Unfortunately, there was 49,404 divorces granted in Australia in 2018. The crude divorce rate has decreased over time from 2.7 per 1,000 people in 1998 to 2.0 divorces per 1,000 people in 2018.
The general train of thought through divorce is ‘hire a lawyer’.
Very few people, unless they have already initiated the services of one prior during their marriage, understand the importance of hiring a financial planner also. After divorce, your financial life changes dramatically and that is where financial planning for divorce is a major help.
It’s very common is all relationships that one partner takes over all the finances. Even if you had joint accounts, they generally knew every detail of every cent spent, while the other may not have even known who their home insurance was with.
The beginning of your new life. Readjusting to one income with similar or more expenses, while still trying to live your life, is probably one of the biggest challenges and stresses you will now face. This is where an experienced financial planner comes into play.
No doubt you had a general plan for the next stage of your life after divorce, or perhaps, you were one the blindside and all of a sudden you’re left to work out “what now...?”
There are variables to consider, after the legal teams have divided assets:
Change in income, savings & expenses
Adjusting weekly/monthly budgets
Proving for children (if involved)
Continuing to reach your goals!
AFA Group Wealth is here to not only help you understand the implications that your change in circumstances might have in the short term, but also in the long term. We will support you through the uncertainty and readjust your financial plan as time goes by to ensure it is constantly working in your favour. We will take your financial worries away by projecting the next 10, 20, 30 years for you to see where you are going and what you can achieve.
Perhaps you need to consider:
Spouse maintenance payments
Child support payments
Do you have an income, or do need to get back into the workforce?
“After a separation of 26yrs marriage and having little to do with finances, I needed advice and an education on planning my financial future. What I like about them is their holistic approach and their willingness to be available to answer all my questions and guidance. I certainly feel I’ve got value for money with the amount of time they’ve spent with me and setting my financial plan up - essentially hand-holding during an unsettling time. All their staff I have encountered have been professional, responsive and friendly, and happy to address any concerns. I would highly recommend.”
Your custom financial plan will reflect all these and still work towards specific financial goals. We will help accumulate personal wealth over time through specific savings plans, investment strategies and superannuation.
The experienced staff at AFA Group Wealth are here and are committed to helping you gain your financial independence after divorce. Our team will help reach for your goals by creating a custom financial plan to work for you and your newfound life. It’s important not to feel rushed during this challenging time, we will ensure no details is overlook and you feel confident in your future.