1.Not acting to find all of the income and assets connected to you and your Ex.
You cannot get your fair share if you do not know it is there. One of the most common and biggest mistakes that divorcees make is not finding out about all of the income and assets that are connected to you and your ex-spouse. Being aware of these ensures that you can work towards getting your fair share, manage your estate better and help in the transition to financial independence.
2.Not taking the effects of inflation into account for the long term.
The potential effects of inflation on your investments and finances should be taken into account so that any long term investing and budgeting will provide adequate funding for life in the future. Inflation is also an important factor when it comes to assessing the viability of an investment. Inflation and its effects need to be taken into account when deciding and agreeing on the division and settlement of any assets.
3.Not keeping your Insurance policies current by updating the beneficiaries
Changing the beneficiaries of your Life Insurance policies is critical to guaranteeing that any payouts go exactly to the people you want them to, in the unfortunate event of your death.
You may also want to consider if your level of Income Protection Insurance is adequate to support your new circumstances.
The financial safety net your ex-spouse provided no-longer exists, so you should ensure that you are adequately covered for any loss of income should you become sick or injured.
4.Not planning and budgeting for the long term
Your divorce settlement may have to last you a long time. Good financial planning and budgeting are vital to securing your ongoing quality of life and ensuring that provisions are made for the future.
Financial planning can help you identify and prioritise goals and produce solid plans for the division, spending and investment of financial resources and settlements.
If you are recently separated or divorced and are unsure about the above or have other financial concerns, feel free to contact us for more information. To receive advice and guidance on all the above areas please contact us for a complimentary assessment of your new situation. We are experts and specialise in this area