The financial impact of divorce is enormous. At best, some can recover financially within a few years. At worst, some never fully recover.

Ben Calder, Managing Director at Calder Wealth Management, joins Jane Miller, TGB Partner and Accredited Family Law Specialist on Surviving Separation for a discussion about the financial impact of separation.

Many of Ben’s clients have faced family law issues and have called upon his advice before, during and after separation.

He talks about financial planning for divorce including the complexity of dividing an estate, resetting financial objectives and how a person can re-model their financial plan.

“Understanding their financial position and what they’re likely to get in financial resources from the separation, and then probably and most importantly would be their objectives in regards to what does life looks like for them post-divorce,” Mr Calder told Surviving Separation.

“So 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.”

Ms Miller said: “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.

“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 because it’s not uncommon for people to have a whole lot of anxiety at the time that they’re going through separation, and so they’re panicky and therefore it’s very easy for them to perhaps overestimate what they need or feel very uncertain.”

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Contact Ben Calder, Calder Wealth Management: Ph 08 8373 3333 or send an email.

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