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Starting over after divorce or separation

The end of any long-term relationship is challenging. Managing your finances on top of that can add another layer of stress to an already difficult time.

By taking proactive steps and working with your bank and other professionals, you can regain control of your finances. 

Getting your finances back on track

Here's a guide to getting your finances back on track after divorce or separation. Everyone’s situation is different, so focus on the steps that work best for you.  

Update your personal information

If you’ve changed your address, notify the bank and update your details. Remember to make sure your mailing address, email, and phone number are all up to date.

Open your own bank account

If you don’t already have one, open an everyday account in your name only. You should let your employer know of your new account details so you can get paid into it.

Change your passwords

Protect your privacy and security by updating your PIN and online banking passwords.

Create a new budget

Get a clear picture of your financial situation based on your own income, expenses and goals.

Sort out bills and utilities

Review which accounts you use for each payment or bill, and agree how you'll manage them in the future.

Close joint accounts

Close any joint accounts, including joint credit cards. You’ll need to address joint debt with your ex-partner, including your home loan.

Sort out your home loan

Notify your lender of the change, cancel redraw if needed, and agree on how you'll manage repayments going forward. If your home is only in your ex-partner's name, talk to your lawyer about whether you need to protect the property with a caveat.

Learn more about a landowners caveat

Update your will

Make sure your executors, beneficiaries, and asset distribution are up to date. You should also review any Powers of Attorney you may have in place.

Update your superannuation

As superannuation is a significant asset, review it as part of your asset separation. Update your beneficiaries if needed.

Update your insurance policies

Review your policies and make any changes to reflect asset and policy ownership.

 

Not sure where to start?

If you’re unsure about the best approach for your situation, consider speaking with a professional such as an accountant, lawyer or . They can help you make informed decisions, especially if your situation is complex.

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