Real Money Advice for Divorce

A three stage money guide to help you negotiate the divorce process and create a secure financial future for yourself and your kids.

30 Day Challenge

How to turn your life around in 30 days and save  $30 000 in the process.

A breakthrough in money management!

Real Money Advice for Families

Move your finances from red to black in four simple steps and secure your family's financial future.

Real Money Advice for Kids

A guide designed to help parents  teach their kids  the skills to become successful, confident and financially responsible.

Separation and Divorce

Analaura Luna

Divorce is a difficult time but it doesn’t have to be financially devastating. The time for grieving is to be honoured and the separation time will run its course. But there are practical things to be done especially around finances. 

Seeking help.  The question of dividing assets has become complex due to superannuation and, often, prior marriages and commitments in family support. The issues of personal contribution to a marriage are important if rather unpleasant. But it is a business-like mindset that is required.

The separation process requires both you and your partner to receive independent legal advice. This is a legal requirement, but you will benefit from the help.

Decide who is to decide! It is almost always preferable to settle between yourselves rather than leaving it the courts. Courts are not emotional supportive palaces and leave lawyers richer and you poorer however the split. Grief needs to be cleared in counselling not in the court room.

You do need to break down who contributed to what. You will need to consider the value of home-keeping and any home improvements. These days most people have income from employment and most are able to find it within themselves to allocate value to personal contribution on the home front.

Do settle on such issues of superannuation and ongoing support of children. Settling is a way of cleansing and paving the way for a better future.

If you liked this article you might also be interested in these other articles about divorce and separation:

Simple tips for surviving divorce

Divorce bombshell from shock jock Sandilands

Tags: divorce and separation, divorce in Australia, child custody

Author's Biography

Analaura Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.