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Separation and divorce can be extremely difficult and traumatic, yet smart financial decisions must be made in time due to disruptions in income sources.
So, how will a person navigate through this situation?
Engage with the right tax advisor
During a relationship breakdown, emotions can run high and it can be tough and overwhelming to keep cool negotiating with the partner. At Financial Intelligence group, we understand the necessity of keeping negative emotions from a fair negotiation to make timely and wise financial decisions. With many years of experience in separating divorce settlement, our tax advisor will spend real time to assist the customer with evaluating current situation thoroughly and come up with the best settlement strategy in order to secure the client’s financial future.
Separation and divorce financial checklist
- Seek legal help: speak to a family lawyer/solicitor about the separation to understand and take necessary legal actions.
- Close off joint accounts: close off the joint account and create a new bank account to direct pay and other income benefits into it.
- Do a financial stocktake: list down all joint assets and/or debts
- Update mortgage and renew rental agreement
- Update details on wills, insurance, super, car loans, credit card: update details and change pin and password access to any important accounts.
Create a new budget
While there are compensation and entitlements, they are not yet immediately available. It is important to secure some cash for necessities such as moving, utilities, new rental agreement, bond, etc. Furthermore, reassess carefully the costs of current lifestyle, calculate income and expenses to adjust with the new reality.
Care for the children
Beside securing custody, it is also important to update the school and/or daycare with new contact details and inform them about the separation.
It is also essential to discuss child support payments and make the partner aware of any court order.
Contact Us:
Email: markc@intelligencegroup.com.au
Mobile Phone: 0405 080 525