There is a pervasive myth that financial advisors only become involved in a separation after settlement. At Endorphin Wealth, our financial advisors become involved in the divorce process very early on. We’re on our client’s team, working collaboratively with their lawyer, accountant, and any other professionals.
An advisor can help balance the scales
Family lawyers will advise you to talk about your assets early on in the divorce process. Unfortunately, one common scenario that Endorphin Wealth financial advisors come across is that one partner may end up in the dark regarding their financial situation. This may occur if one partner is a high-income earner while the other partner is responsible for domestic duties. When divorce proceedings are commenced, often these partners find themselves having to become financially literate in a very short period of time; this is where a financial planner can help.
MoneySmart has collated some recommendations for first steps to take when you separate from a partner or spouse. Even if it is just a short-term arrangement, it is important to address practical matters such as who will live in the family home and where the other person will live. You also need to change paying your shared expenses, and what to do with joint accounts. Together, you can do a “financial stock-take” where you list and value your assets. This includes your home, car, furniture, superannuation, investments and joint debts for your financial planner to consider.
Worrying about your finances can be a big burden. By having these measures in place as soon as possible will allow you to feel secure enough to consider your next stage in life. It also allows the team at Endorphin Wealth to help you at the best of their ability if you have already taken stock-take of your financial situation and started considering your future goals.
Our approach to a separation
From the outset, Endorphin Wealth will encourage you to consider how you want your life to look after your separation. As with all important choices, you need to consider what is important to you as an individual. Even in tough times, you must balance pragmatism and emotion in your financial decisions. It is important not to rush out and make rash decisions such as purchasing a new apartment until the divorce is settled – particularly if you don’t know what level of income you are going to have after your divorce.
At Endorphin Wealth, we want to help you with your financial journey through the good and more challenging times. As soon as divorce proceedings commence, we want to become part of your team and help you achieve the fairest result. We will assist you in moving forward after a separation with confidence.
The team at Endorphin Wealth Management is here to help you achieve a positive outlook on your financial situation.
For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at endorphinwealth.com.au/contact/
