Ben Calder joined Tindall Gask Bentley family law specialist Jane Miller on TGB's Surviving Separation podcast to talk about the massive financial impact of divorce. 

When asked about how long people might expect it to take for them to recover financially from a divorce, Mr Calder told Surviving Separation that "some people don’t necessarily recover (financially) depending on their individual situation."

With professional help, you can be prepared to make smart decisions before, during and after divorce.

Listen to this episode of Surviving Separation via SoundCloud or iTunes now. 

Why Financial Advice Before Separation is Essential

It seems to be common knowledge to seek legal advice before pursuing a divorce. But nowadays, more people are wisely obtaining financial advice, as well.

Mr. Calder had this to say about the trend: "I’d say in the last five years we’re seeing a lot more of that. Jane mentioned earlier about couples having meetings and talking about separation and then looking at the asset pool and [saying] 'we can’t afford to separate, we’ve got to make it work.' So we definitely are seeing a lot more of that where one party is coming in saying 'can you build me some models in regards to what it might look like if I was to get X,' and then generally we would work with lawyers like Jane to frame up what’s likely to be the entitlement. We’re seeing that definitely more and more."

Building Your New Financial Plan

Before and during separation, people need help designing an accurate model of their financial assets and objectives.

Mr Calder recommends that those facing separation should "[Understand] their financial position and what they’re likely to get, as financial resources from the separation, and then most important would be their objectives in regards to what life looks like for them post-divorce."

People should ask themselves questions like: "Will they be working three days a week, are they going to work full-time, are the kids going to continue to go to private school or are they now going to go to a public school? So looking at lifestyle-wise exactly what they want to achieve, when they want to achieve it, what they’d like their life to look like and we’ll model that back financially and that will form the basis of the financial plan."

How Lawyers Work with Your Finances

What role does a lawyer play in the financial plan?

"The lawyer can give some feedback about what’s really realistic and what might be achievable and the costs of trying to achieve it and the timing of it all," TGB's Jane Miller said. "But it really does help to have a client that’s been well educated and is informed about what a dollar amount might mean to them in terms of objectives."

Listen to the full interview

Listen to this episode of Surviving Separation via SoundCloud or iTunes now. 

What Next

Are you struggling with anxiety over your financial situation in light of an imminent separation?

At Calder Wealth Management, our specialist team of financial advisers will help you to avoid a financial burden. Contact us or call 08 8373 3333 to arrange a free, no obligation appointment.

Interview guest: Ben Calder, Private Client Adviser at Calder Wealth Management.