Financial planner says divorce is costly for everyone

STUART Wright says divorce might be emotionally devastating, but it's also not cheap.

The financial planner at Keystone Financial Strategists Rockhampton said he had seen his fair share of divorced couples come through the business, and was not shocked by Queensland's divorce rates.

With the state reporting more than 11,000 divorced couples in the space of one year, Mr Wright said that if anything, he thought the number would be higher.

"Over the years it's too common a story... if you are lucky enough that you can have an amicable divorce it's not too bad, but it still always costs money," he said.

"If you unfortunately end up going to court, there are never any winners. The only ones who win are the legal team."

Mr Wright said he would often see people come into the practice as a couple, only to get divorced and end up seeing him as individual parties.

Mr Wright said he would estimate that 100% of divorcees suffer significant financial hardship as a result of their divorce.

And despite the old narrative of the husband losing all his assets to the ex-wife, he said it was often the opposite.

"What I see in most cases, and it is really unfortunate, the female a lot of the time gives in and the bloke gets away with blue murder.

"Because she has copped it for so long, she just doesn't want the experience of court... so she will give in and the bloke gets more than he should get."

But for everyone involved in a separation, he suggested legal advice was always the easiest path.

"Before you go and get advice you need to consult a solicitor that you can be comfortable with," Mr Wright said.

"You need to know what it is going to cost you; I can't tell you how many times over the years, once the divorce was settled, there was no money left."

Ask yourself

  • What government benefits am I entitled to?
  • Am I eligible to part of my ex-partner's superannuation?
  • Will I need to get my own life insurance?
  •  Do I need to change my will?
  • How do I manage my debt more effectively?
  • What should I do with my divorce settlement?

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