Rebuilding your finances after a late life divorce
25th January 2016 NRMA Living Well Magazine
Divorce can be a devastating hit our finances let alone to every other area of our life including our relationships, health and careers. In this article Fairfax and Freelance Journalist Sylvia Pennington interviews Certified Financail Planner and founder of SMART Advice Peter Horsfield to get his thoughts and tips for those facing this daunting process of rebuilding ones life after divorce.
Start by determining your current position, Smart Advice principal Peter Horsfield advises: "Sit down with some paper, a pen, a calculator and all your important financial documents pay slips, tax returns, super statements, insurances, loans, credit cards, shares, bank statements," he says. "You need to know exactly where you are now, before you can begin to plan for the future."
This may also be an opportune time to seek professional advice. It's an emotionally fraught time for many folk and while family and friends play a valuable support role, the dispassionate counsel of an independent adviser can help ensure you don't make major financial decisions you'll come to regret.