Divorce or Separation
The breakup of a relationship is a complicated and an emotional experience and when emotions are running high, they really need to be put aside to determine a fair separation of assets and to move forward financially.
We can help you consider the financial issues when you are dealing with a separation of assets, including:
- Joint bank accounts
- Joint investments
- Health insurance
- Any possible tax arrangements
- Child support and maintenance
The more that can be agreed on between the separating couple, the more costs can be contained.
Legal advice in any separation or divorce may be essential and can be invaluable, especially if it assists the parties to resolve important issues and avoid expensive legal contests. At Verante we can work with your lawyer to advice you on your finances during this process.
It is recognised that the financial impact of separation differs between men and women. Figures show that while a man’s living standards tend to decline, for a woman, it is disposable income which tends to fall sharply. While the woman may have less income, in the early days of separation she might appear to be more asset-rich than her former partner. This is because women tend to retain the family home if they have assumed responsibility for children. However, this disguises the fact that women are also less likely to accumulate wealth after separation.
There are many stories and articles you can read on life after separation but every situation is different.
Sitting down to talk with an adviser about your financial concerns and questions can help you to receive advice that is tailored to your personal situation. This provides you with real support when the challenges you face may be complex, and prepare you for your new path in life.