Ask Paul: Best money tips for men during a separation?

Hi Paul,

Is there a finance book you can recommend for people navigating a separation?

Or any money tips you can share for a man going through a separation? - Andrew

The process of divorce and separation, as you know Andrew, is incredibly challenging and complex.

I have been asked this question so often over many decades, that with the assistance of one of my friends and colleagues, Money contributor Nicola Field, we wrote a book called Money, Marriage and Divorce. It is available for purchase online.

I think that would answer most if not all your questions.

Money tips are going to be completely dependent on the situation you are in after your financial settlement, your salary and more broadly your career. If a family home is sold, you may have significant assets, and you may or may not have child support.

My view is that buying a home, if this is financially possible, should be your primary objective. There are always moving parts to this decision.

For example, you may need to move for work elsewhere in Australia or the world. Home ownership is a powerful step as you rebuild your finances after a separation, and I would argue that would be a key objective.

Beyond that there are so many variables dependent on you, your situation, age, attitude to risk and a lot more that must be considered before any money tip is of any use.

My view is that you get your separation settled financially and you rebuild from there, but with a focus on home ownership.

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