Open in case of emergency: FAQs for when your client’s marriage or relationship ends
2 mins reading time
We know that when a marriage or similar relationship ends, either the person ending the relationship and/or the other party, will often turn to their accountant or financial planner to guide them through the process, by helping them to sort-out immediate things like gathering financial information, doing a financial stocktake, planning ahead, and sometimes cutting to the chase – asking, “what am I likely to finish up with financially?”
Separation can be overwhelming for those going through it. It’s a big deal and people don’t want to make any mistakes. They look to their trusted advisors, you, for support and guidance. Obviously you don’t want to make any mistakes either!
It can be difficult terrain to navigate though, even for the most experienced accountant or financial planner – often fielding curly questions about family law from both parties, while looking after your current and future working relationships with them and other interested people, such as their business partners.
Although every case is different, accountants and financial planners tell us that common questions come up when dealing with people at around the time of separation. These include:
- Will I be disadvantaged if I leave the home?
- Can I force my partner to leave the home and stay away?
- Will I have to pay half the mortgage and bills if I leave?
- What financial support will there be for the children?
- Will there be equal time with the children?
- What is a divorce? Does a property settlement happen before or after divorce?
- Who gets the house? Is a property division always 50:50?
- Are gifts, inheritances, loans taken into account?
- What happens to superannuation?
- Who is entitled to spousal maintenance?
- Is a de-facto relationship property settlement the same as a marriage one?
Click here to view and download the FAQs.
Please contact Fran Fox on 03 9794 2660 or fran.fox@mk.com.au or Brendan Herbert on 03 8615 9940 or brendan.herbert@mk.com.au for specific advice or any assistance required for your clients.
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Open in case of emergency: FAQs for when your client’s marriage or relationship ends
We know that when a marriage or similar relationship ends, either the person ending the relationship and/or the other party, will often turn to their accountant or financial planner to guide them through the process, by helping them to sort-out immediate things like gathering financial information, doing a financial stocktake, planning ahead, and sometimes cutting to the chase – asking, “what am I likely to finish up with financially?”
Separation can be overwhelming for those going through it. It’s a big deal and people don’t want to make any mistakes. They look to their trusted advisors, you, for support and guidance. Obviously you don’t want to make any mistakes either!
It can be difficult terrain to navigate though, even for the most experienced accountant or financial planner – often fielding curly questions about family law from both parties, while looking after your current and future working relationships with them and other interested people, such as their business partners.
Although every case is different, accountants and financial planners tell us that common questions come up when dealing with people at around the time of separation. These include:
- Will I be disadvantaged if I leave the home?
- Can I force my partner to leave the home and stay away?
- Will I have to pay half the mortgage and bills if I leave?
- What financial support will there be for the children?
- Will there be equal time with the children?
- What is a divorce? Does a property settlement happen before or after divorce?
- Who gets the house? Is a property division always 50:50?
- Are gifts, inheritances, loans taken into account?
- What happens to superannuation?
- Who is entitled to spousal maintenance?
- Is a de-facto relationship property settlement the same as a marriage one?
Click here to view and download the FAQs.
Please contact Fran Fox on 03 9794 2660 or fran.fox@mk.com.au or Brendan Herbert on 03 8615 9940 or brendan.herbert@mk.com.au for specific advice or any assistance required for your clients.