E8 Divorce in later life - money matters of importance

You might be surprised to learn that the divorce rate for over 50s in Australia is the fastest growing divorce AND most of the divorces are instigated by women, and not the men!

If you are considering divorce - or if someone you know is in this situation - then this is an important episode for you

We discuss some of the basic mistakes that we have seen and offer suggestions of what has worked for others

We need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.

In fact when it comes to matters of divorce your lawyer is not in a position to provide financial advice. It is essential to consult an accountant or other financial professional.

Some of the key messages from this episode:

1. Important to make a comprehensive list of all the assets
2. If there is a business involved - do you need a professional financial valuation?
3. What are the collective and individual outstanding debts - mortgage, credit cards, loans etc
4. Consider putting together your own professional team - lawyer, accountant etc Remember your lawyer is legally not allowed to provide financial information
5. Make a new financial budget to identify how much you need - super important to figure out what the new costs are/ will be
6. Think very deeply about the best outcome for you when it comes to splitting the entire portfolio of assets. Seek professional advice to ensure that this decision will be of greatest benefit you in the long term - this is about you being able to enjoy a full and satisfying retirement
7. Review Estate planning and power of attorney and binding death nomination

Of course this is an extremely emotional time - for everyone

We recognise that and encourage you to seek out the best professional guidance to ensure you are financially secure for your future

We have a question from one of our listeners:

Shelley asks “I am trying to pay off my mortgage before I retire, hopefully in around 5 years time and I want to know if I should change my payments from monthly to more often?”

Again, we need to make it clear that we do NOT provide specific financial advice on this show, it is just general advice and discussion. If you want advice specific to your situation you need to go and see a financial adviser or financial professional.