YOUR SEPARATION GUIDE
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No one goes into a marriage or long-term relationship expecting
it to fall apart.
However, the reality is almost one third of all
Australian marriages end in divorce and thousands
of de-facto relationships break down every year.
Whether you initiated a separation or your
marriage has come to a halt, you’ve
probably been left wondering: ‘How am
I going to get through this?’
To help you navigate this tumultuous time, The Australian Women’s Weekly has teamed up with Westpac to create the Suddenly Single separation guide, which is filled with practical support, wellbeing advice and useful contacts to support you through the first stages of a separation,
right through to the aftermath of divorce.
facts and stats around divorce in AUSTRALIA
SUDDENLY
SINGLE?
What
now?
The initial stages of a separation are some of the toughest and it can be difficult to prioritise what to think about immediately. Here, five practical things you need to focus on first.
Learn more
X
5 practical things you
need to focus on first
1. Sort out your
living arrangements
3. Contact
centrelink
4. Gather essential documentation
5. create your
support network
looking
forward
1.
Create a new
household budget
Throughout your separation, remember to continuously review your budget. The change from a two income to a single income household can be confronting, and there could be added costs such as lawyers or mediators at this time, so it is important to understand your financial position as early as possible. To help feel in control, use the Westpac budgeting tool to keep track of your finances.
A separation is a life-altering experience in every sense. Use it as a time to
re-evaluate your long-term goals
and start some new habits.
2.
Review your
superannuation
For many, superannuation is often an afterthought in the separation process; however, it’s an important part of a financial settlement during separation. You both probably have at least some super, so it’s a good idea to find out where it is and how much you have. Bottom line: It’s important to reassess your fund(s) and contributions to ensure they suit you, and be mindful that you (and vice versa, your partner) may be eligible to some of your superannuation.
3.
Consider
your financial investments
Try to hold off on making any life-changing financial decisions until after your financial settlement has been made official. If you find yourself with more cash than you thought or with assets that you’re not quite sure how to manage, seek advice from a financial advisor.
4.
put some
time aside
for yourself
A divorce or separation can be incredibly time-consuming and often leaves you with little-to-no ‘me time’, particularly if you’re now the sole carer of your children. As you start to find your way out of the fog, and the divorce becomes finalised, make sure you put time aside for yourself.
X
the divorce diaries
3 women share their experiences with us
jane
Rachel
jaclyn
Rachel
jaclyn
jane
jane
Jaclyn
jane
X
X
Answering the
tricky questions
preparing for your independence
Are there any requirements
to file for
a divorce?
Can I apply
for a divorce
online?
How do I manage
my mental health during a divorce?
How will my
divorce impact
my children?
How do I
safeguard my finances?
What will happen
to my home during
a divorce?
What do I
do if I can’t pay
my legal fees?
NEW
of women initiate divorce, generally leaving
a relationship for the good of their family^
65%
Among Australians who had been
through or were currently going through
the breakdown of a relationship, two thirds
didn’t know where to start†
87%
of women aged 18 to 64 agree that
taking control of your own financial
matters is 'empowering'‡
Naturally, change and uncertainty can be one of the most worrying parts of a separation. However, being equipped and armed with the right knowledge can ease this fear, leaving you feeling liberated, with a newfound perspective on life.
Remember how far you’ve come; relish your independence, surround yourself with a network of supportive people and always reach out for help if necessary — financial and emotional support is available to you at every stage, not just when you’ve just separated. And, most importantly, be kind to yourself. It will take time to adjust, but the more you nurture your needs — and your children’s’ needs — the better your future will be.
Remember
Learn more
Rachel
jaclyn
For more information
and resources Visit
westpac's separation
hub here
estpac.com.au/help/lifemoments/separation-divorce/ 132 032
Sources
*Australian Bureau of Stats
† Westpac Finances and Separation Report 2019
‡ Bauer Media Her-Pulse Women + Politics Survey | Bauer Media Story 54 Research, March 2019.
If you are looking for financial advice before, during and after your separation, visit your nearest Westpac branch or head to their website. They are there to support you and can help you with making a start on understanding your financial situation and developing to help set you up for future financial stability.
First and foremost, ensure you have a stable place to live during your separation. If you have children, keep them at the forefront of your decision making – maintaining as much stability as possible is vital for kids during a separation. If your split is amicable (or tolerable, at least) have a conversation with your partner about who will stay in your home, or how you’re going to make temporary co-habiting work. If safe and the situation permits, do try to remain in your shared property until you have sought legal advice. By moving out, you may be relinquishing your entitlement to the possession of the property. If you need to leave your current property for safety reasons, there are 24 hour support services, such as 1800 Respect and Relationships Australia, that can provide advice and safety information.
