A Bridge Private Wealth Movement: Get Wealthy, Divorce Healthy

Let’s cut to the chase. Many Australian couples end up getting divorced.

You’ve heard the stats. One out of every two marriages ends in divorce.

Many of you are thinking about divorce right now. For some of you, it’s merely a not-so-good period that can be righted, and will pass in time.

For others, the finality of the split will eventuate; it's only a matter of when.

Many Australians are sitting in unhappy marriages, feeling trapped because they understand the poor financial position they will be in post-divorce. Seemingly, it's better to stay in a poor relationship than to get divorced.

For others, the relationship is so problematic that divorce is the only option.

I’ve witnessed many instances where women end up with a relatively small amount of capital. Their careers have been patchy due to devoting time to being mothers and caring for their children.

• We see women who might be running hobby-style businesses, and their ability to generate a high income is low.

• We see women who prefer not to work full-time, in order to be available to their children.

• We see women who left the responsibility of the finances to their husbands.

All of the above make it impossibly difficult to survive / thrive post-divorce.

The solution is simple – GET WEALTHY and Divorce HEALTHY.

The quicker you share the responsibility of money and finance, the stronger position you will be in if the marriage ends in divorce. It requires a change in mindset around money and wealth. Most people do not know how to create wealth in their early marriage years; this applies to both men and women.

Get started with your partner on ideas to build wealth and share the responsibility of decision-making.

If you are in a struggling relationship, bring in a third party… ideally before you have children, e.g. a financial adviser, and commit to a joint financial program.

The sooner you uncover that one party is sabotaging your collective goals for being wealthy, the sooner you can deal with the problems and/or part ways before you leave broke. And broken.

If you already have children and are in a struggling relationship, it's even more critical to work with a third party to improve your financial situation. Working on your finances here will be harder, but one party will need to drive the outcomes more than the other. I suggest the party with the most to lose from a divorce drive outcome here.

Through the process, you may be pleasantly surprised that you can work well together. Both of you working towards collective goals can bring you closer together and foster a healthy respect for each other. Sometimes finding a mutual “financial language” is all it takes.

While this may not solve all your problems, it can solve your financial problems, making your life post-divorce immensely easier.

Whether we like it or not - finance is such a significant component of our lives in Sydney. Buying a house is not a small consideration and everything costs more money than we like. This is before we even speak about building financial independence.

Without a strong commitment to the management of your finances, life can become exponentially harder.

I totally understand why couples move interstate or regionally. If you decide to stay in Sydney, you and your partner better pull up your socks. Without strong financial foundations - you are adding huge pressures to your marriage.

In conclusion, considering the cost of living and financial pressures of living in Sydney — and across Australia — are so significant, it makes sense to prioritise financial management in your marriage.

I would hope that working closely together towards collective goals can bring you closer together rather than further apart. The cost of divorce is 100 times more costly than working with an adviser.

If you do ultimately decide to divorce, at least both of you will be holding a good-sized straw. Divorce is rarely easy, but at least you can say, “we are Divorced Wealthy.”

Neelan Sornalingam

#divorce #divorcewealthy #family #relationships #sydneyfinance #sydneyfinancialplanner #financialadviser #financialadvisor #financialfreedom #financialindependence #mindset #lifeplanning