When relationships end due to separation, divorce or death, finances are often the last thing on your mind. Dealing with emotional strain, uncertainty or conflict is hard enough for many and having to manage different financial circumstances for the first time, is daunting.
Getting your finances in order is important and can be aided by financial counselling.
When separating, it is possible that you may suffer from “Sexually Transmitted Debt”. This is where one person in a relationship becomes responsible for their partner’s financial debts, usually after being convinced or misled into taking on debt in their own name, sharing the responsibility, or taking on more risk than they knew about.
If you’re struggling to pay your child support the worst thing to do is ignore it. The Child Support Agency (CSA) – who administers Australia’s Child Support Scheme – will do its best to help you as long as you contact them early. Talk with your financial counsellor about how you can manage your child support payments for the benefit of your children.
Ideally, partners sharing finances need to be fully open, informed and aware of all financial information and understand the risks and implications of any loan agreement. If one party is going to derive little benefit from the loan, it is better for the primary borrower to shop around to get a loan in their own name.
Getting your finances in order is important and can be aided by financial counselling. If you find yourself unable to pay the bills, landed with a debt you didn’t know about or having difficulties separating finances from your ex-partner, we can help you assess your situation and create a plan.
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