Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we dive deep into the practical steps you need to take when facing separation or divorce. We explore the importance of taking stock of your financial position early, understanding the difference between legal and financial advice, and why mediation often delivers better outcomes than court proceedings. We cover critical areas like managing cash flow during transition periods, protecting joint accounts from unauthorized transactions, and navigating complex decisions around property valuations and superannuation splits. We also address the often-overlooked aspects of insurance reviews, beneficiary updates, and the challenging but essential process of rebuilding financial confidence after separation.
Whether you're currently going through a separation or want to be prepared for the unexpected, this episode provides essential guidance for protecting your financial future during difficult times.
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of Akumin Financial Planning – AFSL 232706
Episode Highlights
Taking stock of financial position - early financial assessment
Understand when to use lawyers versus financial advisors for optimal outcomes
Weighing negotiation/mediation benefits against the costs, stress, and time of going to court.
Handling joint expenses and bills while living separately without damaging credit
Secure joint accounts and understand tax implications of different asset choices
Superannuation and property considerations
Rebuild financial confidence and update beneficiaries without losing investment time
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