X
jaclyn
jaclyn
Rachel
Rachel
jane
You and your partner
need to have separated or lived separately for more than 12 months before you can file for divorce.
Yes, you can apply for
a divorce online on the Federal Circuit Court of Australia website.
It’s very important to maintain your mental wellbeing during a divorce or separation. As well as your support network of friends and family, you can talk to your GP or local doctor about support services available. Relationships Australia also provide online and specialist counselling services.
A divorce or separation can be a stressful time for your kids; therefore, you need to try to keep your children’s mental wellbeing top of the list. If you’re in need of extra support, Relationships Australia provides counselling services for kids and can even help you mediate with your
ex-partner about shared custody.
Updating existing passwords and pin numbers
are easy first steps to guarantee privacy over your
bank accounts, and if you don’t already have one, you should also consider opening a new bank account in your own name. For further protection, other options
to consider include putting a temporary lock on
cards, decreasing spending limits, setting up
account alerts and keeping a close eye on
balances using your mobile banking app.
If you are on the mortgage for your home, you are legally entitled
to stay there whilst your divorce application is pending. If safe
and the situation permits, do try to remain in your shared property until you have sought legal advice. By moving out, you may be relinquishing your entitlement to the possession of the property.
It is up to you and your partner to decide whether you sell your property or whether one of you assumes responsibility for
the property. For more help, consider speaking with a
Westpac Home Finance Manager.
There are an array of options you can discuss with
your bank, including options for payment relief such as
low interest credit cards or loans to help you get back on
your feet. If you’re concerned about the financial road
ahead, Westpac can also put you in touch with their
Priority Assist team which is a newly established team
that provides specialist support for vulnerable customers
who ay have suffered from financial abuse or are
dependent on their partner for care.
Westpac research reveals that when thinking about the reality of their separation, women are more likely than men to experience a form of financial insecurity (83%; cf. 71%), most notably trouble supporting others (32%; cf. men 23%) and having to take on more work (29%; cf. men 17%)†
65%
of those considering a separation were
hesitant to go through with it due to the fear
of having to financially start over†
84%
of those who finalised their separation did something positive or financially significant within a year of their separation, such as sorting out their finances and paying off debts†
50,000
marriages are expected
to end in divorce in 2019*
“I separated from my partner nine years ago and then officially got divorced four years ago. We were together for 15 years and have two children together. [The split] was a shock to my partner as he didn’t think I would go through with it. Without a doubt it was the hardest thing I have gone through in my life and I have been through
a lot of hard things. Looking back, I wish I was more financially prepared. The best advice I can give to
other women is to get a team behind you!”
“We were married for just under five years, separating in June
2012. I then filed for divorce as quickly as I could. We had two young children together; I came out of a relationship with domestic violence, undiagnosed and untreated mental health concerns, addiction and all those sorts of bit and pieces on his behalf. So I gave up any claims for financials just to make sure my young children were safe. Yes, divorce is confronting, draining and overwhelming but when you come out of the other side it can be quite a liberating and empowering experience. Be smart about what you want. Remember to also document everything. Journal everything and screenshot your messages, it’s really important as it can be concrete evidence you may need later [in court].”
“I separated from my partner in 2010 and we got divorced in 2012 after 13 years together. We were fairly amicable, however having so many financial ties and managing cash flow proved challenging.As hard as it is, I’d advise against making rash or emotional decisions [during a divorce], especially around financials just because you want to ‘move forward’. Take the time to assess what is right for you now and moving forward. Seek legal advice to know your rights and entitlements.”
2. Get to know your finances better
Having access to your own money, as well as a strong understanding of your finances, is essential during a separation. Make sure you’re across your account balances online, download a proof of balance or visit your local bank branch and speak to a bank manager about your financial situation. It can be helpful to pull together a list of your ow and your partner’s assets and liabilities. Using a simple tool such as Westpac’s Separation Calculator can help you get a clear view on what you are working to split up. Now is also the time to brush up on your budgeting and finance skills. If you’re feeling overwhelmed by any newfound financial responsibilities, don’t be afraid to ask for help or enrol in a course. Westpac’s Davidson Institute webinars and online tools are a flexible and easy way of building your financial confidence.
Depending on your situation, you may qualify for
some government assistance, so make sure you contact Centrelink as soon as you can. Whatever you do, don’t be too proud. A little extra financial support can be incredibly beneficial during the initial stages of a breakup.
