Money Shot

With any type of marriage divorce can happen

Relationships can be hard at times. They need work while we navigate each other’s habits and attitudes in life and find our common ground. As they say, ‘opposites attract’! It is often our differences with stuff, including our money management and style which can cause real friction and frustration.
Scott Malcolm  |  Life & Wellbeing

Confident decision-making as you are going through a major life event can be difficult. When a relationship breaks down, emotions can be raw as the vision or plan for your life changes before your eyes. Often this change happens quickly and sometimes it’s without notice for one partner.

  1. Focus on self-care The loss of a relationship, of shared plans and the vision of a life you had known can be a big one to digest. Give yourself time to grieve before making any significant decisions about your life. Do some mindfulness practice to check in with yourself and see how you are really feeling. Seek out professional counselling to help you learn any new tools you may need.

  2. Know your number The backbone to any financial planning strategy is knowing what you need coming into your bank account each week to fund your lifestyle. This can also be a key to understanding what you need as a worst-case scenario from any asset divisions. Keep in mind that your lifestyle may also change. Be aware of the ‘needs versus wants’ in life.

  3. Educate yourself and ask questions Within a partnership, we often witness one person having greater skills in certain areas — especially the financial stuff. If you find yourself in a situation where you are dealing with things you’ve not had prior experience in, build your ‘advice team’ around you and get quality people into your corner. These people can help you to up-skill and will provide insights to assist with the decision-making.

    Being collaborative rather than ‘lawyering up’ to work through your asset-split will mean that more money will stay in your pockets and less goes to the lawyers. There’s some great online resources including

  4. Try to Stay Open-Hearted Clients who have been through divorce often want to protect themselves from the situation happening again. A ‘binding financial agreement’ from a lawyer can map out what happens to assets if your relationship does not work out. This is not a total guarantee though. Having open and honest conversations with your partner around money and what you want in life is the best way to ensure a happy and healthy financial life together.

    Yet sometimes people just grow in different directions. Keeping an open heart to the world and life means you and learn from the experience and build on your relationship skill set for the next one! If you need help in these areas talk to a professional. Start your journey to being free around your money and creating wealth with understanding.

Scott Malcolm has been awarded the internationally recognised Certified Financial Planner designation from the Financial Planning Association of Australia and is Director of Money Mechanics. Money Mechanics is a fee for service financial advice firm who partner with clients in Canberra, Melbourne and Sydney to achieve their life and wealth outcomes. We are authorised to provide financial advice through PATRON Financial Advice AFSL 307379. For more information email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 1300 772 643. The information provided in this article is of a general nature only. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this information, you should consider its appropriateness having regard to your own financial goals, objectives and personal circumstances.

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