Separation and Finances
Here are some important financial actions and reminders to consider when separating or ending a relationship where there is no safety risk*.
*If you are fearful of your partner or there has been family and domestic violence you can speak to Safe Steps or your local Orange Door for advice on staying safe, before addressing your financial situation. You can also speak to a free and confidential financial counsellor for advice on managing your money before or after separation.
- Set up a separate bank account for your income to go into
- Closeany joint bank accounts (if safe to do so)
- Change any loan accounts to ‘both to sign jointly’ status
- Cancel additional card holders on credit card accounts in your name (if safe to do so)
- Update any rental lease to reflect the correct tenancy details of the person remaining in the rental property
- Seek legal advice as soon as possible to separate joint property ordetermine ownership and the right to sell
- Continue to pay insurance cover on your home during property settlement
- Speak to your local Council if you need hardship assistance on your council rates until property settlement is finalised
- Discuss child support and access arrangements with your ex-partner to ensure parenting responsibilities are maintained. Also seek information from Centrelink and the Child Support Agency about the amount of child support required, access arrangementsand any impact on Centrelink benefits.
You should also consider reviewing and updating the following important documents:
- Your Will
- Superannuation beneficiary details
- Life Insurance beneficiary details
- Power of Attorney