Hey guys, Nathan here.
I do want to talk about a rather sensitive topic, and as an Accountant I have seen first-hand that going through a marriage breakdown can be a difficult and emotional time. During this time, it is important to seek professional help to ensure that your financial affairs are in order.
My team and I have been discussing a lot about why you should contact an accountant, and in this blog, I would like to discuss the 5 reasons why you should consider contacting your accountant during a marriage breakdown.
1. Property Settlement
One of the most important aspects of a marriage breakdown is the division of property.
We can help you understand your financial position and provide advice on how to approach property settlement negotiations. We can also help you calculate the tax implications of any property settlements and ensure that all tax obligations are met by both parties.
2. Asset Protection
If you are a business owner, having a conversation with us can help you protect your assets during a marriage breakdown. We can provide advice on the best way to structure your business to minimise the impact of a property settlement. We can also help you review your insurance policies over all the assets to ensure that you have adequate coverage in the event of a claim.
3. Financial Planning
Going through a marriage breakdown can have a significant impact on your financial position.
We can help you review your financial plan and make any necessary adjustments to ensure that you remain on track to achieve your financial goals. We can also provide advice on budgeting, debt management, and investment strategies.
4. Superannuation
Superannuation is often a significant asset that needs to be considered during a marriage breakdown. We can provide advice on how superannuation is treated in the event of a property settlement and help you understand your superannuation entitlements. We can also provide advice on how to maximise your superannuation contributions and ensure that you are on track for a comfortable retirement.
In most cases we would also recommend talking to your Financial Planner to make sure all your Superannuation and Financial Planning goals are being taken care of.
5. Taxation
A marriage breakdown can have significant tax implications. We can help you understand the tax implications of any property settlements, spousal maintenance payments, and child support payments. We can also provide advice on how to minimise your tax obligations and ensure that you are compliant with all tax laws.
Going through a marriage breakdown can be a challenging time, but seeking professional help can make a significant difference.
We can provide you with valuable advice and support to ensure that your financial affairs are in order. We can help you navigate the complex financial issues that arise during a marriage breakdown and ensure that you are on track to achieve your financial goals.
Remember, it is always better to seek professional advice early on to avoid any potential financial issues down the track. If you are going through a marriage breakdown, please feel free to contact us. We are there to help you through this challenging time and ensure that your financial affairs are in order.
If you have any questions, please feel free to contact NGR Accounting at 02 9011 6669 or via email at info@ngraccounting.com.au
Disclaimer:
The information provided by NGR Accounting is of a general nature and does not take into account your specific financial circumstances, needs, or objectives. The information is not intended to be relied upon as specific advice and should not be treated as such. Before making any financial decisions, we recommend that you seek professional advice tailored to your specific circumstances.
Whilst every effort has been made to ensure the accuracy of the information provided, we do not guarantee its accuracy, completeness, or suitability for your intended use. We are not liable for any loss or damage resulting from your reliance on the information provided.
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Updated: 28th April, 2023
JM
