Part 2 of our article on Family Separation from our 3 part Family Separation Series
In our previous article, we dealt with the more emotional aspects of a separation.
In this article, we deal with the financial issues that will need to be addressed.
There may be some inequalities in superannuation balances, so your Lawyer will need to address this aspect when a permanent split occurs. However, there will be some decisions to be made in relation to the superannuation fund, and the possible investment of funds, so you will need financial guidance, and Financial Stability is able to assist you.
This will need to be thoroughly reviewed, especially if there are children involved. You need to clearly identify whose lives are insured, and who the owners/beneficiaries of the policies are. Special emphasis will need to be made on Income Protection, as well as Trauma cover if you are going to be the primary carer of any children involved.
Loans Credit Cards
If it is a permanent separation, it would be advisable to open individual bank accounts, as well as credit cards. Any joint credit cards should be paid off and terminated. If this is not possible, your Lawyer will address the situation, and the debt will be taken into account for any settlement.
If Centrelink payments are currently being received, they will need to be notified of the changes in circumstances.
Financial Stability can assist you to ascertain if there are any benefits that might be applicable to you, in your new circumstances.
In our next article we will deal with matters that are quite easily forgotten, but are crucial to your future.
Financial Planning Information
The information on this website is provided for general information only, it is not advice. It has been prepared without taking into account your particular financial needs, circumstances and objectives. You should consult your financial adviser before making any investment decisions.