Financial Planning for Divorce
How to Take Control of Your Finances After Separation
Separation or divorce is more than just the end of a relationship. It's a turning point that can reshape your financial life. With so much change on the horizon, it's normal to feel uncertain. But with the right divorce or separation financial advice and legal guidance, you can make confident choices that support your financial wellbeing now and into the future.
At Omnia Legal, we help separating couples navigate the legal and financial aspects of divorce, so you can move forward with clarity, security, and peace of mind.
Why Financial Planning Matters During Divorce
Financial planning for a divorce is about more than just dividing assets. It's about setting up the next chapter of your life with the tools and support you need to feel financially secure.
Whether you’re concerned about managing day-to-day expenses, understanding how to divide property fairly, or making longer-term decisions around retirement or investments, having a clear financial plan can help reduce uncertainty during this challenging time.
A well-considered financial strategy helps you:
Understand the financial implications of your separation
Make informed financial decisions based on your individual circumstances
Protect your financial and lifestyle goals
Set yourself up for financial independence
And while financial advisors or accountants may help with some aspects, a family lawyer plays a key role in helping you understand the legal processes and entitlements that will shape your financial future.
Understanding Your Financial Position
Before you can plan ahead, it's important to get a clear picture of where you stand now. That means gathering all your financial documents and building a full understanding of your current financial position.
This can include:
Bank account statements
Mortgage documents
Superannuation statements
Tax returns
Share dividends and investment accounts
Insurance policies (including income protection and life insurance)
Records of joint accounts or loans
Evidence of direct and indirect financial contributions
Records of non-financial contributions (like caring for children or supporting a partner's career)
These documents are not just “paperwork”. They form the foundation of your property settlement. The clearer the evidence, the more straightforward your financial separation is likely to be.
At Omnia Legal, we help our clients carefully assess their financial documents so they can feel confident they’ve captured the full financial picture before property settlement discussions begin.
What Gets Considered in a Property or Financial Settlement?
Every separation is unique, and so is every financial settlement. The law considers a wide range of factors when determining how property and finances should be divided, including:
The total value of the asset pool (including all property, investments, superannuation, and debts)
Each party’s direct and indirect financial contributions
Non-financial contributions (like parenting or homemaking)
Future needs, including income-earning capacity, health, and care responsibilities
Whether children are involved and how parenting arrangements are structured.
There is no set formula, and the goal is not necessarily a 50/50 split. Instead, the aim is to reach a fair and equitable outcome based on individual circumstances.
If separating couples can agree, financial arrangements can be formalised through consent orders or binding financial agreements. If not, the matter may be resolved through family court proceedings.
An experienced family lawyer can help you negotiate, document, and finalise a financial settlement that aligns with your legal entitlements and future financial needs.
Planning for Your Financial Future
Once you’ve understood your current position and started the settlement process, it’s time to look ahead.
This is where financial planning for divorce becomes especially powerful. After divorce, your financial situation may look very different to what it was during the relationship. You may be managing expenses on a single income, navigating child support payments, or reconsidering your retirement planning.
Key areas to focus on include:
Financial and lifestyle goals: What does financial independence look like for you now?
Budgeting and expenses: How will your income cover your current and future needs?
Insurance review: Are your income protection and life insurance policies still appropriate?
Investment strategy: Do your investments reflect your risk profile and new circumstances?
Superannuation: How does your super balance affect your retirement plans?
Legal advice and financial advice often go hand-in-hand here. While your lawyer helps structure the legal aspects of settlement, a qualified financial adviser can assist with post-divorce planning and rebuilding.
Working With a Financial Planner Post-Separation
Once your divorce settlement is underway, a financial planner can help you make confident decisions about your future. From budgeting and rebuilding managed funds to setting realistic financial goals — professional advice can reduce financial stress and increase stability.
A good planner can also improve your financial literacy by helping you understand how your income, superannuation, and investments work together. It’s about creating a financial plan that supports your legal settlement and your long-term wellbeing.
5 Common Financial Mistakes to Avoid After Separation
Making sound financial decisions during and after separation can be difficult, especially when emotions are running high. Here are five common mistakes that separating couples often make, and how you can avoid them:
Leaving Joint Accounts Open Too Long
Failing to separate your finances early can leave you vulnerable. If your former partner continues using a joint account or credit card, you may still be liable. Close or update access to joint bank accounts, redraw facilities, and lines of credit as soon as practical.Underestimating Living Expenses
Many people miscalculate how much it will cost to run a household solo. Use a budget planner to track your expenses and include everything from groceries to school fees, insurance, and unexpected costs. This gives you a realistic view of your financial needs moving forward.Not Updating Insurance Policies and Beneficiaries
Once you separate, your former partner may no longer be the person you want listed on your life insurance, superannuation, or income protection policy. Reviewing and updating your policies ensures that your assets are distributed according to your current wishes.Overlooking Superannuation in Settlements
Super is often one of the largest assets in a relationship but is sometimes overlooked in property negotiations. Super splitting laws allow it to be divided fairly. Make sure you understand both parties’ balances and factor them into the overall settlement.Avoiding Professional Advice
Trying to handle everything on your own may seem cheaper or faster, but it can lead to costly mistakes. An experienced family lawyer, working alongside a qualified financial adviser, can help you navigate both the legal and financial aspects of your separation with clarity and confidence.
Family Law Support Available to You
You’re not expected to do this all on your own. Divorce is a challenging time, and professional advice can help you avoid costly mistakes, save time, and reduce stress.
At Omnia Legal, our family law team works closely with separating couples to:
Guide the legal separation process from start to finish
Help you understand your entitlements and obligations
Prepare and review binding financial agreements
Coordinate with financial advisors where needed
Ensure your parenting and financial arrangements support your future goals
For many people, this process includes liaising with Services Australia regarding child support payments, making informed decisions about division of assets, and documenting everything through legally binding property orders.
We understand how overwhelming the financial world can feel during divorce. But with the right support, it becomes manageable, and even empowering.
Rebuilding Financial Wellbeing After Divorce
Divorce often comes with financial issues that go beyond spreadsheets. Financial stability means more than income — it’s about regaining a sense of control and clarity.
Start by organising all your documents, reviewing any shared financial responsibilities, and considering the long-term financial impact of your choices. Small, consistent steps can lead to meaningful progress toward financial wellbeing.
It’s okay if you’re not there yet. What matters is that you’re moving forward.
Taking the First Step
If you're considering separation or already navigating divorce proceedings, now is the time to take stock of your finances and seek advice that reflects your needs and goals.
It might feel daunting right now. But with clear guidance, a strategic plan, and the right professionals by your side, it is possible to create a secure financial future.
Let Omnia Legal help you take the next step with confidence.
Ready to talk about it?
Whether you’re thinking about separation or have already begun the process, our family lawyers are here to support you. Schedule a complimentary consultation today and get practical, compassionate advice tailored to your financial and legal needs.