ASIC has launched new online resources regarding separation and divorce to help people navigate the financial aspects of the breakup. It can be a difficult time to need to be on top of family finances.
The divorce and separation financial checklist
This checklist is a practical way to make sure all your bases are covered when separating lives financially. Finances can come under pressure.
The checklist discusses what may need to occur for the following:
- Bank accounts - joint accounts, credit cards, PINs, passwords
- Mortgages - bank contacts, repayments, redraws, legalities, bills
- Your home - renting, moving, selling
- Legal advice - free services, support services
- Documents - collect and copy documents, safe storage, what to collect for your lawyer
- Budget - finances, child support
- Kids - childcare, living arrangements, school, counselling and emotional wellbeing
- Assets - dividing assets, settlements, out-of-court arrangements
- Cars, loans, debt - who pays what?
- Legal lives - beneficiaries of super, life insurance, inheritances
- Domestic violence or abuse - where to get help
Asset stocktake calculator
This calculator helps you to determine what your lives are worth, in asset terms. It's sort of like an online budget calculator, but for assets and debts. It can simply the process if you don't know where to start.
For more information on what to do when you are separating or getting divorced, see the MoneySmart website.
Read our article on post-divorce financial suffering and how and why that differs by country.