Post Divorce... what can go wrong?
'What can go wrong after a divorce?' is a normal and everyday question we get, and the answer is there are many things that can slip between the cracks.
This includes some financial risks such as:
Losing Centrelink benefits. If you were previously relying on benefits to live and/or are counting on receiving these after the settlement then you better be sure you will be entitled to these. You don't want the nasty shock of going to Centrelink and finding out your benefits have been cut off!
Missing out on Superannuation. Did you know that superannuation can generate a tax free income in retirement (after age 60)? Superannuation is generally the most tax effective method of saving for retirement. Don't disregard it just because you don't understand it or because it may not be available to you right away. Missing out on superannuation now may sabotage your retirement plan down the track.
Poor investment decisions. After the property settlement you may find that you are now the proud owner of investments that your spouse arranged. You may have limited understanding of these and what to do with them. Do not let apathy take over at this stage! Your financial planner can help you to better understand your new position, which assets you should retain and which you should change.