Our previous post talked about how we can help before your divorce is finalized, and what we can do to assist during the difficult negotiation and separation phase.
But maybe you’re looking to engage an adviser after the divorce has been finalized.
The financial split has already been signed off, so now it’s a matter of doing the best with what you have to give you (and your kids) a shot at the best possible financial future.
In this case, what can an adviser help you with?
Review Your Situation
We’ll work with you to confirm what you would receive after the settlement is finalized and also what you’re going to actually require for your new life.
Create a Budget
Once we know what income you’re likely to receive – and the lifestyle you’d like to maintain – we will work with you to set a budget. This budget may not achieve everything you’re looking for – but it will be a realistic and achievable compromise between your new life and former expectations.
It is critical that you have a set budget in the first 12 months after your divorce. After such a tumultuous event, it’s very easy to lose track of your spending and find yourself in a troubling situation a year or two down the track.
Take Control of Your Superannuation
While this should be done as soon as you’ve decided to terminate the marriage, we also appreciate that there are often far more pressing priorities.
So as part of our service, we’ll fully review your current superannuation arrangements to ensure that they reflect your wishes.
Basically – we’ll work to help you avoid the unfortunate situation where your ex receives your super upon your death.
Protect Yourself (And The Kids)
Another important part of your new life is taking control over your financial protection. In particular, we’ll work with you to make sure your protected from the financial impact of disability or serious illness.
Beyond that, it’s also important to ensure that your kids receive an appropriate amount of money, in an appropriate way, if you should pass away.
Finally, we’ll also make sure that your estate plan is updated to make sure your money goes where you want it to go.
Invest For Your Future
Once these responsibilities and obligations have been taken care of, we’ll also make sure that your finances are invested properly.
That is, that they’ve been invested in a way to help maximise the odds that you can maintain your lifestyle, achieve your financial goals and look after your children (if applicable).
So, if you’d like to chat about how we can help you prepare for, or move on from your divorce, please get in touch.
You can click here to book in a quick chat.