Hot Issues
spacer
Our Advent calendar for 2017
spacer
Where are we in the global investment cycle?
spacer
Australia's vital statistics
spacer
12 ways to enjoy summer without spending a fortune
spacer
One in three Aussies travel without protection
spacer
Digital payment options could see you spend more this Christmas
spacer
If you’ve always thought property prices only go up…
spacer
Will Australian house prices crash?
spacer
Where are we in the global investment cycle and what's the risk of a 1987 style crash?
spacer
Money steps for women
spacer
Resources on our site to help you, your family and your friends.
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
How to retire, your way
spacer
Prepare for retirement without missing out today
spacer
Be the boss of your cash
spacer
The Australian economy bounces back again
spacer
Should you lend money to family?
spacer
Money mistakes people make in their 50s and 60s
spacer
Australian Dietary Guidelines and healthy eating chart (PDF)
spacer
Eight steps to improved cashflow... and lifestyle
spacer
Powerful Budgeting, cash flow and Super Tools available on our site.
spacer
5 ways Australians will use their tax return this year
spacer
Australia's leading causes of death - ABS
spacer
The threat of war with North Korea
spacer
Six traits of Australians living the dream
spacer
The break higher in the Australian dollar is likely to be limited
spacer
Money can buy you happiness, you’re just spending it wrong
spacer
Key Economic Indicators, 2017 – updated
spacer
Helping your kids buy a home
spacer
From Goldilocks to taper tantrum 2.0
spacer
What’s your debt age?
spacer
Doing a budget is a good idea but ....
spacer
Planning is the key to making it financially
spacer
What to do when you come into money
spacer
Managing your money when you move in together
spacer
Reduce your bills with these household items
spacer
It pays to contribute to your partner's super
spacer
How to cope with losing independence
spacer
Transition to retirement income streams
spacer
The Australian economy hits another rough patch
spacer
Watch out for tax scams
spacer
The three core pillars of this year's budget
spacer
Federal Budget - 2017-18 - Overview
spacer
Federal Budget - 2017-18 - Budget documents
spacer
Make the most of the current super caps
spacer
Five, four, three… it’s not too late to get more in super
spacer
Super changes are coming
spacer
What’s your debt age?
spacer
Australian cash rate on hold
spacer
Super changes this financial year - Dr Shane Oliver - video
spacer
The door is closing on super’s current caps
spacer
Is Donald Trump's honeymoon with investors over?
spacer
Estate planning and why you need a super plan
spacer
What does a comfortable retirement look like?
spacer
Give your career a health check
spacer
Super changes from July 2017
spacer
Changes to the Age Pension assets test
spacer
Keep your money safe over the silly season
spacer
Looking ahead at 2017
spacer
Review of 2016, outlook for 2017 - looking better despite the political noise
spacer
Merry Christmas for 2016, a Happy New Year and a prosperous 2017.
spacer
54.2 million worries
spacer
Five tips for happy healthy ageing
spacer
Thinking about managing your own super?
spacer
Sending more to the tax office than you should?
spacer
Government pulls back on proposed changes to super
spacer
Market Update - What to consider when investing in a low return world
spacer
Stop!! Don't do a paper Budget, use our online budgeting tools instead.
spacer
Oliver's Insight - Megatrends
spacer
Value of Advice
spacer
A growing family doesn't have to blow the budget
spacer
Blinded by optimism
spacer
Thinking about managing your own super?
spacer
The investment outlook - it's not all that bad!
spacer
What’s your biggest obstacle to financial success?
spacer
Ageing Parents
spacer
Should you own the roof over your head?
spacer
Be a senior entrepreneur on your own terms!
spacer
Brexit and other key developments
spacer
Brexit wins
spacer
Commentary on major issues - AMP
spacer
Five money habits for a happy financial year
spacer
Remember to factor in parental subsidies at tax time
spacer
Are grandparents giving too much?
spacer
2016-17 Federal Budget - AMP
spacer
2016 Budget in detail
spacer
How (and why) to talk to your adult children about insurance
spacer
Procrastination: Just do it. Eventually.
spacer
Why Australian property won't collapse
spacer
The Lucky Country holding up pretty well
spacer
Have we reached the bottom?
spacer
The evolution of the Chinese consumer
spacer
Retirement rolls around faster than you think
spacer
Pressed for time?
spacer
Changes to the Age Pension assets test
spacer
Women are building financial intelligence
spacer
Heirlooms no more
spacer
Initial market falls precede stronger returns - Shane Oliver
spacer
What exactly is income protection insurance and do I need it?
spacer
A rough start to the year, which could have further to go
spacer
Aged Care - Changes to Assessment of Rental Income
spacer
A bump in the road, then a new start
spacer
New year, new start – are you ready for retirement?
spacer
Review of 2015, outlook for 2016 - Dr Shane Oliver
spacer
We wish you a Merry Christmas for 2015 and a Happy New Year
spacer
Go easy on the plastic over Christmas
spacer
Resolutions for a wealthy future
spacer
The Australian dollar doing what it normally does - overshoot. Dr Shane Oliver
spacer
How to manage volatility in a low return world
spacer
The Australian economy - more help will be needed. Dr Shane Oliver
spacer
Insurance through my super
spacer
Four tactics to build an investment portfolio
spacer
The demand for global infrastructure
spacer
Help achieve your investment goals with dynamic asset allocation
spacer
The Power of Budgeting
spacer
Jump retirement hurdles with a coach
spacer
Preparing for the time of your life
spacer
A Super Loan for all reasons
spacer
Making a smooth transition
spacer
Budget 2015 - some professional opinions
spacer
Australian Government - Budget 2015
spacer
Achieving a comfortable retirement
spacer
Is off-the-plan on the money?
spacer
Should I take my super as a lump sum or not?
spacer
Do you have a key person in your business?
spacer
Tips for success in a competitive job market
spacer
All you need to know about buying at auction
spacer
To sell or not to sell?
spacer
Saving in a material world
A bump in the road, then a new start

