Sometimes despite your best efforts, a long-term relationship can come to an end. It can be a difficult time emotionally and very time-consuming. It’s also a time to reassess your financial wellbeing. It may mean that you are now living on one income or possibly need to go back to work.
At this point, you will need to get your life back on track and move forward. This may mean finding suitable housing, reviewing your will, insurances and death nominations in your super so that if the unthinkable happens then at least you have the peace of mind knowing that your benefits are paid to the right people.
One of the hardest parts of divorce may be the division of assets and at this stage, you most likely have engaged the services of a family law lawyer. It would also be a good idea to meet with a financial adviser as well. Once a property settlement is finalised it is very difficult to overturn later on. An adviser can help you understand the long-term financial position of the terms of the settlement, outlining the pros and cons so that you can make a well-informed decision at this particularly stressful time in your life.
Have you considered any of the following:
- Drawing up a budget is a good starting point to get a handle on what is coming in and going out.
- Organising and updating your will, insurance and super nominations.
- If you are acquiring the family home have you spoken to a mortgage broker to see your financial commitments?
- The full future costs of education for your children?
Speak to us today and we can help you put together your plan to help you achieve this and many of your other goals.
Let us know how we can help