Guidelines to Effectively Manage Money After Divorce

Getting divorced is one of the top three most stressful life events, and (based on your own personal circumstances) you may not feel like expecting anyone at all. But here are some tips from a family law firm in Sydney that can help you get through some of the practical and everyday changes a break-up will inflict on you, particularly your finances after divorce.

Think of the Children

This may seem clear or clich├ęd, but a lot of people assume that naturally the children will be looked after until they reach their majority. Even when you’re both in verbal agreement at the time of the divorce, it is ideal to get a payment schedule agreed in writing and seen: who knows what affects a few years may wreak? New spouses, new half-brothers and sisters, job changes and even growing distance between parents and children can tempt 1 party into needing to pay less. Having a divorce settlement will ensure your children are looked after until adulthood.

Take Charge ASAP

Often in a family, 1 partner is responsible for the financing while another contributes financially or physically to the health of all. As soon as the divorce is agreed, you should both begin to separate out the financing. While often break-ups could be hurtful, avoid the temptation to become malicious when taking out of your home. If it’s possible to agree on an equal division of property, great, otherwise, third parties may evaluate and divide the contents of the house and bank accounts for your benefit. Ensure that you both know your rights and responsibilities concerning the dismantling of your home.

Close Joint Accounts

Any accounts that have both your names on them ought to be shut or, in the event the company will allow it, divided in to two. Whether there are liabilities attached to joint consideration, work out between you if it ought to be evenly split between you or when the 1 partner who benefits most from the accounts should pay more. During this procedure you may be tempted to simply agree to what they imply, or inquire to deal with it later — this isn’t a fantastic idea. Knowing exactly where you stand financially ought to be determined sooner instead of later, no matter how heart-sore you’re.

Written Budget


Learn to budget properly: putting down your assets and income, then listing all your monthly and weekly outgoings — and don’t forget things that might have been taken care of as a couple throughout your marriage, such as insurance, healthcare and pensions. As soon as you have a fantastic idea of how much you’ll have to survive each month, you can plan to increase working hours or how to reduce costs, whichever is most feasible.

Maximize Benefits

Check your present accounts (or your new ones, if you’re having to open accounts) to ensure that you know and are harnessing any advantages they supply. For instance, if your bank account offers you free cell phone insurance, ensure your phone’s details are listed. If any accounts gains don’t match up to the service fee that you pay, consider altering the account to a more affordable one.