Some of your clients may be facing the daunting task of separating from their partner. As a professional advisor to your clients, you of course want the best overall outcome for your clients. It can be difficult to know how to help them in this situation. You certainly wouldn’t want them to go through a painful, expensive and protracted legal process if it can be avoided.
Who can you advise them to contact if their situation is at least somewhat amicable? Div-ide is a team of Chartered Accountants who assist smart couples who choose to be amicable through this difficult process. We work with many other professionals to come up with the best solution possible taking into consideration their individual circumstances.
At Div-ide, we work with separated couples who understand that remaining amicable through this process opens up many opportunities such as:
- Educating both parties (quite often one party has been involved in the finances and the other not so much) in relation to their assets and liabilities so they both understand what they have – so they can each make informed decisions in relation to their property settlement;
- Working with mortgage brokers to determine the borrowing capacity of each of the parties;
- Work with mortgage brokers to determine the borrowing capacity of each of the parties for post separation life
- Work with accountants, financial planners and stockbrokers to preserve as much value as possible through the change
- Determine and account for any inherited capital gains tax that comes with any assets one party is to receive
- Consider superannuation splitting options, based on the incomes, borrowing capacity and needs and wants of each party
- Outline options for how children’s costs can be covered and child support options
The above is all part of a pragmatic step by step supported action plan that each party needs to take to progress and finalise their property settlement
The other good news is that taking an amicable approach to financial separation is much more cost effective and these costs can be shared.
For more information, visit Div-ide and discover how we can assist your client in their journey to financial independence.