Separation, the Family Home and Your Financial Future

When a relationship ends, one of the first questions people ask is: what happens to the house? Can I keep it? Can I afford to buy somewhere else? Will I need to rent? Where will the kids live? Separation is one of the biggest financial and emotional changes we can go through – and because most of us only do it once, it's hard to know where to start. In this episode, Mel and Darlene share what they see in their one-to-one chats with people going through a separation, and the steps that help people move forward with more confidence and clarity. We discuss: Mel and Darlene's money truths: when life doesn't go to plan, Darlene's feelings about the word "retirement", and why Mel is protecting her long-term savings for the first time Why it pays to be deliberate about how much you spend today versus how much you set aside for tomorrow The assumptions people make about who can (and can't) keep the family home Why getting a home loan as an individual is different from applying as a couple – and why it's never too early to find out your borrowing capacity How stretching yourself to keep the house initially can buy you time to make your next decision on your own terms The experts who can help, from mortgage brokers to divorce coaches and intermediaries Why knowing your numbers at different settlement splits can help you move forward This week's TMC Take is that it's never too early to think about it – even when your relationship is happy. Be empowered with your numbers and stay involved in your household finances. If you're already going through a separation, bring in a fair third party to help, make sure you walk away with your fair share, and remember you don't need to solve all of life in one go. It's a topic many of us will experience, either ourselves or through someone we love. We hope this conversation helps you take the next step, whenever you're ready. ABOUT THE MONEY COLLECTIVE PODCAST Financial Wellbeing with The Money Collective brings together the stories and insights Darlene Neu and Mel Pearce have gained through working with thousands of Australians and helping them navigate their finances. With more than 50 years of combined experience in banking and finance, Darlene and Mel break down the barriers we face every day when it comes to money, relationships and family life. It's an honest, no-holds-barred podcast about financial wellbeing and the role money plays in all our lives. READY TO BEGIN YOUR FINANCIAL WELLBEING JOURNEY? Get to know your cost of living by listing your expenses using our handy spending review spreadsheet: https://www.themoneycollective.com.au/resources Book a time to chat with us, ask questions and talk about all things financial wellbeing, home loans and more. Email [email protected] Take action and improve your financial wellbeing with our online course: https://www.themoneycollective.com.au/onlinecourse