For people been thru divorce/separation, how has it impacted u financially? I went thru divorce in 2018 and its kinda screwed both myself and partner financially. It was completely amicable but what it meant was shifting from a comfortable 2x income + existence to 1x single Y struggles.
Splitting equity of the house we jointly owned (about 450k split between 2 so 225k each), after costs of sale, then deposit, stamp duty on re purchasing something much smaller, cost of moving and getting places set up again we r both (ex and I) in much more difficult & precarious financial circumstances.
Basically deteriorated from decent equity + asset base, paying down loan rapidly, comfortable income etc to... small deposit, high LVR, low equity, single income, high - mortgage stress % repayments (50%+ after tax) to service mortgage to get on with our lives. Even without nasty legal fees its been really difficult and destructive financially for both of us, plus we've missed out on approx 600k cap growth in house value since we sold in 2018.
Then again i lived in 2x apartment blocks post divorce where there appeared to be many wealthy, mid 40s, ex divorcees in 1.8 million + apartments (i rented small 1brs in same blocks) living pretty happy comfy lives. They were lovely to connect with but i was also like wtf howd u get out of a divorce like that!?
Whays your experience been like?
Edit:
And how did u rebuild financially
Edit 2: Thank u all for your stories and experiences its great to see that for many of us; with time, we have navigated the upheaval, trauma and survived to be happier in our lives despite the challenges faced. For those not there yet stay strong and hopefully youll get there too
Splitting equity of the house we jointly owned (about 450k split between 2 so 225k each), after costs of sale, then deposit, stamp duty on re purchasing something much smaller, cost of moving and getting places set up again we r both (ex and I) in much more difficult & precarious financial circumstances.
Basically deteriorated from decent equity + asset base, paying down loan rapidly, comfortable income etc to... small deposit, high LVR, low equity, single income, high - mortgage stress % repayments (50%+ after tax) to service mortgage to get on with our lives. Even without nasty legal fees its been really difficult and destructive financially for both of us, plus we've missed out on approx 600k cap growth in house value since we sold in 2018.
Then again i lived in 2x apartment blocks post divorce where there appeared to be many wealthy, mid 40s, ex divorcees in 1.8 million + apartments (i rented small 1brs in same blocks) living pretty happy comfy lives. They were lovely to connect with but i was also like wtf howd u get out of a divorce like that!?
Whays your experience been like?
Edit:
And how did u rebuild financially
Edit 2: Thank u all for your stories and experiences its great to see that for many of us; with time, we have navigated the upheaval, trauma and survived to be happier in our lives despite the challenges faced. For those not there yet stay strong and hopefully youll get there too