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At Price & Kelway we get the job done, expertly.
Our clients are businesses and individuals who value clear advice and affordable solutions. They trust our team of specialist solicitors to provide the best legal support, whenever and wherever it is needed.
And we deliver, every time
Our philosophy is simple. Clients deserve legal support which is clear, within budget and effective. So we promise three things:
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Financial Planning in the world of Family Law! The role of Financial Planners in Collaborative Practice
1.
2.
3.
4. 1. As divorce lawyers, what do we
do?
2. What type of assistance do
our/your clients typically
require?
3. How can you add value to our
clients during divorce?
4. What are some of the common
misnomers about divorce?
5.
6.
7. Financial Matters-
• Organise the division of assets, liabilities
and financial resources- Property
settlement
• Consider the division of income- Spousal
Maintenance
Parenting Matters-
• Organise the time children spend between
their parents
Divorce-
• Formalise the end of the marriage
8. When it comes to financial
matters, my clients are trying to-
Divide their assets/ income in a
manner that provides them with
some certainty for the future
And then there is the law!!
9. 1. What do you have?
2. How did you get it?
3. What about the future?
4. Is it ‘just and equitable’
10. A few Misnomers!
• It starts at 50/50, doesn’t it?
• Women always get more, don’t they?
• Superannuation won’t count, will it?
• Once you separate, it is ok- anything
you make afterwards is yours, isn’t
it?
11.
12.
13.
14. • Generally in providing strategic advice as
you always would
• As a financial educator
• In assisting separating couples to see past
the division to being able to recreate their
future
• In working with legal advisors and clients to
prepare and consider different financial
options for settlement and to test those
options before events such as mediation
• To gather information, such as insurance,
superannuation and other items in an asset
pool
• As a support to your client
16. What is Collaborative
Practice?
A structured resolution process
for separated couples where,
with the assistance of an
advisory team, they are
encouraged to settle their
differences through face to face
meetings with a commitment
from all involved that they will
not go to Court.
17. How are Financial
Planners involved?
1. Acting for an individual client
during the process often in a
role of ‘financial educator’
2. Advising both parties in the
process on the financial
options and outcomes
3. Assisting clients moving out
of the process with their
future financial management
18.
19. • Husband aged 54 and Wife 44.
• They had been married for 19 years.
• There were 2 children 13 and 11.
• At the time of my involvement the
husband had 3 case guardians
appointed to make decisions on his
behalf pursuant to a QCAT Order. The
guardians consulted with me and with
the wife, chose the collaborative
process.
20. Goals and Interests of the Parties
• Wife and Husband’s Litigation Guardians had
similar goals and interests, focused on
continuing financial security.
• Wife had difficulty meeting her monthly
expenses and she wished to be in a better
position regarding this.
• Husband’s Litigation Guardians wanted to be
able to continue to pay Husband’s considerable
medical expenses out of the property settlement.
21. Property Value
Husband’s Cash at Bank – All Accounts $164,000
Wife’s Cash at Bank – All Accounts $10,000
Wife’s Superannuation $10,113
Husband’s likely Tax Bill ($12,000)
Possible Centrelink debts and Professional Claims ($7,000)
Possible Debts to Colin ($15,000)
TOTAL POOL $150,113
In addition the husband had superannuation and a UK Pension
and was receiving income protection insurance of around $87k
per annum
22. Decision was made to engage a Financial
Planner as part of the process to-
• Provide information as to the budgets of each of
the parties.
• Assist with obtaining information about the
assets, liabilities, insurance and superannuation
(as husband’s were in part overseas)
• Provide specific advice of the parties options
with the husband’s income protection insurance
and overseas superannuation/pension
23. The Financial Planner was able to-
• Assist in calculating and identifying the asset
pool
• Assist with financial education including realistic
budgeting
• Obtain information regarding the husband’s
income protection payment and give the parties
clear information about their options regarding
this payment
• Total payment approximately $87,000 a year
divided between parties
24.
25.
26. How are Financial
Planners involved?
1. Acting for an individual client
during the process often in a
role of ‘financial educator’
2. Advising both parties in the
process on the financial
options and outcomes
3. Assisting clients moving out
of the process with their
future financial management