Income, Expenses, and Savings During Divorce: What You Need to Know
Release Date: 10/08/2024
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info_outlineWhat happens to your income, expenses and savings in the time between breaking up and official separation and getting final property orders? In this episode we take a look into what happens to your income, expenses, and savings during this in-between period. We discuss how the Family Court of Australia usually treats savings, the importance of documenting expenses, and how your wages may be considered.
Whether you’re squirrelling away savings, managing a joint account, or figuring out how to navigate expenses after separation, this episode provides crucial insights to help you protect yourself during property settlements. They also tackle the concept of "ad backs" and when they might apply. Please note that this is a general discussion and everyone’s situation is different so please do not make any legal decisions based on this podcast discussion, always see a lawyer who knows the full facts of your case before making any decisions.
Listen to This Episode If You:
🌟 Are confused about how savings are treated during the divorce process.
❓ Want to know how to manage expenses and income between separation and property settlement.
💡 Need to understand what happens to wages after separation.
🛡 Are unsure about how to protect yourself from your ex draining joint accounts or going on spending sprees.
📚 Want to learn how to document expenses and safeguard your assets in case of high-conflict situations.
Key Ideas Discussed in This Episode:
Savings and Property Settlements: How savings accumulated between separation and final property orders are sometimes handled.
Income and Wages Post-Separation: What can happen to your wages after separation and why it’s sometimes crucial to separate your accounts.
Reasonable Expenses: What the family court may consider as reasonable expenses during this period, from bills to childcare and beyond.
Ad Backs Explained: Understanding what an "ad back" is and how it might affect your settlement if your ex has spent joint money.
Documentation Is Key: The importance of tracking and documenting all financial transactions during the divorce process.
Handling Joint Accounts: Ways to protect yourself from joint accounts being drained and what you can do if this happens.
High-Conflict Tips: Strategies for protecting yourself financially when your ex is manipulative or controlling. Links & Resources Mentioned in the Podcast:
Related Episodes: Navigating the Mortgage Minefield in Divorce https://open.spotify.com/episode/4wPp... Help My Ex is spending all the money https://open.spotify.com/episode/32WS... Record Keeping: Protecting Yourself https://open.spotify.com/episode/4tNr... Protecting yourself from Darvo https://open.spotify.com/episode/0Jyf... Debt Episode https://open.spotify.com/episode/074h...
Free Resources: Go to www.thedivorcecourse.com.au
Emergency Contacts: WOMEN'S SHELTER SERVICE LEGAL AID Lifeline: 13 11 14 Mensline Australia: 1300 789 978 Kids Help Line: 1800 551 800 Aboriginal Family Domestic Violence Hotline: 1800 019 123 Relationships Australia Police: 000 DVConnect Womensline: 1800 811 811 (24 hours, 7 days a week) DV Connect Mensline: 1800 600 636 National DV line: 1800 737 732 (1800 RESPECT)
Thank you for tuning in to this episode about managing your income, expenses, and savings during the separation period. We hope this episode provides the knowledge and tools you need to protect yourself during the often tricky period before property settlement. If you found this episode helpful, please rate, review, and subscribe. Your support helps others find the guidance they need. Stay strong and take care. Disclaimer: This podcast episode provides general legal education for Australians and is not a substitute for legal advice. Every situation is different, and it is important to seek independent legal advice tailored to your specific circumstances.
00:00 Introduction to Divorce & Money 01:31 Understanding Savings During Separation 03:08 Expenses and Their Impact on Property Settlement 06:04 The Concept of Ad Backs in Divorce 16:27 Managing Wages and Income Post-Separation 20:46 Understanding Financial Responsibilities Post-Separation 22:34 The Importance of Documentation and Mediation 24:21 Strategies for Managing Financial Manipulation 29:28 Navigating Government Support and Property Pools 32:45 The Role of Reasonable Living Expenses in Settlements 34:54 Proactive Steps for Financial Security 38:50 Final Thoughts