(03) 9020 2905Even without bringing in sex-addict Arnie Becker from LA Law, Generation X is likely to have the costliest and nastiest of relationship breakdowns.
Typically, Xers will have some combination of a marriage, a house, a mortgage and piles of debt. And the worst … young kids. None is fun to separate, split or share.
The worst toll will be the emotional damage to everyone, particularly the kids, as they try to cope with life in two homes. Mitigate the psychological damage first. But don’t ignore the financial toll, which can exacerbate problems for years.
Get your own bank account. Take control of your income and contribute to shared costs from there.
If possible, sit down and talk about the splitting of assets. No matter who earned what income, both people contributed to the financial growth. Try to figure it out without lawyers. But if one of you is feeling screwed, call in help.
Property separation will likely be the biggest cost. Stamp duty is a nasty waste of money, but usually unavoidable. (When repurchasing after selling the marital home, it seems almost criminal that State Governments cash in on your misery with stamp duty.)
You’ve got to split the home’s contents and then fill two new homes. Don’t let it get as petty as Judd Nelson and Ally Sheedy fighting over a record collection in St Elmo’s Fire.
For many, it will be the first time they have had to look after money. If you’ve never done it before, get help. Call in someone you trust, or hire an adviser to give you a hand getting started.
Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and principal adviser with Castellan Financial Consulting.