Divorce: don’t let it ruin you financially – this advice could save you $$
Sometimes there is no option but to sell the family home and other assets when a relationship breaks down.However, if you can, consider buying out your former partner’s share of the former matrimonial home.Here’s four good reasons why:
1. You save on the agent’s commission and advertising costs, which is typically around 1.5 percent to 2 percent of the sale price. Sydney’s median house prices reached $1.15 million in the March 2017 quarter, so that’s $17,000 – $23,000 in your pocket instead of the real estate agent’s.2. You save on paying stamp duty on the purchase of a new property (almost $50,000 on the median house price in Sydney)3. You save on conveyancing fees on both the sale of the former matrimonial home and the purchase of a new property (roughly $3000).
Finally, we find that if people don’t buy a new property with the proceeds of the sale of the former matrimonial home they tend to fritter it away on holidays, cars, etc and before you know it, there’s nothing left!For more smart tips to come out on top in the divorce process speak to our legal team on +61 2 9635 5333 or send an email to ua.moc.walsagir%40ofni
Divorce is one of the fastest ways to destroy your wealth. A person who divorces loses three quarters of their personal net worth on average, according to a study by an Ohio State University researcher. Don’t let this happen to you!
If you are remarrying, speak to our lawyers about the benefits of a financial agreement. These legally binding arrangements are not just for the rich and famous.
You should consider a financial agreement if:
● you own a business or property● are expecting a future inheritance● you earn more or your net worth is more than that of your partner● you have children from previous relationships● you have elderly parents that rely on your financial support● you or your partner has debt● you want to leave your assets to others aside from your partner.
Our legal team can give you more information. Call them today on +61 2 9635 5333 or send an email to ua.moc.walsagir%40ofni