The end of a significant relationship is a difficult time, marking the move into a new phase of your life. It’s hard enough navigating the emotional upheaval and dealing with often conflicting emotions, let alone working through the practical considerations of finances and separation of joint assets.
Sadly, divorce is something that many people face during their lives, as an expected one in three marriages end in divorce**. The need to start afresh applies equally to people in de facto relationships.
Where there are children involved it’s important to try and put your grievances aside and agree on exactly what’s in their best interests. Custody and visits to either parent or grandparents have to be discussed, as well as expenses like health care and education.
Coming to an equitable solution isn’t always straightforward. One partner might gain an asset like the family home but struggle to meet everyday costs (and retirement savings goals) because of the drop in household income. Conversely, separating finances may mean one partner taking on more debt to buy another house, or car, or furniture: the list goes on…
Read the full article, including a case study here:
We can help you through this difficult time. We’ll talk you through your concerns and questions about your financial situation, refer you to legal professionals, who could help you understand your legal position, and work with you to develop a way forward to address your immediate concerns. Contact us for more information.