What To Do Before Getting Divorced (Part 2) The Separation Process
Updated: Dec 21, 2018
Part 2# - The separation process
I tend to think that the lead up and the decision to separate can sometimes be the hardest part of the process. Not always of course, but it can be. Once you have decided to separate the process can take hold and you’re underway – buckle up!
The reason why I think this can be easier is because you have made the big decision and you now have your solicitor on board helping you out. This can help keep the various parties on track and keep things moving. The solicitors will liaise to confirm your joint assets for the purpose of working out the financial separation. This may include the family home, any investment properties, share and other investment portfolios, any inheritances, superannuation and bank balances. Once they have a complete list of your financial assets they will then negotiate to work out who gets what. Another important thing your solicitor can help you with is updating your will and other legal documents. If you’re getting a divorce you probably don’t want your super going to your ex if you pass away!
This is where it’s important to get a financial adviser on board. Whilst dividing assets this way or that way may both be ‘equal’, there may be one way that might work better for you in terms of your financial strategy going forward. Also deciding on assets is a big decision, we can help you out with things you may not have considered that could have a big impact in the long run. It’s also important to have your personal insurances reviewed at this point. As you’re now on your own you’re reliant on your income to pay the bills. As with anything you can’t afford to lose – consider insurance. A good financial adviser will proactively research different options for personalised and tailored cover and take you through the details. You’ll have enough on your plate and your mind might be feeling a bit scrambled with everything going on, so this is an easy one to outsource to a professional.
Divorce can be a period of incredible personal growth, in a years’ time your life may be taking you places you really wouldn’t have expected. The separation process can be a very busy and stressful time but I would be hoping that you are starting to feel a little better by now and hopefully be seeing some of that the light getting closer. You may still be feeling a bit fragile though, so take care of yourself.
Alison Kaigan - Your female financial adviser & divorce partner