Aussies choose unhappiness for money
Almost half of Australian couples would sacrifice happiness for money, according to a Slater and Gordon family law survey.
The survey of 2000 people in a committed relationship had 48 per cent saying they would consider staying in an unhappy union if it provided financial security. Three per cent said they were currently in this situation.
Almost one-third of respondents said they almost never or only infrequently discussed their financial position, including their bills and debts, with their partner.
Slater and Gordon family lawyer, Heather McKinnon, said financial problems were among the most common causes of marriage breakdowns, and as they prepare to lodge their annual tax returns it is the perfect time to have an honest conversation about their finances.
"It's important that both parties have an understanding of their finances and work together so that one of them does not feel like the other has all the control or that they are being locked out of financial decisions," she said.
"In family law, the general principle of ‘what's mine is yours, what's yours is mine and what's ours is ours' applies — in other words any property or assets owned by the couple, whether individually or jointly, will be taken into account if a couple splits up."
McKinnon said there were two ways that property and assets could be divided up — either through a negotiated settlement reached by mutual agreement or through the Family Court if agreement could not be reached.
Recommended for you
With the Australian advice market being a target for US private equity firms, a US advice commentator has shared lessons from his overseas experience, and why PE may be less attractive than initially expected.
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
AWAG has entered a strategic joint venture relationship with Singapore-based financial services firm PhillipCapital, expanding its product and services distribution reach.
Investment manager Drummond Capital Partners has announced a series of appointments to expand its distribution reach with advisers nationwide.
