Every year many women face the breakdown of their marriages or De facto relationships. It can be a very difficult time emotionally for the whole family, especially if you have children. But how does it affect you financially?

The financial impact of relationship breakdown can affect your income, assets (like the family home) and living expenses. Many women are left bewildered and vulnerable, not knowing how to get their finances back on track.

Asset/debt division

The Family Law Act (1975) indicates how assets are divided after separation/divorce. Your savings, family home, investments and superannuation may be affected. Assets and debt can be divided in one of three ways:

• Mediation: Coming to an amicable arrangement with your former partner.
• Formalising an amicable agreement through the Family Court.
• Applying to the Family Court for orders where you are unable to reach an amicable agreement.

When determining the division, the court will take into consideration the financial and non-financial contributions made by each party.

How can financial advice help?

It is our mission to help empower women to become financially secure. We have a caring and compassionate approach in our dealings with our clients and their family. We can help by:

• Assessing your income, expenses and goals and help develop a budget and savings plan for you
• Re-adjust your superannuation and help you plan for retirement
• Re-adjust your insurance cover
• Identify investments that can help you grow your wealth
• How to make the most of your settlement

Contact Prudentia Financial Planning for a free initial consultation and financial advice for divorce.