When Joanna’s husband left after 21 years of marriage, she was determined to regain control over her finances. Here are the steps she took to ensure she and her children remained financially secure.
Joanna, 48, had always assumed that she and her husband would enjoy their retirement together. When he left, she was shattered but she also knew that with two kids still at home, she needed to act quickly to maintain her financial stability.
After 21 years of shared finances, there was a lot to untangle. As a first step, to minimise potential arguments Joanna contacted the bank to make sure transactions on joint accounts now require dual signature and froze their shared credit card.She also set up a new transaction account and savings account in her own name.
The next step was to assess her independent income and list her essential expenses. With this information in hand, she drew up a budget to stay on top of her money. Joanna knew the separation process would take some time, but she now felt confident she had the immediate future under control.
Joanna was fortunate in that she had a well-paid job and no debts, but she knew she wanted to improve her financial security. She discussed her situation with her licensed financial adviser, and together they drew up a plan that would provide her with a regular income while also building her wealth for retirement. In addition to identifying strategies to maximise her superannuation, the adviser recommended she consider:
Investing in the Select Income Fund to generate a regular income while maintaining stability. Joanna also liked the fact that her investment would help create homes for real people.
Using the Pro-D Balanced Fund to generate income, as well as some capital growth.
Building a diversified portfolio of Australian and International shares, and Cash and fixed interest investments to grow Joanna’s capital while managing her risk.
Having a plan helped Joanna emotionally as well as financially. “It would have been easy to push my finances aside when my husband left,” she says. “But acting quickly, getting good advice and setting realistic goals helped me rebuild my confidence, as well as my financial future.”
The end of a relationship can leave you in turmoil, especially when there are children and joint assets to consider. The tips below can help you stay on track financially and provide a solid foundation for an independent future.
