Knowing what’s at stake

Clients undergoing divorce rarely know all the issues to consider and can get conflicting advice from a variety of sources about what to do and where to start.

Here are some of the most common questions that we help clients to answer when they are considering or undergoing an amicable or acrimonious divorce:

1. What can I do to protect the assets I brought into the relationship?
2. How do I meet my financial commitments during the divorce process?
3. How do I find out everything my partner owns or earns?
4. What do I need and what am I entitled to out of a separation?
5. Which assets should I fight for and which should I let go?
6. What financial opportunities does my divorce create?
7. Can I avoid my partner’s debts and liabilities?
8. Is a settlement offer realistic and how should I respond?
9. How do I know if the settlement covers everything we have and need?
10. Will my lifestyle need to change coming out of the divorce?

Gaining clarity on the big financial questions and ‘knowing where you stand’ can give clients the strength and confidence they need to undertake divorce negotiations.

Engaging a financial strategist experienced in divorce negotiations to work as part of your advisory team is essential to ensuring the best possible financial outcome from the process.

Handling the separation

We see many clients head into divorce proceedings ‘just wanting to get it over with’. They are overwhelmed and stressed and often frustrated by how complex the process can be.

Establishing a professional advisory team around you can take the pressure off. Here are three reasons why employing experienced financial strategists in divorce matters is so important:

(a) they clarify the issues and handle the complexities, enabling you to understand the circumstances and make the decisions you need to make to get to a resolution;

(b) they handle all the communications, giving you the headspace to get on with your life and think carefully about what you need to do to move forward, without antagonising distractions from your partner or their representatives;

(c) they can save you from making costly financial mistakes, like being left with dud assets or being locked into financial arrangements that you cannot easily escape.

Before you start a divorce or separation process, it is critical to ensure that you have a comprehensive understanding of your financial situation.

A divorce financial strategist will make sure you identify what assets, liabilities, structures and interests you have created with your partner and help you determine an optimal and equitable property settlement to negotiate for your specific purposes.

“The end of a relationship is never easy, but there are steps you can take to help things run more smoothly.”
MoneySmart.gov.au

Remember, it’s not just about making sure you get what you are entitled to. It’s also about establishing the best financial foundation for your new financial future.