Financial Advice After Separation
Divorce And Super: Your Lawyer Splits It, I Plan What Happens Next.
After a separation, the split itself belongs to a family lawyer, and I am not one. My part comes once you know roughly what you are walking away with. I am independent, I charge a fixed fee and I take nothing from what you end up with.
$330, credited against your advice fee. If you do not need advice, I will tell you.
Four consultations a week.
Two Jobs, Two Professionals
A separation creates a legal problem and a financial one. The legal problem is dividing what you built together, and it is settled through consent orders, a binding financial agreement or the court. That work needs a family lawyer.
The financial problem arrives afterwards. A plan built for two people now has to work for one, and nobody is going to rebuild it for you unless you ask.
What I Do, And What Your Lawyer Does
My Part
- Where your super should sit once the split is done
- Which fund and which investment option suit you from here
- Rebuilding insurance that was tied to a former partner or a joint arrangement
- Investing a settlement, and in whose name
- What retirement looks like on one income
Your Lawyer's Part
- The split itself, and how it is worked out
- Consent orders
- Binding financial agreements
- Your legal rights and entitlements
- Anything you are asked to sign
The Best Time To Come To Me
Advice is only as good as the numbers it starts from. The best time to see me is once you know roughly what you are walking away with, not while it is still being argued.
I will not tell you how your super should be divided, what you are entitled to or whether to sign. Those answers belong to your lawyer, and you should get them there.
What Tends To Go Wrong
Most of what goes wrong after a separation is quiet. Nothing alerts you to it, and it surfaces years later.
- Insurance that no longer fits.Cover set up as a couple, or under a joint arrangement, may no longer protect the right person for the right amount.
- Old nominations.A beneficiary nomination can still name a former partner long after the relationship ended.
- Super that was meant for two.A retirement plan built on two incomes does not become a plan for one just because the account balance has changed.
- A large sum, handled in a hurry.A settlement can land as a lump sum, which is when a percentage fee costs you the most and the salesmen arrive.
Sorting each of these out is the advice. I will not pretend there is one answer that fits everyone.
How It Works
1. Consult
A 45-minute consultation by Zoom, Teams or phone, or in person at Martin Place. I explain what advice would cover for you and quote the fixed fee. It is a consultation, not an advice session. $330, credited against your advice fee.
2. Advise
A Statement of Advice covering your super, insurance and investments, with the reasoning behind each recommendation, presented to you in a dedicated meeting.
3. You're Done
No ongoing fees, no retainer and no percentage of your assets. If you want help later, it is $660 an hour, only when you ask.
One-Off Advice Versus An Ongoing Adviser
Most advisers charge you every year. I charge you once.
| Comparison | An Ongoing Adviser | One-Off Advice |
|---|---|---|
| The fee | About 1% of your balance, every year | From $6,600, once ($8,800 if complex) |
| On $800,000, over ten years | About $110,000 | From $6,600 |
| Where your money sits | Often in a product the adviser manages | In your own name, in a low-cost fund |
| Who pays the adviser | Your balance, automatically | You, once, by invoice |
| If you do nothing | The fee keeps coming out | There is nothing to cancel |
Illustration only: 1% a year of a balance that starts at $800,000 and grows 7% a year. Real fees and returns vary.
Why Independence Matters Here
You are making decisions at a time when you are tired and the stakes are high. That is when a product with a commission attached is easiest to sell.
I take no commissions and have no ties to any fund, platform or insurer. If the right answer is to do very little, I will say so.
Can you tell me how my super will be split?
No. How super is divided is a legal question for a family lawyer, and I am not one. I advise on what to do with your super once you know what you are getting.
Should I see you before or after my lawyer?
After, or at least once you know roughly what you are walking away with. My advice is only as good as the numbers it starts from.
Does the $330 consultation give me advice on my divorce?
No. It is a consultation, not an advice session. I explain what advice would cover for you and quote the fixed fee. I do not advise on the legal side at all.
Can you help with my insurance after a separation?
Yes. Personal insurance is part of what I advise on, including rebuilding cover that was tied to a former partner or a joint arrangement. I am paid nothing by the insurer.
How does a settlement change my retirement?
It changes your starting point. What retirement looks like on one income is part of the advice, worked out on your actual figures.
Is there an ongoing fee?
No. A Statement of Advice is a fixed fee from $6,600, or $8,800 for complex cases such as SMSFs, trusts, companies and defined benefit schemes, paid once.
General advice only. It does not take your objectives, financial situation or needs into account. Consider whether it is appropriate for you before acting on it.
Related
Book A Consultation
If you do not need advice, you find out for $330, not $6,600.
- 45 minutes with the adviser himself, not a junior
- A fixed quote on the call, if advice is warranted
- The $330 is credited in full if you proceed
Why $330 and not free? A free first meeting is usually paid for later, through ongoing fees. I would rather you paid once for my time and owed me nothing.
Pay $330 now. A consultation, not an advice session. Reschedule up to 48 hours before.