How to Prepare Financially for Divorce

How to Prepare Financially for Divorce

Divorce and separation is an increasingly common factor in our lives these days with figures often quoted of 40 – 50% of marriages ending this way. Whether these figures are accurate or not, there is little debate about the emotional and in many cases, financial, turmoil that can be caused. While there may not be a simple resolution to the emotional stress that can result from a separation, there are steps that can be taken to at least reduce the potential financial implications of this.

This week we explore the key experts and groups of people to consult where necessary to reduce the potential financial stress that can be created from divorce.

1. Financial Planner

When it comes to divorce and separation of financial assets, there are many aspects to consider. These can include realised or unrealised capital gains tax implications, costs of transferring assets, estate planning impacts of changing the ownership or assets and many other facets. Chances are, your financial planner will have worked through this process with a number of clients in the past, and have a sound understanding of how to best structure your finances as well as the negotiations to put yourself in the best possible financial position when the separation is finalised.

2. Divorce Lawyer

Start speaking to a divorce lawyer as early in the process as you can. They will not only be there to guide you through the submission of documentation, but to ensure that understand the implications at each step of the journey. It’s important here that you consult a lawyer that specialises in family law and separations, rather than a lawyer or attorney from another field.

3. Private Investigators

Private investigators are not often required when going through a divorce or separation, however if you are concerned that significant assets are not being disclosed or kept hidden, or if there are potential issues of infidelity, then this may be a necessary step. Your divorce lawyer / attorney will be able to work with both your private investigator and yourself to discuss what would be required in family law courts as evidence and what information would be acceptable.

4. Friends and Family

Friends and family are often the key support network when it comes to these difficult and trying times. It’s important however, to recognise that your friends are unlikely to be the best sources of advice when it comes to the legal requirements or financial obligations. While they will often mean well, this can at times do far more damage than you might expect. This is why it’s important to surround yourself with the right people and understand the role that each has to play.

We certainly understand that this can be a difficult and stressful time, but it’s important to follow the appropriate steps, speak to the right people and ensure that you put yourself in the best position you can to move forward.

 

To Your Financial Success!

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner with Australian Expatriate Group of Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd – No: 200305462G | MAS License No: FA100035-3

Australian Expatriate Group is a division of Global Financial Consultants in Singapore providing specialist advice to Australians living abroad.

To learn more about how we may be able to help you, please contact us:

✆         +65 8282 5702
✉         jarrad.brown@gfcadvice.com
☜         http://singapore.feebasedfinancialadvice.com

To discuss how these changes affect you, click here to book a complimentary consultation: http://bit.ly/Book-Your-Consultation

 

General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.

*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.

 

Jarrad Brown is the trusted fee-based financial adviser in Singapore working with professional expats in the region. An Australian qualified and experienced Financial Adviser, Jarrad provides specialist advice to Australian expats as well as other nationalities.

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