Save
How couples can solve financial disputes without separating
The pandemic has put a new set of pressures on relationships, with finances oftentimes a trigger – so how can couples put such arguments to rest?
How couples can solve financial disputes without separating
The pandemic has put a new set of pressures on relationships, with finances oftentimes a trigger – so how can couples put such arguments to rest?
Dan Bottrell, the director of BGM Family Lawyers, has flagged a precaution that couples can take to avoid financial disaster or even help prevent separation.
“A binding financial agreement can embody a plan to acquire wealth in the name of the anxious spouse, or provide for a defined outcome if and when separation ever occurs, allowing the anxious spouse to relax knowing that in the event of later relationship breakdown, they will not be destitute,” he explained.
It’s just one of a raft of legal and alternative dispute resolutions options which could “help keep relationships on track”, according to the lawyer.
He considered it “crucial to recognise that the pandemic has put a new set of pressures on relationships”.
“Apartments can seem extra small when you’re prevented from leaving home, and households with two spouses trying to work from home and home-school children can cause added stress on a relationship.”
With finances a big source of pressure for couples in normal times, Mr Bottrell said “quarantine can see fears about financial futures heightened”.
For those couples who do not think a binding financial agreement would be suitable, “perhaps all that is needed are some adjustments in the legal title to some assets so that they are co-owned, or a detailed estate plan providing for financial outcomes if the breadwinner spouse were to pass away, or a combination of both these things”.
Mr Bottrell advises struggling couples to consult an accredited family law specialist to explore other options to avoid separation.
He said there are many ways that family lawyers “can identify the flashpoints in a relationship and recommend whether there is anything that can be done about them”.
“Family lawyers have an obligation to examine scope for relationships to be reconciled.”
“Counselling is one such option, and a referral can allow couples to take a pause and focus on salvaging a troubled relationship. This sort of approach is seeing people reconciling every day of the week,” the lawyer continued.
“When visiting your family lawyer, keep in mind that you might be challenged about the reconciliation of the relationship before there is even discussion about legal steps towards separation.”
About the author
About the author
Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more
Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more
Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more
Expenses
Tips for managing your finances during a recession
When a recession hits, it’s natural to be concerned. After all, an economic recession can spell disaster for your financial welfare. ...Read more
Expenses
Making way for mobile: Tapping becomes too easy
Cards could be going out of favour as Australians move towards more mobile payment methods. The average person now taps their phone 21 times a month for everyday expenses. ...Read more
Expenses
Winter clothes and white goods: JobSeeker rise provides basic standard of living
A social services group has warned against a $300 a fortnight reduction in the coronavirus supplement which could see Australians struggle to afford food and accommodation. ...Read more
Expenses
Gas prices still sky-high despite international affordability
Australians are still paying too much for gas and LNG products, according to the consumer watchdog. ...Read more
Expenses
Self-care spending through the roof
Australians are better prioritising their own wellbeing during the pandemic despite cutting back on expenses across other areas, if the latest spending data is anything to go by. ...Read more
Expenses
iSelect in hot water for energy plan comparisons
Comparison tool iSelect has been ordered to pay $8.5 million in penalties for making false and misleading representations about its electricity comparison service. ...Read more
Expenses
Pandemic puts stopper in big spending
Two-thirds of Australians have seen their finances impacted by COVID-19, according to new research – and it’s affecting everything from holidays to houses and careers. ...Read more
Expenses
The financial products giving Australians the most grief during COVID-19
The Australian Financial Complaints Authority (AFCA) has received 7,420 complaints about financial products since the onset of the pandemic. ...Read more
Expenses
Tips for managing your finances during a recession
When a recession hits, it’s natural to be concerned. After all, an economic recession can spell disaster for your financial welfare. ...Read more
Expenses
Making way for mobile: Tapping becomes too easy
Cards could be going out of favour as Australians move towards more mobile payment methods. The average person now taps their phone 21 times a month for everyday expenses. ...Read more
Expenses
Winter clothes and white goods: JobSeeker rise provides basic standard of living
A social services group has warned against a $300 a fortnight reduction in the coronavirus supplement which could see Australians struggle to afford food and accommodation. ...Read more
Expenses
Gas prices still sky-high despite international affordability
Australians are still paying too much for gas and LNG products, according to the consumer watchdog. ...Read more
Expenses
Self-care spending through the roof
Australians are better prioritising their own wellbeing during the pandemic despite cutting back on expenses across other areas, if the latest spending data is anything to go by. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
