Small Loans Australia :: Articles
SHARE

Share this article!

Handling Financial Situations As a Married, Unmarried Or Divorced Woman

Handling Financial Situations As a Married, Unmarried Or Divorced Woman

Whether you are in a committed relationship or are a happy single person, you should make it a top priority to understand your finances.
This article will highlight some of the key points that you need to understand to take control of your finances and your financial goals.

Each household will have different financial situations as the family unit within it moves through life.

Families headed by married couples are barely in the majority of Australians households. Unmarried couples, same-sex partners, or singles are the heads of more and more households that may either have children or be childless.

These are some financial strategies that can work for each different type of household.

Marriage

If you can manage the financial issues of marriage, you can truly benefit from the positive financial effects of getting married.

Financial compatibility:

Debt Stressed?
If you're struggling to pay your debts and covering living expenses, we're here to help. Through our national panel of Debt Management specialists, we can help customers with $10k or more in debt by consolidating your existing loans, stopping Debt collectors from contacting you and re-negotiating repayments on your terms!

Couples can determine how to create financial compatibility with each other. There are certain financial personalities who may have problems living with each other, like a "high roller" who likes to take risks living with a hoarder.

Perfectionists - those who overanalyze every financial step - may also have problems with producers - those who feel that their income is a reflection of their hard work, but who have a lack of confidence in making financial decisions.

It may be easier to make financial decisions with your partner if you've found someone who is a good financial match for you, and if you've talked together about your personalities.

Communication:

Good communication is important for having a happy marriage, no matter what your finances look like.

Some of the top financial advisors are most successful because they help communication between partners about financial stress and issues.

Character:

You should stop any financial action that you are taking with a partner if one partner doesn't disclose financial problems that are discovered during a routine credit or background check.

Each partner should give an acceptable explanation for those problems and both should be able to review the others' finances without worrying about accusations and anger from the other partner.

You should not complete the financial act until both partners feel comfortable about their financial goals being in line with each other.

Yours and Mine:

It may be a good idea to keep financial assets and accounts separate. Any gifts that either spouse receives separately should also go into those separate accounts. Doing this will protect each spouse's share of their assets and their future capacity for earning an income.

Ours:

A good way to handle a percentage split of financial responsibilities is through joint accounts for paychecks and income.

Each spouse could supplement the joint accounts with any individual account. This would allow the outside income to not be considered a joint asset if there is a divorce. Note that family law in most states considers any accounts that were established during a marriage as joint asset.s

Future Plans:

It may make sense to evaluate your financial situation and future projects periodically. This will let you know where you and your spouse would stand if you were to separate or divorce.

You should look at how each spouse would provide for themselves, family members, and retirement. It would probably be a good idea to have a financial planner help you with this evaluation.

Joint Management and Vigilance:

Both spouses must be involved in making financial decisions.

They should ideally be active and equal participants, but should at least understand what the couple has, what income is available, what expenses are being made, and any other investments the couple has or is involved in.

Both spouses should know where financial documents are kept, including any computer files and any loans or financial commitments.

Singles and Other Relationships

Being unmarried can present some additional challenges.

Singles:

Tax rates for singles are higher than those on married couples.

Singles who are paid well should put higher amounts of their income in retirement plans to take advantage of any tax deductions available to them.

You may also want to consider pursuing other tax deductions through negatively geared shares or investment property.

Owning an investment property has other challenges, and you should weigh those challenges against the tax deductions.

Unmarried Partners:

This arrangement may feel like it brings you a lot of freedom, but that doesn't always translate to financial decisions.

You should use a CPA to help you manage your joint tax liability. It's also possible for divorced or surviving spouses to avoid lousing various benefits that stop when they remarry.

Unmarried couples can't receive estate tax-free gifts or inheritances, and they don't qualify for Social Security or survivor pension benefits.

Unmarried couples may also have attorney fees for having to arrange financial and healthcare powers of attorney. It's important to get the advice from legal and financial advisors to make sure that both people in the relationship will be covered in case of divorce, accident, or death.

Published:Tuesday, 24th Aug 2021
Author: 116

Share this article:

Time to Refinance?
If you are seeking lower rates, lower fees and more flexibility in your home loan. you are in luck! Our national panel of mortgage brokers is looking forward to an opportunity to assist you. Apply online for a free eligibility assessment and one of our broker network refinance specialists will get on the case to track down the best deal for your individual circumstances. Without any obligation and at no charge to you!
Free Superannuation Advice
If you are thinking about rolling over or consolidating your super accounts, need investment advice, help setting up or administering a self-managed fund, we can help save you both time and money. Our national panel of Superannuation Specialists are standing by, ready for your questions!