It may seem like something for the ‘later list’
but now is the best time to get across any documentation you’ll need before you file for divorce and start financial settlement discussions. If you’re unsure about where to start, Westpac has created a useful Separation Checklist that provides a comprehensive outline of what to do, who to consult and what documents may be required. From superannuation and share statements to copies of payslips and tax returns, you can tick things off as you go so you don’t miss anything.
There’s no doubt about it, navigating a break-up can be incredibly lonely, especially if you don’t have a support network behind you. While it may be an extremely personal and hard thing to talk about, it is important to find people you can lean on and trust when you need it most. Of course this may be friends, family, colleagues but it could also be professional advisors such as accountants, lawyers, financial planners and psychologists who can help provide the support you’ll need for your general and financial wellbeing during the rollercoaster first few months.
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Rachel
jaclyn
Separation guide
checklist
If you are looking for financial advice before, during and after your separation, visit your nearest Westpac branch or head to their website. They are there to support you and can help you with making a start on understanding your financial situation and help set you up for future financial stability.
HOLDING
(illustration header to come)
However, the reality is almost one third of all
Australian marriages end in divorce and thousands
of de-facto relationships break down every year.
Whether you initiated a separation or your
marriage has come to a halt, you’ve
probably been left wondering: ‘How am
I going to get through this?’
To help you navigate this tumultuous time, The Australian Women’s Weekly has teamed up with Westpac to create the Suddenly Single separation guide, which is filled with practical support, wellbeing advice and useful contacts to support you through the first stages of a separation,
right through to the aftermath of divorce.
The initial stages of a separation are some of the toughest and it can be difficult to prioritise what to think
about immediately. Here, five practical things you need to focus on first.
What
now?
Learn more
5 PRACTICAL THINGS YOU
NEED TO FOCUS ON FIRST
X
1. SORT OUT YOUR
LIVING ARRANGEMENTS
First and foremost, ensure you have a stable place to live during your separation. If you have children, keep them at the forefront of your decision making – maintaining as much stability as possible is vital for kids during a separation. If your split is amicable (or tolerable, at least) have a conversation with your partner about who will stay in your home, or how you’re going to make temporary co-habiting work. If safe and the situation permits, do try to remain in your shared property until you have sought legal advice. By moving out, you may be relinquishing your entitlement to the possession of the property. If you need to leave your current property for safety reasons, there are 24 hour support services, such as 1800 Respect and Relationships Australia, that can provide
advice and safety information.
Having access to your own money, as well as a strong understanding of your finances, is essential during a separation. Make sure you’re across your account balances online, download a proof of balance or visit your local bank branch and speak to a bank manager about your financial situation. It can be helpful to pull together a list of your own and your partner’s assets and liabilities. Using a simple tool such as Westpac’s Separation Calculator can help you get a clear view on what you are working to split up. Now is also the time to brush up on your budgeting and finance skills. If you’re feeling overwhelmed by any newfound financial responsibilities, don’t be afraid to ask for help or enrol in a course. Westpac’s Davidson Institute webinars and online tools are a flexible and easy way of building your financial confidence.
2. Get to know your finances better
Depending on your situation, you may qualify for some government assistance, so make sure you contact Centrelink as soon as you can. Whatever you do, don’t be too proud. A little extra financial support can be incredibly beneficial during the initial stages of a breakup.
3. Contact
Centrelink
It may seem like something for the ‘later list’ but now is the best time to get across any documentation you’ll need before you file for divorce and start financial settlement discussions. If you’re unsure about where to start, Westpac has created a useful Separation Checklist that provides a comprehensive outline of what to do, who to consult and what documents may be required. From superannuation and share statements to copies of payslips and tax returns, you can tick things off as you go so you don’t miss anything.
4. Gather essential documentation
There’s no doubt about it, navigating a break-up can be incredibly lonely, especially if you don’t have a support network behind you. While it may be an extremely personal and hard thing to talk about, it is important to find people you can lean on and trust when you need it most. Of course this may be friends, family, colleagues but it could also be professional advisors such as accountants, lawyers, financial planners and psychologists who can help provide the support you’ll need for your general and financial wellbeing during the rollercoaster first few months.
5. Create your
support network
First and foremost, ensure you have a stable place to live during your separation. If you have children, keep them at the forefront of your decision making – maintaining as much stability as possible is vital for kids during a separation. If your split is amicable (or tolerable, at least) have a conversation with your partner about who will stay in your home, or how you’re going to make temporary co-habiting work. If safe and the situation permits, do try to remain in your shared property until you have sought legal advice. By moving out, you may be relinquishing your entitlement to the possession of the property. If you need to leave your current property for safety reasons, there are 24 hour support services, such as 1800 Respect and Relationships Australia, that can provide
advice and safety information.
