It’s a sad fact, but according to figures released by the Australian Bureau of Statistics in 2012, there were 49,917 divorces granted in Australia, an increase of 982 (2.0%) compared to 2011. People between 40-44 years of age had the highest percentage of divorces granted, with 16.9% of males and 17.6% of females being granted a divorce falling in the age group in 2012.
In the midst of all the emotional turmoil caused by separation and divorce, there are also financial issues to contend with. At such a time of monumental change, how do you take control of your finances and get organised so you are appropriately protected?
Common questions to consider
Some questions you may wish to consider include:
- How do I start to become financially independent?
- What government benefits am I entitled to?
- Am I eligible to a part of my ex-partner’s super?
- I have children and I’m the primary breadwinner. What are my financial commitments?
- Will I need to get my own life insurance?
- Do I need to change my Will?
- What should I do with my divorce settlement?
- Where can I go to get more help?
How we can help
If you divorce it’s wise to reassess you financial situation and goals.
- Review your financial situation after your divorce settlement.
- Help you set new financial goals.
- Identify your income and financial commitments.
- Develop a new budget and plan to achieve your new goals.
- Review, recommend and organise appropriate insurance for you and any dependents.
- Review your superannuation and retirement savings.
- Recommend ‘catch up’ strategies for retirement savings if you need it.
- Review your finances to see if you are entitled to any social security benefits.
- Recommend if you need to meet with a solicitor to create or update a Will.
Life happens Don’t let it take you by surprise
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