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Financial Help After Divorce & Divorce Support Groups

The benefits of accurate and practical professional advice can make a huge difference to your final outcome in a separation.

Every divorce is different and you'll need professional advice specific to your situation to guide you through your divorce.

The benefits of receiving helpful and realistic professional advice during separation can make a huge difference to your circumstances, situation and final outcome.

Your Professional team should include:

Accountant

Your accountant can help you lodge tax returns, calculate tax refunds, establish and structure trusts and investment portfolios, and guide you regarding any business interests or dealings that you may have.

Family lawyer

Receiving the advice of an expert in the field and someone who understands the court process can be invaluable.

Financial planner

A financial planner can help you develop a strategy to assess and meet your financial goals or plan for retirement, as well as other significant life moments.

Psychologist/counsellor

A psychologist could be a valuable support for you as you process the emotions that accompany a separation. It may be helpful to seek the guidance, advice and strategy for yourself as you navigate your new life stage.

Financial Support

Divorce or separation can be costly. If you are struggling to meet your financial obligations, we recommend reaching out to Centrelink for financial support.

If you currently have a mortgage, loan or credit card with us we’ll do everything we can to assist you as well.

If you are experiencing financial hardship please contact Westpac Assist on 1800 067 497.

Your divorce support network

Surrounding yourself with sensible and supportive friends, colleagues and family helps to lighten the emotional load often associated with separation. Allow your friends to see your raw emotions, celebrate your milestones and support you where you need the assistance.

Having the support of knowledgeable and dedicated professionals throughout your divorce confirms that you aren't alone – it will help to have a team behind you who only want the best for you.

Support for Women

A separation or divorce can have a significant financial impact on women.

If you and your ex-partner have a mortgage or a loan together, advise the bank of your separation immediately and make sure redraw facilities are cancelled, and all financial decisions require a joint signature. Monitor all joint accounts so you’re aware of any transactions.

If you do find yourself in a difficult financial situation, we highly recommend seeking professional advice such as a family lawyer or a financial adviser.

If you and your partner have children together the government has a number of resources available online to assist you with any queries regarding your separation and financial assistance.
 

Child Support Guide

Separated Parents Guide

Parenting Payment Income Support

Financial Assistance For Families

Family Relationships have also put together a guide for handling Parenting and Separation.
 

Studies have shown that children benefit when both parents are involved and co-operating in their lives. Interrelates Building Connections® online program may assist separated parents to have strong, healthy relationships with their children by helping to identify and separate one’s own needs form their children’s needs. Go to https://www.interrelate.org.au/partnerships/westpac.

Check in on your mental health

A separation is never easy and during the process of sorting out your finances, its possible your mental health can be neglected.

It’s important to take the time to process your emotions and seek out the help of a licenced therapist if its required. It’s important to remember that any emotions you’re feeling are completely normal and are all part of the process.

For more information on this topic, Beyond Blue have a helpful guide and useful resources on their website.

Work closely with your bank

Starting your separation by visiting the bank can make the difference between having access to funds or (in extreme situations) being in a difficult position. Your bank wants to help you through your challenging moments and offer support – this can only happen when you reach out and inform us of what's going on.

Your visit to your local Westpac branch could give you and your banker the opportunity to review all the accounts and loans that are associated with you – including accounts that you hold with your partner, under your own name, or for which you act as guarantor. It could also be useful in establishing new accounts or cards, if necessary. Understanding your financial position, securing access to funds and limiting the future debt or liability is a significant step towards independence in your break up journey.

Whether you are coming into money (by way of new employment, savings, inheritance or financial settlement) or unable to meet repayments (or your mortgage, credit cards, loans or other), Westpac is there to help.

If you have any concerns about your privacy, we’re happy to discuss them and offer appropriate reassurances, such as referring you to a new banker. If you'd like, you can  read more about our privacy policy online.

As your circumstances change, it is really important that you keep the bank informed. Provided that you open the lines of communication with us to discuss your financial changes, concerns and needs, our bankers are committed to finding you the right solutions.

There is so much more that we can do to help you. Call us on 132 032.

Educate yourself on money management topics such as, budgeting, superannuation, borrowing, investing and more at Westpac's Davidson Institute where you can find live webinars, on-demand videos, or downloadable tools and guides to help build your financial confidence.

Online Resources for Separation

Westpac Budget Planner

Guide to Changing Will & Power of Attorney

Free Legal Advice

Family Dispute Resolution Register

Divorce & Separation Financial Checklist

If you or your children are feeling unsafe, call 1800 RESPECT (1800 737 737) or call 000 if you are in immediate danger.