Australians are still in love with getting married. In 2015, 113,595 Australian couples decided to tie the knot. Sadly according to the Australian Bureau of Statistics (ABS) in the same year there were 48,517 divorces granted in Australia an increase of 4.3% on 2014 figures.

Separation and divorce take people on a journey through a huge range of emotions, and to add to the pain, it’s a time where you need to make complex decisions that can impact on your future financial security. To make sure you make informed choices that safeguard your future, it’s important to have qualified independent advice to guide you through some of life’s most important and stressful financial decisions

Pitfalls

Even if couples have signed a Binding Financial Agreement or pre-nup before they marry, separating their financial affairs at the end of a relationship is challenging, even more so if they have joint business interests which need to be dissolved. For example, simple things like joint bank accounts, joint credit cards and other joint financial commitments can become problematic once you’ve separated. Without the right advice, you could easily find that you have become responsible for debts that your partner has accrued. Taking steps to limit the risks is the first step in establishing your future financial independence, and it’s easier when you have a knowledgeable professional assisting you.

Professional advice

Your friends are great support when you’re facing a crisis, but to protect your interests, anyone who is separating or getting divorced must get independent professional legal and financial advice. Professional advice is just what it says, informed and accurate advice from a professional who understands the rules and regulations. A professional with the expertise to guide, support and advise you during the process of negotiating and reaching an equitable agreement. Someone who can make sure all of the loose ends are finalised properly.

At Watson Mackenzie and Co. we have the experience and knowledge required to provide expert financial advice. This assists our clients to confidently navigate the complicated financial issues people face during the divorce process. We deal with the practicalities and follow up with sound financial strategies to protect your interests during and after your divorce. This allows you to protect your financial interests and take charge of your future well-being.

With our help you will be well positioned to:

make informed decisions based on facts and figures;
understand the asset pool and what is included in the settlement;
understand the tax implications of accepting house versus super or trust assets;
negotiate reasonable financial arrangements for children and young adults;
plan for your short-term, medium term and long-term needs.

For practical financial advice delivered in a sensitive and caring manner, call us on 0418 955 415 or email us at noeleen@watsonmackenzie.com.au. We will work seamlessly with you, your lawyer and financial planner to ensure you obtain the best after-tax result.