It is a story told repeatedly, and with many variations: in most cases, women end up dealing with the financial aftermath of a separation or divorce.
Regardless of how and why a marriage comes to an end, one thing is certain: divorce ranks as one of the most devastating events in a woman’s life—both emotionally and financially.
Here are some tips in case you are contemplating or are currently going through a divorce and property settlement:
Seek Advice Early
Staring at divorce in the face may cause you to feel depressed and unable to think clearly. What do you do? Seek advice from professionals as early as you can. Call a lawyer from Rapid Legal Solutions, for example, as they can explain the process and the options to you. They can advise you on realistic legal entitlements as well.
You might want to hire a financial adviser, too, as these people can help you understand your finances.
Consider Your Income Sources
There are three major sources of income: income from a job, from assets, and from government benefits. If you are not working, try to get a job so you can earn an income and set yourself up for the future. If you are likely to receive assets in the settlement, think about what type of income you can get from them, and what you can do about them.
It pays to hire a professional adviser before you make big decisions, though.
Review Your Super
According to data from the Australian Bureau of Statistics, the last twenty years saw Australians divorcing at an older age. If you are one of them, you may have less time to build up your own retirement funds.
So, one of the most important things you should do during the divorce process is to review your super. How much do you have? Is the amount just enough for you to live comfortably when you retire? More importantly, is it in the right place?
Managing your finances while dealing with emotional trauma can be extremely daunting, but you need to get your wits together to make rational decisions about your financial future. Hopefully, these tips can help.