8/6/2023 0 Comments Married with separate finances![]() Upon the initial separation, there may be work to be done with accountants, mediators, or lawyers. Big life choices require research and time for consideration. There will be some decisions and actions that have to wait. Notice: JavaScript is required for this content. If you want to get started now, get in touch and we will have an adviser get back to you. Knowing what you can afford, what your options are, and what matters most to you will help you understand your new best possible life. When you have all the facts and figures nutted out, it is time to start prioritizing and planning. Now is the time to reflect on what matters most to you. Having shared your life with someone else, you have likely been sharing and comprising on the goals you had. What will your income be? What expenses will you have? ![]() What assets and liabilities remain with you? Be clear about your new balance sheet.Whether you have been the financial manager in the family or not, the work required here can be made so much easier with a Financial Adviser. Taking your first financial steps on your own will mean different income, expenses, assets and liabilities but it will also involve different goals and objectives. When you have been managing your financial lives together you have likely been doing a lot of sharing and compromise. So much of the struggle both parties face in a separation stems from fear of what lies ahead. The next step is to start re-assessing your future. Ensure utilities also reflect the person staying if one party is staying in the current residence.If renting, update lease agreements to reflect who remains and who is leaving.Most of the time, the decision to separate will mean one party needs to find new accommodation. Be willing to explore your options without preconceived ideas of what must happen.”ĪSIC’s MoneySmart site has a smart checklist of things to consider:Ī Financial Adviser can help you with many of these first steps. We recommend taking time to work through the financial aspects of separation, starting with your short term needs first. “When a person is faced with the reality of separation, they can be driven by a desire to get it all over with as quickly as possible. There are some immediate actions you will want to take.įinancial Adviser and Director of Invest Blue Steve Fort, recommends taking things one step at a time. In the early stages of separation, each person has to start down their own financial path. Where should you start? What decisions need to be made now, what can wait We can help you regain financial clarity and support your confidence in this area, whether you have been the one to manage the finances or not.Īt all times, our main objective when working with a client going through separation or divorce is to help that person understand exactly what their current situation is, what they have and what they owe what they truly want for their future and what is most important to them, and how to build the bridge to get there. That can leave the other in the dark when it comes to the joint financial commitments and behind on understanding how to manage their financial affairs. In many partnerships, one person tends to take the lead in managing financial affairs. At Invest Blue, we have worked with many people in this situation. No matter how a couple have arrived at the decision to separate, dividing up their financial lives can be a challenge. What help is available after separation? How do you start to map your financial future when your relationship ends? What are the first steps you need to take? What should you be prepared for?
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