How A Financial Planner Can Make Your Divorce Easier
Under normal circumstances, we seek the expertise of a Financial Adviser when we are setting financial goals through different stages of life. Going through a divorce is just one of these life hurdles, where a Financial Adviser can be a key component in making life much easier. Unfortunately, in Australia, almost one in three marriages end in divorce. While we often will hire a lawyer to help us through this complicated process, it can also be incredibly beneficial to have a Financial Adviser on your team.
We understand it is a particularly stressful stage in life, and our role as Financial Advisers is to minimise any causes of financial stress. As we say at Tupicoffs, “We worry about your money, so you don’t have to.” The following are a few notes on how a Financial Adviser can be a beneficial addition to your team.
Changes in income and new budgets
The income servicing the married pair now has to stretch to service two households, so cash flow is likely to change. To make sure the bills will be paid, we can help you to create a new budget. From here you can make choices around employment, living arrangements and other financial priorities. Nothing is certain in a divorce, so planning from a minimum ensures you are setting yourself up for success once the divorce settles. While the chaos of the divorce is happening at least something will be under control.
Realign and assist in still achieving your long-term financial goals
Splitting into two households may mean priorities need to be reassessed, whether it be social, professional, family or financial. People who have been stay at home parents might have to re-enter the workforce to re-establish themselves and their family. We can guide you through this shift, and work through realistic financial costs to realign your goals to reflect your new situation.
Guide you on insurance, investment and asset needs
Organise your Will, any investments and assets that will remain in your name and make sure any insurance and superannuation death benefit nomination reflect your wishes in your new situation. A Financial Adviser can help guide you through this process as it can be quite complicated and time consuming finding the best options for your current and future situations.