I love getting your emails. I too have been setting goals for the new year and it is nice to hear from you about the goals you’re wanting to achieve. So, the theme has been money and hey, I’m with you. After separation or divorce, the money issues change (sometimes quite significantly). Let me be upfront though, I am no expert in this area, and I myself rely on others to help me sort out the financials. But there are a few things for you to think about when you are separating, and it comes down to M word.
Don’t put your head in the sand or look the other way. Whilst that is easy to do (hey we have all done it at one stage or another), it’s not the best way. I am sure you would agree. So, get informed. Talk to experts in this area. Financial advisors, your accountant, etc. If you are anything like me, then read, read and keep reading. I have been reading ‘The Barefoot Investor’ over the break and totally recommend the read. Scott Pape does a great job ‘speaking our language’ and I can say that I understood what he was going on about and even more so, he was witty enough to keep my interest (because I do love a bit of humor – check out my Instagram page @thelawlady and you will see what I mean).
Speak to your bank and understand your finances including money that is owed. Yes, I got your email saying that it was the other party that looked after the finances so you are not sure what is going on. So, ask. Remember you both have a duty of full and frank disclosure when it comes to family law matters. Check out the court brochure right here http://www.familycourt.gov.au/wps/wcm/connect/fcoaweb/reports-and-publications/publications/applications/duty-of-disclosure and speak with your family lawyer too.
Make a list
Separating can mean separating your property too. So, make a list of what you say makes up the property that you have between you. I suggest starting a notebook that you can keep all your information in and that way it is easy to find. It also makes it much easier if you need to provide that information to your family lawyer. Need a notebook? Email me and I will send you one of my very own designed just for you. Email me at and I will send it to you for free. So back to that list, write down the items and then write an estimate of the value next to each item. Not sure of the value, that’s ok, you can get back to that at later time or ask your family lawyer to give you a hand. Ok, you have your list of assets, now it’s time to make a list of the liabilities (you know, loans, credit cards etc). At this point you might need to check your accounts for an up-to-date balance.
I love that you all have some great goals for the year and that they include getting your finances in order. You have totally inspired me to do the same. I believe we can always do a little better in this area and if you have kids well it sets a great example for them too. Guess what everyone got for Christmas at my place? Good old fashion money boxes! Bring them back in fashion I say.
Happy goal setting 2018,