First and foremost, ensure you have a stable place to live during your separation. If you have children, keep them at the forefront of your decision making – maintaining as much stability as possible is vital for kids during a separation. If your split is amicable (or tolerable, at least) have a conversation with your partner about who will stay in your home, or how you’re going to make temporary co-habiting work. If safe and the situation permits, do try to remain in your shared property until you have sought legal advice. By moving out, you may be relinquishing your entitlement to the possession of the property. If you need to leave your current property for safety reasons, there are 24 hour support services, such as 1800 Respect and Relationships Australia, that can provide
advice and safety information.
Having access to your own money, as well as a strong understanding of your finances, is essential during a separation. Make sure you’re across your account balances online, download a proof of balance or visit your local bank branch and speak to a bank manager about your financial situation. It can be helpful to pull together a list of your own and your partner’s assets and liabilities. Using a simple tool such as Westpac’s Separation Calculator can help you get a clear view on what you are working to split up. Now is also the time to brush up on your budgeting and finance skills. If you’re feeling overwhelmed by any newfound financial responsibilities, don’t be afraid to ask for help or enrol in a course. Westpac’s Davidson Institute webinars and online tools are a flexible and easy way of building your financial confidence.
Having access to your own money, as well as a strong understanding of your finances, is essential during a separation. Make sure you’re across your account balances online, download a proof of balance or visit your local bank branch and speak to a bank manager about your financial situation. It can be helpful to pull together a list of your own and your partner’s assets and liabilities. Using a simple tool such as Westpac’s Separation Calculator can help you get a clear view on what you are working to split up. Now is also the time to brush up on your budgeting and finance skills. If you’re feeling overwhelmed by any newfound financial responsibilities, don’t be afraid to ask for help or enrol in a course. Westpac’s Davidson Institute webinars and online tools are a flexible and easy way of building your financial confidence.
Depending on your situation, you may qualify for some government assistance, so make sure you contact Centrelink as soon as you can. Whatever you do, don’t be too proud. A little extra financial support can be incredibly beneficial during the initial stages of a breakup.
Depending on your situation, you may qualify for some government assistance, so make sure you contact Centrelink as soon as you can. Whatever you do, don’t be too proud. A little extra financial support can be incredibly beneficial during the initial stages of a breakup.
It may seem like something for the ‘later list’ but now is the best time to get across any documentation you’ll need before you file for divorce and start financial settlement discussions. If you’re unsure about where to start, Westpac has created a useful Separation Checklist that provides a comprehensive outline of what to do, who to consult and what documents may be required. From superannuation and share statements to copies of payslips and tax returns, you can tick things off as you go so you don’t miss anything.
Yes, you can apply for
a divorce online on the Federal Circuit Court of Australia website.
It’s very important to maintain your mental wellbeing during a divorce or separation. As well as your support network of friends and family, you can talk to your GP or local doctor about support services available. Relationships Australia also provide online and specialist counselling services.
A divorce or separation can be a stressful time for your kids; therefore, you need to try to keep your children’s mental wellbeing top of the list. If you’re in need of extra support, Relationships Australia provides counselling services for kids and can even help you mediate with your
ex-partner about shared custody.
If you are looking for financial advice before, during and after your separation, visit your nearest Westpac branch or head to their website. They are there to support you and can help you with making a start on understanding your financial situation and help set you up for future financial stability.
Sources
*Australian Bureau of Stats
† Westpac Finances and Separation Report 2019
‡ Bauer Media Her-Pulse Women + Politics Survey | Bauer Media Story 54 Research, March 2019.
Sources
*Australian Bureau of Stats
† Westpac Finances and Separation Report 2019
‡ Bauer Media Her-Pulse Women + Politics Survey | Bauer Media Story 54 Research, March 2019.
For more information
and resources Visit
westpac's separation
hub here
If you are on the mortgage for your home, you are legally entitled
to stay there whilst your divorce application is pending. If safe
and the situation permits, do try to remain in your shared property until you have sought legal advice. By moving out, you may be relinquishing your entitlement to the possession of the property.
It is up to you and your partner to decide whether you sell your property or whether one of you assumes responsibility for
the property. For more help, consider speaking with a
Westpac Home Finance Manager.
X
Rachel
jane
Rachel
jaclyn
This information is intended to be general in nature and should not be relied upon for personal financial use.
jane
Rachel
jaclyn
jane
Rachel
jaclyn