Close Menu
  • Home
  • What’s On
    • Events
    • Add an Event
    • Major Event
    • School Holiday Guide
  • Things To Do
    • Free Activities
      • Coastal Activities
      • Outdoor Activities
      • Picnic Spots
      • Playgrounds
      • Pram Walks
      • Rainy Day Activities
      • Walks and Bike Rides
    • Places to Visit
      • Attractions
      • Day Trips Away From The Peninsula
      • Galleries & Libraries
      • Historical
      • Markets
      • Tourism Centres
    • Places to Eat
      • Cafes
      • Restaurants
      • Wineries
    • Places To Stay
      • Accommodation
    • Shopping
      • Baby Goods – Sale & Hire
      • Child Friendly Shops
      • Made on the Peninsula
      • Online
      • Retail
    • At Home
      • Craft
      • Games
      • Recipes
  • Classes & Groups
    • Creative
      • Art and Craft
    • Playgroups
      • Central and Northern Peninsula
      • Southern Peninsula
      • Western Port
    • Sports
      • Fitness
      • Pre School Sports
      • Sports Classes and Tuition
  • Services
    • Health & Wellbeing
      • Dental
      • Health Care Practitioners
      • Hospitals
      • Support Groups
    • Pregnancy & Baby
      • Prenatal
        • Pre Natal Care/Birth Support
        • Pre Natal Fitness & Wellbeing
        • Maternal Health Centres
        • Maternity Products
      • PostNatal
        • Maternal Health Centres
        • Post Natal Support & Wellbeing
    • Special Needs
      • Activities for Special Needs
      • Support for Special Needs
      • Therapists for Special Needs
    • Education & Childcare
      • Daycare
      • Kindergartens
      • Schools
    • Finance
      • Finance
    • Photography
      • Photography
    • Child Safety & Wellbeing
      • Child Safety/First Aid
      • Emergency Numbers
  • Articles
    • Education
    • Finances
    • Health
    • Parenting Articles
    • Places to Eat
    • Pregnancy & Baby
    • Reviews
    • Member Questions
  • Parties
    • Celebrate – Party Ideas
    • Entertainment
    • Suppliers
    • Venues
  • Giveaways
  • Advertise With Us
  • About Us
    • Contact Us
  • Testimonials
  • Giveaways
Facebook X (Twitter) Instagram
Friday, October 10
  • Advertise With Us
  • About Us
    • Contact Us
  • Testimonials
  • Giveaways
Facebook X (Twitter) Instagram Pinterest
Peninsula Kids
  • Home
  • What’s On
    • Events
    • Add an Event
    • Major Event
    • School Holiday Guide
  • Things To Do
    • Free Activities
      • Coastal Activities
      • Outdoor Activities
      • Picnic Spots
      • Playgrounds
      • Pram Walks
      • Rainy Day Activities
      • Walks and Bike Rides
    • Places to Visit
      • Attractions
      • Day Trips Away From The Peninsula
      • Galleries & Libraries
      • Historical
      • Markets
      • Tourism Centres
    • Places to Eat
      • Cafes
      • Restaurants
      • Wineries
    • Places To Stay
      • Accommodation
    • Shopping
      • Baby Goods – Sale & Hire
      • Child Friendly Shops
      • Made on the Peninsula
      • Online
      • Retail
    • At Home
      • Craft
      • Games
      • Recipes
  • Classes & Groups
    • Creative
      • Art and Craft
    • Playgroups
      • Central and Northern Peninsula
      • Southern Peninsula
      • Western Port
    • Sports
      • Fitness
      • Pre School Sports
      • Sports Classes and Tuition
  • Services
    • Health & Wellbeing
      • Dental
      • Health Care Practitioners
      • Hospitals
      • Support Groups
    • Pregnancy & Baby
      • Prenatal
        • Pre Natal Care/Birth Support
        • Pre Natal Fitness & Wellbeing
        • Maternal Health Centres
        • Maternity Products
      • PostNatal
        • Maternal Health Centres
        • Post Natal Support & Wellbeing
    • Special Needs
      • Activities for Special Needs
      • Support for Special Needs
      • Therapists for Special Needs
    • Education & Childcare
      • Daycare
      • Kindergartens
      • Schools
    • Finance
      • Finance
    • Photography
      • Photography
    • Child Safety & Wellbeing
      • Child Safety/First Aid
      • Emergency Numbers
  • Articles
    • Education
    • Finances
    • Health
    • Parenting Articles
    • Places to Eat
    • Pregnancy & Baby
    • Reviews
    • Member Questions
  • Parties
    • Celebrate – Party Ideas
    • Entertainment
    • Suppliers
    • Venues
  • Giveaways
Peninsula Kids
Home»Finances»Money issues you need to address after separation
Finances

Money issues you need to address after separation

5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

By Helen Baker

Don’t let a separation cause more heartache by overlooking important money matters – including these commonly forgotten issues.

