Powered by momentummedia
nestegg logo
Powered by momentummedia
Powered by momentummedia
nestegg logo
nestegg logo

 

 

Save

How couples can solve financial disputes without separating

  • September 18 2020
  • Share

Save

How couples can solve financial disputes without separating

By Grace Ormsby
September 18 2020

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

How couples can solve financial disputes without separating

author image
  • September 18 2020
  • Share

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

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”.

Advertisement
Advertisement

“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.”

How couples can solve financial disputes without separating
How couples can solve financial disputes without separating
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article

About the author

author image

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

About the author

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.

more on this topic

more on this topic

From the web

Recommended by Spike Native Network

More articles

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.