Separating from your spouse is an emotionally charged and financially strenuous time. When going through a divorce or separation, seeking help from a financial adviser is not always considered to be as important as seeking out the services of a family lawyer.

Apart from getting legal advice from a family lawyer, obtaining good financial advice is a smart move to help a separating person make the best financial decisions for their future.

What are some challenges and how can financial advisers help?

1. Assistance with immediate financial survival needs

Apart from providing financial advice in relation to a property settlement and making sure you get a fair share of the asset pool, financial planners can also help with your immediate needs. This includes advice for planning how to make the most of your new situation, like preparing a new budget and reviewing any outstanding debts.

2. Specialist advice throughout the settlement period

A financial adviser can give advice that can lead to an overall better result for you, particularly the type of advice that your Family Lawyer may not be qualified to give you during the settlement process. For example:

  • Financial AdviserYour adviser can provide you with advice about which assets or structures in your asset pool would be ideal for you to keep, and which ones would be ideal to dispose of. For example, there may be an asset that has a large Capital Gains Tax liability and therefore you would prefer not to retain.
  • Your adviser can also provide you with advice about how best to restructure the assets following the separation.  The making of final Family Court Orders may provide an opportunity to restructure your assets or entities in a more effective way which could present an opportunity for you.

3. Guidance after the property settlement

Seeking advice from an adviser after reaching a financial settlement will enable you to consider the most appropriate steps to take after settlement. An adviser will also be able to assist with investment advice, wealth preservation strategies, superannuation and retirement planning, insurance, and estate planning.

HOW CAN RSM HELP?

There are plenty of factors to consider from a financial standpoint when going through a divorce or separation. RSM financial advisers provide support to clients to ensure that they can prepare for a life of financial independence and be better equipped to handle the changes that emerge during a divorce. Get in touch with your local adviser today.

This page has been prepared by RSM Financial Services Australia Pty Ltd ABN 22 009 176 354, AFS Licence No. 238282.

As everyone's circumstances are different and this article doesn't take into account your personal situation, it is important that you consider the above in light of your financial situation, needs and objectives, and seek financial advice before implementing a strategy.    
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