5 things to do after Separation
It is so important to seek guidance and advice in relation to the separation of your assets and liabilities and the future care of your children is a massive relief once an agreement has been reached.
However, a property agreement may not always be enough to protect yourself moving forward. Here are the five basic things we advise our clients to do once their property settlement has been finalised:
1. Get divorced
We have found that people often don’t appreciate that a ‘divorce’ and ‘property settlement’ are two different things. In order to legally end your marriage, you will need to make an Application for Divorce with the Federal Circuit Court of Australia. Being legally divorced can prevent your former spouse from making any claims on your Estate in the future and would prevent them from acting as your Executor.
2. Update or draft your Will
It is important that you update, or prepare your Will to reflect your change of circumstances. If you become divorced in the future, any gifts or nominations made which include your former partner will be void. It is also important to record who you want to manage funds on behalf of any children you may have and who you want to care for them in the event you and your former partner both passed away.
3. Update superannuation nominated beneficiaries
The nomination of your superannuation benefit is just one those things people set and forget. We advise our clients, once they have separated on a final basis, to contact their super fund and nominate or change who they would like their superannuation to be given to should they pass away. Following separation, it may be some time before you can get divorced so it is important to have your changes recorded to reflect your current circumstances.
4. Plan for your future
We always recommend that our clients get in touch with a Financial Advisor. A property settlement usually means a change in the way property is held or perhaps receiving a cash payout. Getting advice early can assist with setting you up with a much more financially comfortable and stable future.
5. Take care of you
Now that you have finalised things between you – you need to take some time for you. Whether it be getting out socially more, reconnecting with people, seeing a counsellor or learning a new hobby, nothing gives us greater satisfaction than seeing a client move forward in life and rediscovering the joy it holds.