Open your own accounts
If your divorce or separation is underway and shared accounts are being closed, opening your own account(s) is a great place to begin.
Think about the accounts you might need. If you have kids, it could be useful to open a separate account for child support payments. An interest-earning savings account or a term deposit, on the other hand, may help you to save.
Set up a new budget
Moving to a single-income is an ideal time to review how much you’re spending. Use this budget planner tool to create a workable budget that reflects your current income and household. Not only practical, it’s a great way to feel in control again.
Know your rights
Separation is never black and white – and you’ll have different rights depending on whether you were married or in a de facto relationship.
Find out what you have a right to – and how to protect it – in this guide about dividing up joint assets.
Take control of debt
It’s best to stay on top of mortgage and credit card payments from the start – so balancing your cash flow is critical.
Most people are managing some form of debt at any given time. The trick is to always know what you owe, and the conditions of your repayments.
Manage your property
Whether you’re renting, own your own home, or own several houses, there’s a good chance that managing your properties could become more complicated after separation.
While you find your feet, a good place to start is to speak with a financial expert. They can review your budget and help decide the best path for you. Remember, a property should always be seen as a promising investment, not a drain on your finances.
Plan for a financially safe future
Have you thought about your retirement yet? We can help you understand how long you should be working for, how much to save, and even the best time to sell your property.
It may also be a good idea to check up on your super. If you have multiple accounts, think about combining them into one to save on fees, and look into ways you can grow your super balance.
Learning these skills will have you well on your way to financial independence.
If you need any help regarding your financial situation, feel free to reach out to us.
Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/unplanned/divorce/independence National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances. © 2026 National Australia Bank Limited (“NAB”). All rights reserved. Important: Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author. Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.
