Separation and Your Finances

Navigating a relationship breakdown can be overwhelming, especially when it comes to dividing assets. This checklist is designed to help you stay organised and ensure you’ve considered the key financial steps. Use it as a practical tool to keep track of what needs attention during this important stage. 

Separation & Finances: Client Checklist 

Your guide to navigating financial separation with clarity and confidence. 

Step 1: Gather Your Financial Documents 

Collect copies of: 

• Bank statements (joint and individual) 
• Tax returns (last 2–3 years) 
• Superannuation account details 
• Mortgage and loan documents 
• Investment records (shares, funds, crypto) 
• Insurance policies (life, health, home) 
• Receipts for major purchases (e.g. car, furniture) 

Tip: Keep digital and physical copies in a secure location. 

Step 2: Record Your Date of Separation 

• Note the official date of separation 
• Communicate it clearly to your ex-partner (if safe to do so) 
• Use this date for legal and financial timelines 

Step 3: Set Up Your Own Financial Accounts 

• Open a personal bank account 
• Redirect your income and automatic payments 
• Review joint accounts and consider closing or removing access 
• Update billing and subscriptions 

Step 4: Create a Financial Snapshot 

Prepare a summary of: 

• Your income and expenses 
• Assets and debts (shared and individual) 
• Financial contributions during the relationship 
• Future financial needs (e.g. housing, children, career) 

Step 5: Protect Your Interests 

• Change passwords on financial and personal accounts 
• Place a caveat on property (if needed) 
• Update your will and superannuation beneficiaries 
• Secure important documents and valuables 

Step 6: Get Professional Advice 

• Speak with a family lawyer or mediator 
• Contact Legal Aid or Family Relationship Advice Line (1800 050 321) 
• Consult a financial advisor for budgeting and asset planning 
• Consider emotional support (counsellor, therapist, coach) 

Step 7: Plan for Property Settlement 

• Get valuations for shared assets (home, car, investments) 
• Negotiate division of assets and debts 
• Discuss superannuation splitting 
• Consider formalising agreements through court or binding financial agreement 

Step 8: Finalise and Move Forward 

• Lodge property settlement (if applicable) 
• Confirm superannuation and insurance updates 
• Close or transfer remaining joint accounts 
• Begin fresh financial planning for your future