ASIC has launched new divorce and separation resources to
support your financial decisions.
The Divorce and Separation Financial Checklist and the
Asset Stocktake Calculator developed by ASIC will help people navigate the
financial aspects of divorce and separation.
The resources are designed to help Australians manage
their finances and make informed financial choices to avoid financial pitfalls during
periods of significant change in their life.
The divorce and separation financial checklist and asset stocktake calculator will
provide guidance on:
- making informed financial decisions at the time of a relationship breakdown;
- separating finances and getting money on track post separation and divorce; and
- commencing the property settlement process by providing a summary of assets and debts.
A relationship breakdown changes many aspects of a
person's life, including their finances. This can leave people feeling stressed
and overwhelmed and make it difficult to focus on financial decisions.
The new resources can help sort out money issues and
guide people through the financial uncertainty they may be facing when a
relationship ends, by providing practical steps to separate finances.
Research undertaken by the Australian Institute of Family
Studies has measured the impact of a relationship breakdown on people's
finances, which especially affects women. Divorce had a substantial negative
effect on the household incomes of women, with Australian women experiencing a
fall in income of 21 per cent compared to their pre-divorce income.
The new checklist from ASIC's MoneySmart can help you
work out what you need to do. You can also use it to support someone you know
who is going through a divorce or separation.
ASIC's promotion of the resources is supported by a video
featuring Anne Hollonds who explains how the divorce and separation financial
checklist can help navigate finances when a relationship ends.
Even if you are
on good terms with your ex you should have your own legal advice.
Call Nathan
Buckley on 0411 067 367 or email Nathan at nbuckley@gandblawyers.com.au to make
an appointment.
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