Separation or divorce
A separation or divorce can be one of the most emotionally stressful periods of your life. Unfortunately, financial issues often compound the situation. In the wake of a break-up, you could find yourself worrying about issues such as:
- finding and funding a new place to live
- living on only one income
- dividing shared investments, bank accounts and other assets
- purchasing new major households items.
What happens if a relationship doesn’t last?
Unfortunately, not every relationship is destined to last. Almost a third of marriages are expected to end in divorce and almost half of divorces involve families with children under 18, leaving the separated parents with child support obligations.*Relationship breakdown is an unfortunate fact of life. It can be an emotionally painful process for everyone involved. In addition to the immediate suffering, the long-term financial costs of a relationship breakdown can be significant.
During a relationship breakdown, you may be required to pay for costs associated with property settlement and legal expenses.
You may also have other costs to meet such as buying a new home, household items, car or renting a new property. Your long-term savings plan could also be affected without your partner’s income.
* 1 3307.0.55.001 – Divorces, Australia, 2007
http://www.abs.gov.au/ausstats/abs@.nsf/mf/3307.0.55.001
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As at 30th March 2011, AXA Asia Pacific Holdings Limited and all of its Australian and New Zealand subsidiaries ceased to be members of the Global AXA Group and became members of the AMP Group.
