What to Do When Separating or Divorcing 

Life doesn’t always go the way we planned—and sometimes, that means facing difficult decisions. If you’re going through a separation or divorce, know that you’re not alone. It’s a deeply personal and emotional time but taking small steps to understand and organise your finances can help you feel more in control and supported as you move toward a new chapter with clarity and confidence.

To support you during this period, we’ve compiled a comprehensive checklist to help you manage the financial and emotional aspects of separation. Here are key steps to guide you:

1. Pause Before Making Major Decisions

Separation can be overwhelming, and it’s important to allow yourself time to process the changes. Avoid rushing into financial or legal commitments until you’ve gathered all necessary information and feel emotionally ready. Thoughtful decisions now can help prevent costly mistakes later.

2. Build Your Support Network

You don’t have to go through this alone. Surround yourself with trusted friends, family members, and professional advisors who can provide both emotional support and practical guidance. A strong support system can help you navigate the challenges ahead. 

3. Prioritise Stability for Your Family

If you have children, their well-being will likely be a top priority. Develop a financial plan that provides stability, covering essential expenses such as education, healthcare, and daily needs. 

4. Organise Your Financial Documents

Gathering all your financial records is one of the most critical steps in managing a separation. Ensure you have access to: 

• Bank and credit card statements 

• Loan and mortgage agreements 

• Superannuation details 

• Recent tax returns 

• Investment and property documents 

Having these documents organised will make it easier to work with professionals on financial planning and legal agreements. 

5. Take Control of Your Finances

Establishing financial independence is essential. Start by: 

• Opening individual bank accounts in your name. 

• Setting up your own credit card, if you don’t already have one. 

• Creating a budget to track income and expenses. 

Taking these steps will help you regain clarity and control over your finances. 

6. Engage Trusted Professional Advisors

Separation involves financial and legal complexities. Partnering with experienced professionals can make a significant difference. Consider engaging: 

• Financial Advisors to help create a financial roadmap and manage your assets. 

• Lawyers to guide you through property division and legal obligations. 

• Accountants to advise on tax implications and financial restructuring. 

At Morrows, our team of advisors—including female specialists—offers confidential consultations tailored to your situation, ensuring you receive personalised and practical advice. 

7. Protect Your Assets and Update Documents

It’s important to safeguard your financial future by: 

• Updating your will, superannuation beneficiaries, and insurance policies. 

• Reviewing shared assets and documenting their value for settlements. 

• Securing important legal and financial records. 

These updates ensure your financial plans reflect your new circumstances and protect your interests. 

8. Plan for the Future

Once immediate priorities are addressed, begin focusing on your long-term goals. Whether it’s saving for retirement, investing, or planning for your children’s education, creating a roadmap with professional guidance can help you build a secure future. 

Moving Forward with Confidence 

Separation is a significant life event, but it can also be an opportunity to rebuild and refocus. With the right support and a clear plan, you can navigate this transition and move toward a more secure and fulfilling future. 

If you’re facing separation, our experienced female lead team is here to help. Contact us for a confidential discussion tailored to your circumstances. Together, we can create a financial strategy to support your next chapter. 

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