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Starting again independently: your finances after separation

A divorce or relationship separation can be difficult and stressful. Ending a personal relationship is emotionally draining and the associated administrative processes are often challenging.

Your lives, property, family, friends and finances were once so intrinsically linked.

But now you are looking to start again, with confidence for your financial future.

If you are in an unsettled financial position during or after divorce / separation, we’ve put together some resources that may help you to manage your situation.

According to Kate Stalter of Forbes.com “attitude and mindset, not just budgeting skills, play a role in how well people adjust to their new reality after divorce”. Kate also points out that the first step is getting a handle on expenses – bills, debts, rent, mortgage and living costs – and suggests that couples who hire a divorce financial planner or advisor, may avoid many of the monetary stresses and arguments associated with this process.

The Moneysmart website has a useful guide that covers key practical steps in the process of separating joint accounts including;

- Division of assets and property settlements

- Updating / revising accounts and deductions

- Arrangements for any children of the relationship and how they’ll be financially supported

They also have a comprehensive Divorce & Separation Financial Checklist which includes direct links to the relevant government services you may require along the way.

Family Relationships Australia also has a user-friendly guide to money and property when ‘Going Through Separation’ which covers topics such as Family Dispute Resolution and Superannuation.

When it comes to your next steps, it may seem daunting but striving for financial independence can also be very empowering. Creating a realistic budget, looking at opportunities to make savings and diversifying your investments are great ways to start.

At Hub Advisory Group we’re here to help you realise both your immediate and long-term financial goals and to provide advice that’s simple and tailored for you – at all stages of your life.

If you’re starting your financial journey after separation you can book to speak with an accountant or advisor at Hub. We can do this over the phone and the meeting is completely obligation-free.


Sources:

Rebuilding Your Finances After Divorce; Kate Stalter for Forbes.com

Moneysmart is brought to you by the Australian Securities and Investments Commission (ASIC), the corporate, markets, financial services and consumer credit regulator in Australia.

Family Relationships Online – Australian Government; Attorney-General’s Department and the Department of Social Services

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