Separation And Financial Stuff

Things between DP and I are going significantly pear-shaped AGAIN.

We have worked through things before so all is not lost, but I want to have a financial plan in place before having DD2 as I know my brain will be frazzled if I have to deal with money questions, separation and a newborn on top of health issues, moving house and having no support network.

So, I SHOULD, depending on how reasonable or unreasonable DP decides to be, have lots of cash after selling my current house.

But, depending on my health issues, these savings may be drained by paying for a nanny. As I said, I have no support. No-one to pop around for an hour or two, it will just be me.

I've checked out Family Asssistance and Child Support.

I guess my real question is if FA is means-tested so I may not get it if I do have money in the bank from the sale of the house.

Fionas,
Sorry I can't provide advice. I have read that your health hasn't been the best and your DSD behaviour has been challenging in previous posts.

Just wanted to extend a big :hug: I hope that everything works out for the best.

Take care and be sure to look after yourself :hug:

so sorry you are going thorugh this xxx
You are right, Centrelink is means tested and they do take your savings into account and any assets that you have. I dont know how much savings you can have before it affects any payments though.

Hope it doesnt come to thisxx

Family Tax Benefit doesnt have an assets test, just an income test.
Other forms of centrelink payments might be affected by your savings but FTB is not.

Hun I remember how crabby I was while my pelvis was so sore. What pain killers are you on? Is it possible that not enough pain relief is putting extra strain on your relationship?

If I was nearby I would be there in a heartbeat babe. I know your pain all to well. PM me if you need to talk ok :hug:

Babe, unless it has changed, you are allowed to keep the profit from your MAIN residence for 12 months without it affecting your payments. (rental properties are different)

This gives you 12 months to reinvest, or buy another property with it, you dont have to "live" off it. I have had this twice with the last 2 properties I sold.. both times they let me keep it for 12 months before it became part of my means test.

I dont think its on the website, but one phone call should let you know if it has changed.


*hugs babe* xoxo

Thanks guys - that's good to know. I'm very fortunate to be in a position where I will have savings so I don't mind using them but it's very good to know that I may not have to - especially that FA is not assets-tested.

alioops - I wish I could attribute this to the pain thing but it's a bit more complicated. I'm managing my condition so well that I'm not in much physical pain (but am quite mentally frustrated from being housebound). It's more about DP's anger management issues and perception that if I ask him to do anything this is about me wanting to 'control' him. Both were issues in his previous marriage. Anyhow, may start another thread about that to see if there's light at the end of the tunnel. We're doing counselling too but I dunno, I want to sort this now because I know it will be horrendously difficult to work through things when DD2 is here.

fionas just with regard to the cost of a nanny, you could consider finding a family day care provider in your area. The cost would be significantly less then a nanny. The hourly rate varies between carers, but its generally around $5-$6. That may be a more affordable option to look into. Your local council will have details of providers in your area and availability etc.

The house you're selling, is it your principle place of residence, or an investment?

This might help:
Exempt Assets
Some assets are exempt and not taken into account when calculating your Australian Government income support payment.
What assets are not assessed under the assets test?


Assets which are not assessed under the assets test - exempt assets - include:

• your principal family home and any permanent fixtures such as wall-to-wall carpet and wall heaters, and either:
  
  • up to 2 hectares of privately used surrounding land on the same title document as the home, OR
  • all land greater than 2 hectares on the same title document as the home if you are eligible for the new rules for farmers and rural homeowners
  
  Note: if you leave your principal place of residence, it may be exempt for up to 12 months, depending on why you left.
• if you sell your principal home the proceeds of the sale will be exempt for up to 12 months, as long as you are planning to use the proceeds to buy another home. This exemption can be extended for up to an additional 12 months if you are experiencing delays beyond your control in acquiring a new home. However, you will be deemed to be earning interest on the proceeds in the meantime and this will be counted under the income test

* This is from the Centrelink website *

also there is a 'special benefit' category at centre link that mayhelp with home help/nanny... i think it is usually reserved for people with 3 kids under3 and PND type issues but your gp maybe able to access it for you given severe pain, marriage breakdown, no family etc...