When relationships break down and people are faced with divorce or separation, there’s not only the trauma of the physical and emotional separation to contend with, there’s also the need to sort out how to divide your assets (property) and debts. This can feel like a financially dire and lonely period of time, but enlisting the help of an experienced, caring and supportive property advisor to help you reach an amicable agreement outside of court can reduce this burden and help you navigate your way to the best possible outcome for both parties.
In fact, spending some time to revisit and refresh your property investment plan post-separation can help set some important goals and shine some much needed light on the future. There’s no denying that relationship break ups can be highly emotional and draining, but making yourself a priority, taking time out for you, and finding some people that can help and guide you will substantially reduce the impact.
Throughout my years as a property investment advisor I’ve been privileged to provide what I like to call “a big hug of emotional and financial support” to many of my clients. Whilst it’s always wonderful to be part of the happy journey during the blossoming phase of people’s relationships, it’s also very rewarding to be able to help people navigate their way through what can often be a dark and lonely time by providing some well intentioned emotional support and financial counselling.
Having worked with many clients through the process of unpicking their finances, I’ve become experienced at helping people untangle joint assets and educating them about the possibilities. Overwhelmingly, I’ve found that resetting with a positive, future focused plan can help you feel empowered and offer a healthy boost to your state of mind. Some of the main issues we work through include:
- What all your options are and what is still achievable once assets are divided
- The best way to restructure any loans
- How to manage the remaining properties and loans safely and comfortably
Armed with this information, it’s easier to face planning for the future again, and is often a good time to relearn forgotten skills and discover new techniques to manage and create wealth through property whilst still living your best possible lifestyle.
Reaching an amicable agreement with the other party saves you the financial and emotional costs of legal proceedings and offers many advantages, including:
- you get to make your own decisions
- your continuing relationship as parents, if you have children, is likely to work better, and
- you may improve communication with your former partner and be better able to resolve disputes in the future.
So, whether you were predominantly responsible for managing the financial affairs in your relationship, or perhaps you were the person focused on the other needs of the family unit, getting the right support from the right people to become more financially independent and learn how to deal with your change in circumstances should be a high priority. Taking time out for yourself and your own financial needs can truly provide you the extra oxygen you need in tougher times.