Chapter 18 : Financial and estate planning on family breakdown23.9.15
Nabil Wahhab (Director) is an Author for CCH Australia – a leading tax and accounting software and business publisher in Tax, Accounting & Financial Planning, Corporate & Business Law, Environment, HR, Employment & Safety.
An excerpt from the Chapter and a link to download the Chapter appears below. This article was published in the CCH “Australian Master Financial Planning Guide”, 16th edition.
There are significant financial planning, estate planning and taxation issues and opportunities that financial advisers (and family lawyers) should be aware of and address on marriage or relationship breakdown for their clients. With 40% of first marriages ending in divorce and a higher rate of breakdowns for de facto relationships, divorce or relationship breakdowns can be emotionally and financially draining. Divorce is a reality for many financial planning clients.
It is, therefore, incumbent upon advisers and lawyers to consider, plan and implement strategies that take into account marriage or relationship breakdowns when providing financial and estate planning advice to their clients before the marriage or relationship breaks down and be proactive if and when the client’s relationship or marriage fails.