Living arrangements, access to children and the division of property are usually the main priorities for people when a relationship breaks down. However, when going through a breakup, it’s not uncommon for important issues to be put on the backburner. If you’re not careful, this can lead to some unintended and catastrophic results.
Here’s 4 things you should bear in mind:
1. Enduring Power of Attorney (EPA)
Regardless of whether a separation actually occurs, it’s a good idea to have an enduring power of attorney set up. An EPA can only be revoked by the termination of a registered relationship or divorce (and even then, only to the extent it gives the divorcee power). This helps to protect your interests in a worse-case scenario.
Let’s face it: finalizing a divorce or termination is a messy affair at the best of times. Getting yourself a new EPA will ensure that the right people are appointed to make personal, health and financial decisions if the need arises.
2. Your Will
Okay, here’s the bad news: you’re dead. The good news is, you got your affairs in order before meeting your maker. It’s important to be proactive when dealing with life-after-death, and your family are glad that you had a will prepared before you went on that ill-fated skiing trip. (They just wish you’d taken some skis).
Like an EPA, only a divorce or termination of a registered relationship can revoke a will. After you and your beau part ways, it’s important to create a new will that reflects your changed circumstances. Remember that until your divorce or termination is finalised, that person remains your “spouse”. In other words, it doesn’t matter how long you’ve been apart for: if you didn’t finalise the paperwork, your ex can still make a claim against your estate.
3. Your Superannuation
For a word that starts with “super”, superannuation may be one of the more boring topics in the world. Still, there’s a reason it’s on this list. Bear in mind that, on top of your ...