It's one of those things that you don't want to think about when going through a relationship break down. What about money? It can be overwhelming trying to sort through finances at such an emotionally challenging time. ASIC have launched new online resources to guide Australian's through the financial aspects of divorce and separation.
The Divorce and Separation Financial Checklist and the Asset Stocktake Calculator are designed to help Australians manage their finances and make informed financial choices to avoid financial pitfalls during periods of significant change in their life.
- making informed financial decisions at the time of a relationship breakdown;
- separating finances and getting money on track post separation and divorce and;
- commencing the property settlement process by providing a summary of assets and debts.
'A relationship breakdown changes many aspects of a person's life, including their finances. This can leave people feeling stressed and overwhelmed and make it difficult to focus on financial decisions', said Mr Peter Kell, ASIC Deputy Chairman.
'The new resources can help sort out money issues and guide people through the financial uncertainty they may be facing when a relationship ends, by providing practical steps to separate finances,' added Mr Kell.
Research undertaken by the Australian Institute of Family Studies has measured the impact of a relationship breakdown on people's finances, which especially affects women. Divorce had a substantial negative effect on the equivalised household incomes of women, with Australian women experiencing a fall in income of 21 per cent compared to their pre-divorce income.
Anne Hollonds, Psychologist and Director of the Institute of Family Studies said, 'When a relationship breaks down, we often don't know how to start sorting out our finances. The new checklist from ASIC's MoneySmart can help you work out what you need to do. You can also use it to support someone you know who's going through a divorce or separation.'
 de Vaus, D., Gray, M., Qu, L., & Stanton, D. (2015). The economic consequences of divorce in six OECD countries(Research Report No. 31). Melbourne: Australian Institute of Family Studies.