The end of summer holidays and return to work is a peak period for couples to reassess their marriage. Here are 10 financial and tax issues to keep in mind.
Already a subscriber?Inquiries about divorce have jumped by 80 per cent since last December as quarrelling spouses return from summer holidays and consider calling it quits, according to The Separation Guide, a website that connects separating couples with legal and financial advice.
Barrister Giles Stapleton of Selborne Chambers and Family Law Chambers in Sydney says big legal fees mean some divorcees complain that they receive less at the end of a dispute than was initially offered.“Emotional disputes can escalate issues and costs, and lengthen the time it takes to resolve the underlying problems,” Stapleton says.
“Knowing what you both came into the relationship with may help resolve issues later if the relationship later ends,” she says. Suzanne Delbridge, director of Delbridge Forensic Accounting, says those considering divorce and suspicious their partner might be hiding assets need to monitor accounts, spending and, if necessary, seek legal advice to force disclosure, particularly when a spouse owns a business.
Buying expensive watches, not reducing debt, investing in plant and equipment to dispose of cash. “Again, this should leave a trail that will appear either in bank or business accounts,” Delbridge says.