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Financial Separation Calculator

Help in a separation starts with guidance on how to safeguard your money, winding down joint finances and ultimately regaining your independence.

April 2021 – 4 minute read

What’s in this article:

  • Step 1: Calculate property
  • Step 2: Other assets
  • Step 3: Other money owed
  • Step 4: Redistribution of jointly owned assets & money owed

Divorce or a separation can be an extremely difficult time for everyone involved. Every divorce is different but it’s rare that they’re easy. 

Heightened emotions and joint finances can often be a recipe for disaster so it’s important that you reach out to us for any financial assistance and to help you plan and prepare for what’s to come.

Our Divorce & Separation Support Guide may help make your separation a little easier.

Divorce & Separation Support Guide (PDF 2MB)

When you and your partner separate you should immediately start thinking about your finances. Consider protecting your money and winding down on joint finances with the ultimate goal of regaining your financial independence.

Having a clear understanding of you and your ex partner’s joint finances is an important first step in dividing property, money and debt. 

The easiest way to do this is with our easy to use financial separation calculator.

Financial Separation Calculator (XLS 98KB)

Financial Separation Calculator Guide

Our Financial Separation Calculator contains four easy to follow steps to help you understand your financial situation. The first step involves calculating any property costs between you and your partner

Step 1: Calculate Property

To complete this step, you will need to know the following for your principal place of residence and any investment properties.

  • Estimated Market Value
  • Amount Owing on The Property
  • Early Repayment Costs
  • Costs to Sell

You may need help of some professionals such as your Home Finance Manager, Real Estate agent and family lawyer to get the correct figures required.

Step 2: Other Assets

This step involves listing all your assets and their approximate value. This includes items like shares, vehicles, furniture, white goods and electronics.

It’s important that you remain consistent when applying values and use either the replacement value or fire-sale value.

Step 3: Other Money Owed

Step 3 involves determining the amount of money owed. This will be used with the figures from steps 1 & 2 to determine your Current Consolidated Position.

You will need to determine the amount of money owed from the following items if applicable

  • Store Cards
  • Credit Cards
  • Phone Plan
  • Line of Credit/Overdraft
  • Personal Loan
  • Investment Loan
  • Interest Free Finance
  • Buy now, pay later (e.g. Afterpay, Openpay)
  • Any other money owed

Step 4: Redistribution of Jointly Owned Assets & Money Owed

The 4th and final step involves redistributing the assets and debt between you and your partner to determine your final financial situation.

After your joint assets have been calculated you will need to determine the percentage split to be allocated between you and your partner. This can be a sensitive topic and may require mediation with the help of a family lawyer and accountant.

After these steps have been completed, the final result will provide an overall view of your current financial position and the proposed redistributed position.



With a better understanding of your financial position after a separation, you can start to establish your new lifestyle and start aiming towards a financial goal such as paying off loans or saving for a holiday.

As always, we’re here to help. Whether you’re getting back on your feet or looking at starting your own business. For general enquiries, reach out to us by calling 132 032.

If you’re experiencing Financial hardship, we may be able to help. For immediate support please contact Westpac Assist by calling 1800 067 497 or visit the Westpac Assist page.

You may find these useful

Separation checklist

Use our downloadable checklist to focus on what needs to be done at the outset.

5 key things to do first in a separation

Whether your separation is planned or has come as a surprise, there are 5 things that you should focus on immediately.

Understanding financial settlements

Every divorce is different, so there isn’t a standard ‘rule of thumb’ when calculating how you split assets.

Things you should know

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness for the information to your own circumstances and, if necessary, seek appropriate professional advice.

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.