Financial first steps after separation

Once you have a rough sense of where you stand financially, the next step is starting to create some order. This guide covers the practical early actions — not all at once, and not perfectly, but in a sequence that makes sense.

Step 1: Open a bank account in your own name

If you don't already have one, this is the single most important first step. An account in your own name means you have somewhere to direct any income or payments, and somewhere to build a small buffer that is yours alone.

Most major Australian banks — Commonwealth, ANZ, NAB, Westpac — allow you to open an account entirely online. You'll need your name, address, date of birth and tax file number. If you don't have your TFN to hand, you can still open an account — you'll just pay a higher withholding tax rate on interest, which is minimal.

Step 2: Redirect any income to your own account

If you're receiving any income — wages, government payments, child support, rental income — make sure it's going to an account you control. Update your payment details with your employer and Services Australia if needed.

Step 3: Get a clear picture of your shared finances

This doesn't have to be formal or confrontational. You just need to know what exists — as a foundation for any conversations or legal processes ahead.

Make a list of:

• Joint bank accounts and approximate balances

• Any property you own together and whose name is on the title

• Shared debts — mortgage, car loans, credit cards, personal loans

• Superannuation accounts — both yours and your partner's (you may be entitled to a share)

• Any other shared assets — vehicles, investments, business interests

You don't need to resolve any of this yet. You just need to know what you're working with.

Step 4: Understand your immediate expenses

What does it actually cost you to live? List your regular expenses — rent or mortgage, utilities, groceries, insurance, phone, transport, school fees, childcare. Even a rough monthly figure gives you something to work with when assessing what income you need and what support you might be entitled to.

Step 5: Check what you're entitled to

The Services Australia payment finder (servicesaustralia.gov.au) will show you what payments you may be eligible for based on your current circumstances. This can include:

• Parenting Payment — if you have a child under 8 (partnered) or under 14 (single)

• JobSeeker Payment — income support if you're looking for work or have a limited capacity to work

• Family Tax Benefit — ongoing support for families with children

• Rent Assistance — additional support if you're renting privately

• Crisis Payment — a one-off payment if you've left a relationship due to family violence in the last seven days

You can apply for most payments through myGov. If you're not sure where to start, Services Australia has a free Financial Information Service — you can call 132 300 to speak with someone who can walk you through your options.

Step 6: Get advice before making any major financial decisions

Before agreeing to anything about shared property, settling debts or making financial arrangements with your ex-partner, get at least one piece of free professional advice. A financial counsellor or community legal centre can help you understand your rights and what a fair arrangement looks like — before you commit to anything.

This doesn't have to be expensive or formal. One phone call or appointment can prevent costly mistakes later.

Help for Her provides general information and guidance only. For advice specific to your situation, speak with a free financial counsellor or legal professional.

For more information, visit our separation page.