Personal Loans Articles

How to Create a Budget That Really Works for You How to Create a Budget That Really Works for You
Budgeting is a foundational skill in the realm of personal finance, and as crucial as setting the sails is to a captain navigating through treacherous waters. Just as steady winds propel a ship towards its destination, a well-structured budget guides individuals towards their financial goals with confidence and control. - read more
Debt Consolidation Strategies: How to Regain Control of Your Finances Debt Consolidation Strategies: How to Regain Control of Your Finances
Debt can often feel like a formidable obstacle on the path to financial stability. Many individuals battle with various forms of debt, from high-interest credit cards to significant loans that seem to have an unyielding grip on their financial lives. Recognizing the challenges that debt presents is the critical first step towards regaining control of your personal finances. - read more
Secured Versus Unsecured: Which Loan Option Aligns with Your Financial Goals? Secured Versus Unsecured: Which Loan Option Aligns with Your Financial Goals?
The landscape of personal financing is broad and varied, particularly in the Australian market where individuals have access to an array of loan options. When considering lending, the fundamental distinction to comprehend is that between 'secured' and 'unsecured' loans. - read more
The Smart Borrower's Guide: Understanding Interest Rates on Small Loans The Smart Borrower's Guide: Understanding Interest Rates on Small Loans
When it comes to borrowing money, whether it's for personal use or for your small business, understanding interest rates is paramount. An interest rate, simply put, is the cost you pay to borrow money. It's typically expressed as a percentage of the principal amount you're loaned. This fee is how lenders earn on the funds they lend and is a key component you should consider before signing a loan agreement. - read more
Deciphering Loan Terms: A Comprehensive Guide for Australian Borrowers Deciphering Loan Terms: A Comprehensive Guide for Australian Borrowers
For many Australians, taking out a loan is a key step towards achieving personal and financial milestones, whether it's purchasing a home, investing in education, or starting a business. However, the excitement of these life events can be overshadowed by the complexity of loan agreements. Understanding the terms of a loan is not just about ticking off legal requirements—it's about ensuring financial stability and making informed decisions that align with one's financial goals. - read more
Online Personal Loans: How to Protect Your Information and Avoid Scams Online Personal Loans: How to Protect Your Information and Avoid Scams
In recent times, Australians have witnessed a notable uptick in the use of online personal loans. The trend emerges as part of a broader digital transformation, where convenience and speed take precedence. This shift has facilitated access to financial services with just a few clicks, making personal loans available to anyone with an internet connection. - read more
Personal Loan Pitfalls: How to Avoid Common Mistakes in Loan Comparisons Personal Loan Pitfalls: How to Avoid Common Mistakes in Loan Comparisons
When considering personal finance in Australia, personal loans are a handy resource for achieving various financial goals, from consolidating debt to funding a major purchase. Yet, it's essential to approach this financial tool with caution and understanding. Proper comparison of personal loans can be the difference between a financial stepping stone and a stumbling block. - read more
Buy Now, Pay Later Services: Balancing Convenience with Responsibility Buy Now, Pay Later Services: Balancing Convenience with Responsibility
Millions of Australians use Buy Now, Pay Later (BNPL) services, such as Afterpay, Zip, humm, and Klarna, to make purchases and pay back the amount in instalments. However, concerns have been raised about the easy credit offered by these services and the potential harm it can cause to vulnerable individuals. The Australian government has promised to crack down on the industry by the end of the year, with a focus on ensuring appropriate checks are in place to prevent the inappropriate marketing of credit to vulnerable groups. - read more
What Differentiates Unsecured from Secured Loans in Australia? What Differentiates Unsecured from Secured Loans in Australia?
Personal finance management is a crucial aspect of building a stable economic future for individuals and families across Australia. With the myriad of financial decisions to be made, understanding the landscape of personal funding is essential. Navigating the complex waters of loans, savings, and investments can be daunting, but gaining an insight into the available options is the first step towards ensuring financial health and prosperity. - read more

Finance News

Australia Gears Up for Comprehensive Financial System Resilience Assessment in 2025 Australia Gears Up for Comprehensive Financial System Resilience Assessment in 2025
27 Mar 2024: .Paige Estritori

