Divorce is often a very difficult emotional decision or outcome of a marriage but often carries significant financial impacts that need to be taken into account. For both ex-spouses, expenses increase substantially, but income does not necessarily increase. The financial aftermath of a divorce can be as challenging as the personal one.
 
To begin, a divorce results in people living in two homes instead of one – along with this comes two sets of parallel expenses instead of one. Further, there’s the issue of jointly held assets, tax implications on the sale of the assets and all of the subsequent impacts on future earning capacity and retirement goals. We are yet to find a divorced person whose standard of living went up immediately after a divorce; it always goes down.
 
Divorce often results in your assets owned jointly as well as individually, being split. These include; superannuation accounts, family home, investment properties, shares as well as other valuable antiques and art collections. It is important to seek advice from a trusted professional to take this opportunity to restructure your finances and assets in a manner that will help you achieve your life goals and objectives.
 
It helps to seek assistance to plan or restructure finances prior to dealing with the final divorce settlement to ensure you avoid making emotional decisions with your finances that may be costly to unwind in the future. Navigate Wealth Financial Advisers and Planners Sydney work closely with Family Law specialist solicitors to ensure your separation and divorce and resulting financial position is maximised to give you the best possible start in your new life.
 

For a complimentary & confidential consultation about how seperation will affect your finances and financial goals or to discuss your options with assets that have been split contact our office on Ph 1300 505 565.

Level 6, 4 Martin Place, Sydney NSW 2000

10/541 Church Street Parramatta NSW