Relationship breakdowns can be devastating emotionally, as anyone who’s been through it knows. Then, just when you’re at your most fragile and vulnerable, you have to deal with unravelling your finances. This is where we learn that 1÷2 ≠ 0.5, even though we wish it would. Divorce generally means losing money thanks to transaction costs and the need for speed.
No wonder divorce ranks in the All Time Top Five Greatest Hits on the ‘Life’s Most Traumatic Experiences’ Charts!
It’s something I’ve seen play out first hand when my parents divorced. The financial decisions they made as they split rippled through the following decade. Indeed occasional blips are still felt 29 years later by both of them. As a financial educator, I am often asked for suggestions on dealing with the financial side of divorce. (E.g. this 45min segment for Focus on ABC Radio with Jessica Strutt). Read more