Divorce can often be an emotional decision but often carries significant financial impacts. 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, self managed super funds, 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 Planners & Advisers work closely with Family Law specialists to ensure your separation and divorce and resulting financial position is maximised to give you the best possible start in your new life.

To find out more, call our office today on 1300 505 565 or click here for a complimentary chat with a Navigate Wealth Financial Adviser to discuss how we can help you.