Recovering financially from relationship breakdowns

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By Gina Abuda, Private Client Adviser, UniSuper Advice

Relationship breakdown is always difficult, with emotional and financial impacts for both parties.

Financial recovery can be particularly difficult for women, especially those with young or dependent children, due to struggles balancing childcare and paid work.1

Whether you turn to family and friends for emotional support or feel you might benefit from seeking professional counselling, don’t suffer in silence. You may even have access to a workplace employee assistance program with low-cost or free counselling. Speak to your HR department about what’s available.

It might seem like the worst time to spend money on financial advice, when you’re more cash-strapped than ever. But it’s often the best time to talk to an expert about how you can best manage your new financial situation and plan for the future.

Personal financial advice looks at where you are financially and where you want to be, creating a strategy to help you achieve your goals. Our in-house team of financial advisers can help you rebuild your budget, and create and protect wealth. If the advice you receive relates to your UniSuper account or super-related retirement planning, we may be able to deduct the cost from your super.

If you find you’re struggling with bills or debt, you can also access free financial counselling by contacting the National Debt Helpline on 1800 007 007.

If you have a Will, it might need updating to continue reflecting your wishes.

You may also want to check any beneficiaries you’ve nominated to receive your super or any insurance policy benefit payments when you pass away. You can review and update your UniSuper nominations through MemberOnline.

Protect your loved ones and your income following a relationship breakdown by asking yourself:

  • could you get by financially without an income?
  • could you afford ongoing medical treatment with your current savings?
  • could those who rely on you get by if you died or weren’t able to provide?

Insurance through your super can be an affordable way to gain peace of mind.

For Defined Benefit Division members, any external insurance cover you have through your super comes in addition to inbuilt Death and Disablement benefits. If you’re an Accumulation 1, Accumulation 2 or Spouse Account member, check out our Insurance needs calculator.

You can also take advantage of the free tools and information available through MemberOnline.

MemberOnline allows you to keep track of your super—any time, any day. It’s also where you can access MoneySavvy and T. Rowe Price’s Money Confident KidsTM, free online education programs designed to help you build confidence in managing your broader finances and help kids develop strong money management skills.

You can also give our Budget planner, Retirement adequacy calculator and Contribution planner a try.

1 Australian Broadcasting Corporation, http://ab.co/2tE3Ndh