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Planning for your future after separation

Separation and divorce is a gateway to a new life stage. It’s a good time to review and update the details of documents and accounts that relate to your future.

Reviewing your documents

Your will

Separation is a good time to renew your will with instructions regarding who you would like to benefit from your Estate. When updating your will, don’t forget to include details of your superannuation, as it isn’t automatically included in your Estate.


When reviewing your super details, remember to think about:

  • Completing a new binding nomination form for each of your superannuation accounts so as to nominate a new beneficiary for your superannuation benefits.
  • If you received superannuation as part of your settlement (under a family law court order or financial agreement), the transfer to you will be as a superannuation interest (not as cash) to your existing account or into a new account.
  • Explore whether it would be beneficial for you to consolidate your super accounts if you have several of them. Before doing this, you should consider:
    • Where your future employer contributions will be paid;
    • Whether there are any fees, including exit or withdrawal fees, for moving your superannuation; or
    • Loss of benefits (e.g. insurance cover), as you may not receive the same type or level of benefits after the consolidation.

If your ex-spouse has been able to cash in their superannuation, then you may be able to do the same with the settlement portion of your superannuation.

If your ex-spouse was not of pension age, the super will be waiting for you until you satisfy a condition of release to claim the funds.


As your circumstances change, your life insurance and any other general insurance cover will probably need to be reviewed, especially the details of your nominated beneficiaries.

Major financial decisions

Try to hold off making major life decisions until after your financial settlement has been made official. At this time, you will have a firmer understanding of what your financial position is for the longer term.


Regularly review your budget and your financial position to ensure that you remain financially buoyant and working towards your goals. The Managing Money (PDF 1MB) guide could help you get back on track.

Power of Attorney

If you have a Power of Attorney or Enduring Power of Attorney, these legal documents may need to be updated (or created) and lodged appropriately.

Creating a new budget

With a stronger understanding of your financial position and a better understanding of your new lifestyle, you can start aiming towards a significant financial goal. Ask yourself if you want to:

  • Save for a home deposit?
  • Pay off loans or debt?
  • Save for a holiday?
  • Pursue a new career or start a business?


Our budget planner could help you gain a more objective understanding of your financial position and be able to better review how to achieve your goal. From the privacy of your home, you can clearly see where your funds are being spent and re-direct or prioritise the funds and spending accordingly.

Remember, when you are creating your new budget:

  • Consider your expenses including any new expenses and lifestyle choices
  • Don’t expect to rely solely on Spousal Maintenance. This is often a periodic payment (if you receive it at all)
  • Prioritise paying Child Support if you are the paying parent and don’t rely only on the funds if you are the receiving parent. Child Support can change assessments and payments are not always on time.

Regularly reviewing your budget is important so you can stay on track. Use the budget planner today.