Filing for divorce can give rise to all sorts of financial and emotional worries – how will you cope without your partner’s salary? How will your day-to-day life be affected? Although these issues prey on many divorcees’ minds, it is not uncommon for them to be allowed to fester,
rather than action being taken to address them. Speaking to a financial adviser is a good way of getting an unbiased view on your finances, as they will be able to offer practical steps on how best to rejig your. Choosing a financial adviser Selecting the right financial adviser is essential – after all, you need somebody who you feel comfortable discussing your finances with at an already emotional time of your life. It might be that you decide to set up an initial meeting to see if the expert is right for you – don’t be afraid to ask questions about the process and what it will entail. Understanding your options One of the most crucial steps during a divorce is to look at your options and decide which are going to be best suited to your situation. You should be given guidance on what decisions you will need to make and the likely impact they will have on your circumstances. Every case is different, but receiving from someone who has dealt with similar situations before can be invaluable at this distressing time. Preparing your financial statement An important part of any separation is preparing your financial statement – this will be at the heart of negotiations with your partner. In order to draw up the statement, you will need to list any financial products you own, including savings accounts, personal loans, superannuation and mortgages. A financial adviser will be able to give you with an exhaustive list of the evidence you will need to provide. Other documents that will be required include tax returns, insurance policy details and pay slips for both you and your partner. Having the right knowledge to hand Making sure you have all the correct information available is
important if you are going to reach a fair financial settlement that you are both happy with. Think carefully about any joint assets you have and who is the legal owner
of them – this can save a lot of legwork later on when it comes to dividing them fairly.