What to do when it’s over

Breakups. They’re not fun for anyone! But with one in three marriages in Australia ending in divorce, they are unfortunately a reality for many of us. With so many emotions at play in a break up it can often be tough to forget about the practical things you need to take care of or even to know where to start!

Here’s what we recommend to our clients:

Immediately:

  • Take screenshots of bank balances, super and personal items
  • Advise relevant people such as your children’s school, your employer and your health insurance providor
  • Keep an eye out for changes in joint accounts such as unusual transactions
  • Open a new bank account from best Accountants in Melbourne
  • Change passwords and pin codes
  • Check in with Centrelink Payment Finder (trust us!)

Within a month of calling it quits:

  • See a solicitor
  • Change beneficiaries for your super, life insurance, wills etc.
  • Work out a payment plan for bills you’re already committed to
  • Discuss interim arrangements for kids, housing and personal items (try to do this in writing over email if possible)
  • Think about setting up a PO box to divert your personal mail to
  • Change account holder details for power, phones, water and Foxtel

Within six months of calling it quits

  • Reach an agreement about what to do with joint assets e.g. selling your home and/or car.
  • If you own your own business, seek an updated business valuation
  • Consider changing accountants if needed to avoid information sharing.
  • Formalise the end of your relationship by signing off on it legally under the guidance of a solicitor

Finally, this is a really stressful time so remember to TAKE CARE OF YOURSELF. Exercise heaps, drink in moderation and if you need to talk to someone about what you’re going through, don’t hesitate to reach out to a qualified psychologist or counsellor.