The Australian Prudential Regulation Authority (APRA) is positioning itself to inaugurate a widescale diagnostic of the nation's financial heartbeat in the year 2025. This financial health check aims to meticulously analyze the repercussions of unanticipated events on the country's financial stability beyond merely scrutinizing the banking sector. - read more
Climbing Mortgage Arrears Signal Heightened Financial Strain Climbing Mortgage Arrears Signal Heightened Financial Strain
26 Mar 2024: .Paige Estritori

Australian households are navigating a more complex financial landscape as mortgage arrears have climbed to a peak not seen since the outset of the COVID-19 pandemic, according to a new report from Fitch Ratings. The Fitch's Dinkum RMBS index has indicated that, as of the last quarter of 2023, households are falling behind on mortgage payments more frequently, sparking concerns about financial resiliency amid ever-tightening economic conditions. - read more
New Investment Approach for Australian New Homebuyers New Investment Approach for Australian New Homebuyers
25 Mar 2024: .Paige Estritori

Recent statistics have highlighted a notable shift in the strategies Australian first-time homebuyers are using to infiltrate the challenging property market. Analysis of 2023's purchasing trends indicates an emerging investor mentality among new buyers. - read more
Rentvesting Trend: First-Time Buyers on the Property Ladder. Rentvesting Trend: First-Time Buyers on the Property Ladder.
24 Mar 2024: .Paige Estritori

New insights from financial data show an intriguing pattern among Australian first home buyers in the recent year, with investment-savvy superstars choosing to become landlords right from the start. A striking one in five opted to dive into the property market, not for immediate residence but investment potential in 2023, indicating a significant shift in home ownership approaches. - read more
Australia Braces for Economic Shift as Rate Cuts Loom Amidst New Challenges Australia Braces for Economic Shift as Rate Cuts Loom Amidst New Challenges
21 Mar 2024: .Paige Estritori

Rising tensions within various sectors of Australia's economy signal a possible series of interest rate reductions by the Reserve Bank of Australia (RBA). Significant indicators, including increased unemployment rates, forecast a shift in monetary policies possibly leading to a period of lesser rates as experts observe a pre-emptive response to economic stagnation under the current administration. - read more
Steady Rates Persist as RBA Eyes Inflation Moderation Steady Rates Persist as RBA Eyes Inflation Moderation
20 Mar 2024: .Paige Estritori

In a recent monetary policy review, the Reserve Bank of Australia (RBA) has upheld the current cash rate at 4.35%, indicating a possible plateau in monetary tightening. This update aligns with widespread market analyses and fuels conversations about potential rate reductions in the coming year. - read more
Mortgage Pressure Soars: A Deep Dive Into Affordability Crisis Mortgage Pressure Soars: A Deep Dive Into Affordability Crisis
18 Mar 2024: .Paige Estritori

New data sheds light on the ever-increasing challenges faced by New South Wales families grappling with housing affordability. The latest figures paint a bleak picture as home loan repayments consume a substantial portion of household incomes. - read more
New South Wales Faces Steepest Climb in Mortgage Payments New South Wales Faces Steepest Climb in Mortgage Payments
17 Mar 2024: .Paige Estritori

The landscape of housing affordability across Australia has seen New South Wales (New South Wales) residents bearing the heaviest burden, with new data indicating a significant portion of family incomes consumed by mortgage obligations. - read more
New Mortgage Rate Shifts at Ubank Preempt RBA Decision New Mortgage Rate Shifts at Ubank Preempt RBA Decision
15 Mar 2024: .Paige Estritori

Ahead of the Reserve Bank of Australia's (RBA) anticipated meeting, Ubank, a subsidiary of the National Australia Bank, has adjusted its interest rates on home loans. While the RBA paused rate increases at the previous meeting, Ubank made a proactive move, updating its financial products' pricing last Thursday, much to the surprise of borrowers. - read more

Need Help Finding a Loan?
Find out now if you qualify and compare rates, offers and options from multiple lenders - without a credit check!
All finance quotes are provided free (via our secure server) and without obligation.
We respect your privacy.

Knowledgebase
Personal Loan:
A personal loan is usually made by a financial institution to an individual person without the need for the provision of asset security. Personal loans can generally be obtained for any worthwhile purpose subject to the lending criteria of the financ


Quick Links: | Small Loans | Student Loans | Finance Australia | Quick Finance | No Credit Check | Payday Loan | $5000 Loans