Taking stock of how your life’s travelling at the start of a new year is a great idea but you might feel more urgency if you’ve recently come to the end of a serious, long term relationship or gone through a divorce.

 

What’s next, you want to know. How do you rebuild your life, is your financial outlook positive, what happens if you find a new partner? The questions, and often anxieties, have a tendency to pile up. 

While the key things in life are good health, personal happiness and loving relationships, financial security is very important too. And from a financial point of view, there are definitely steps you can take to get your life back on a more stable and desirable foundation, so you are free to focus on rebuilding your happiness. 

In his new book – Money, Marriage & Divorce – Paul Clitheroe AM tackles the financial side of relationship breakdown, helping you find a new financial start, whether it’s staying in a relationship and working through, or going your separate ways. 

For many recently-divorced or separated, you may find yourself with a significant lump sum, being your share of the financial settlement. Paul suggests that it’s probably best not to do anything too major with that money, such as going out and buying a home, too soon after you get it. Take a breather, wait a while until the emotional dust has settled and you’re thinking more clearly about what to do next. Whatever you do, don’t go on a spending spree – this money is likely to be critical to your future financial security. 

Here are some tips to think about if you do go your separate ways:

1. Goal setting
When the dust settles identifying some short, medium and long term goals and creating a financial plan is a sound step. With a plan you’re likely to feel more in control and less anxious about what’s ahead – a plan helps you shape your own future, rather than being shaped by it. It’s at this stage that a good financial adviser can help you formulate goals and provide a pathway, and strategies – in areas including investment, super, tax, insurance and estate planning, to help you reach them. 

2. Work out how much you can spend and save
One thing you should definitely do as you make a new start in life, is make a budget – reflecting your life ahead, not your former lifestyle. A realistic budget means taking control of your money, helps you keep spending in check, and shows you where savings can be made – a key building block for your new future. 

Until you’re accustomed to your new circumstances, try to avoid taking on any new debt, and aim to pay off any existing debts, starting with the highest interest ones first. If you’ve taken over the (pre-separation) family home and there’s a mortgage over it, or you end up buying a new home somewhere down the track, aim to pay the home loan off and become mortgage-free as soon as possible. 

3. Make it a Super-future
The amount of superannuation you have following a separation or divorce may be less than you had before it. Because super is so tax effective, it can really make sense for you to try hard building it up for your future, and salary sacrificing can really help. Again, talk to your financial adviser about this, it can be a complex area and you’re very likely to benefit from professional help. 

4. Learn from the past, prepare for the future
If you choose to re-partner, consider a prenuptial agreement, more accurately termed a ‘binding financial agreement’, drawn up by, and signed in the presence of, your lawyer. It’s designed to help protect your assets in the event of a split up and helps remove the anxiety about sharing your future with someone new. 

Don’t forget your estate planning. A post-divorce life, with or without a new partner, calls for new arrangements. 

While separation and divorce is likely to put you through an emotional wringer, things are likely to improve. You wouldn’t have gone through the distress of a break up if you didn’t think a happier life lay beyond! 

With new challenges come new opportunities for personal happiness and growth so when you’re able to clear the fog, grasp your new opportunity with both hands! 


by Paul Clitheroe AM
Paul Clitheroe AM, co-founder and Executive Director 
of ipac securities limited, Chairman of the Australian 
Government Financial Literacy Boardand Chief 
Commentator for Money magazine.