engaging a financial adviser specialising in divorce helps set you up for success.

It gives you a more balanced approach to tackling the challenges of divorce and you are much more likely to be content with the outcome.

Where children are involved, it can also go a long way toward achieving an amicable divorce, which is essential for the health and emotional well-being of your children, as much as yourself.

Be Prepared for A Marathon, Not A Sprint.

Divorce is not a fast process, and nor should it be. A rushed divorce usually leaves someone unfairly provided for and feeling resentful. A slow, steady measured approach with expert advice and financial planning is your goal.

24kWealth, divorce financial planning experts equip you with the financial advice you need to navigate your divorce. Divorce is likely to be the single biggest financial event you face in your lifetime. It quite literally pays to plan for it. Be empowered and armed with the essential knowledge you need to move through your divorce and beyond.

Contact the experts at 24kWealth today to discuss your options on 07 3251 3201.