Amid the heartache of a relationship ending, it’s easy to overlook money, legal and logistical matters or make poor decisions on the fly.

However, that can bring more pain – even years down the track.

When a relationship ends, you have the chance to embrace your new-found independence and do things for yourself. Including managing money.

Make the most of this freedom by taking charge of your  financial affairs, starting with these aspects that commonly  get neglected:

1. Split finances and expenses

Separating finances is an important first step. Otherwise, your savings could be pilfered or you could be held liable for your ex’s debts and spending.

Be thorough – smaller things are especially easy to miss. That includes store cards, utilities, subscriptions, memberships, as well as loans and credit cards.

Some could be cancelled; others may need to be retained, in which case they should be changed into just one name. Don’t leave it up to your ex to take your name off anything.

Redirect your payments and direct debits to your personal bank account to avoid penalties for missed payments. Update details with your employer as to where your salary (and superannuation, if necessary) should be paid.

2. Update estate planning

The next step is to look at your estate planning. Failing to do this means your ex could receive an unexpected windfall should you pass away, at the expense of loved ones you actually want to support.

Update your will to reflect your new situation as well as the beneficiaries in your superannuation which is treated separately from your will.

The same goes for any trusts, companies, or similar structures that you may have.

3. Get your best settlement

Many people – especially women – settle for less than their fair

share in a separation. Why? Some don’t realise their real worth or legal entitlements. Others just want to get it done with quickly.

While it makes financial sense not to drag things out due to spite,

your future quality of life and retirement depend on how much you walk away with.

Among the factors to consider are:

  • Superannuation: you may be eligible for part of your ex’s super because it forms part of the joint asset pool. This is especially valuable if you earned considerably less or had time out of the workforce to raise children or care for relatives.
  • Custody: supporting children and pets obviously impacts ongoing living costs. Child support isn’t necessarily guaranteed.
  • Your home: is this really worth keeping at all cost if you won’t be able to afford it on your own?
  • Sale time: if you separate on good terms, do you really need to sell assets now? Could you keep them to maximise value jointly or sell later at a better price?

Ensure you get pre-settlement financial advice BEFORE you sign on the bottom line.

4. Live independently

You’re now on one income. Economies of scale (most things cost less per person when you’re coupled) no longer work in your favour. Taking time off work may be harder.

So, don’t keep spending like you used to. Be proactive in adjusting to your new situation.

Make a new spending and investment plan (a nicer and more comprehensive version of a budget). See what you can and cannot afford and make necessary cuts. Update insurances, subscriptions, and utilities to ensure you’re only paying for what you still need.

Set up an easily accessible emergency fund, to cover you should you lose your job or face an unexpected crisis.

Tailored advice from your financial adviser can help you make the most of what you have – for now and the future.

5. Be wise in love

It may be the last thing on your mind amidst a separation, but a new relationship could be in your future.

Learn from your current separation and take measures to protect your future self.

A pre-nuptial agreement (pre-nup) could be useful to protect your assets. Or a post-nuptial agreement if you already have a new partner.

Carefully consider co-habiting arrangements – your place, their place, a new place together? Who contributes what?

Even if you don’t ultimately need them (fingers crossed!), the peace of mind from having protections in place will make any new relationship feel that much sweeter.


Helen Baker is a licensed Australian financial adviser and author of the new book, On Your Own Two Feet: The Essential Guide to Financial Independence for all Women (Ventura Press, $32.99). Helen is among the 1% of financial planners who hold a master’s degree in the field. Proceeds from book sales are donated to charities supporting disadvantaged women and children.

Find out more at www.onyourowntwofeet.com.au

Peninsula Kids – Summer 2023/24

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Comments are closed.

Calendar
Today
Mon
Tue
Wed
Thu
Fri
Sat
Sun
M
T
W
T
F
S
S
29
30
1
2:00 PM - Soundwaves
7:00 PM - Soundwaves
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
4:00 PM - Sk8house Sensory Sessions
22
23
24
25
26
27
28
29
30
31
7:00 PM - Halloween Spooky Weekend at Sk8house
1
2
Soundwaves
Soundwaves
October 1, 2025    
2:00 pm - 3:00 pm
Band and Cinema complex
  • Family Activity
  • Free Activities
Join us for our flagship concert series, Soundwaves, at HMAS Cerberus and experience the RAN Band bringing our full wind band and variety of chamber [...]
More Info
Soundwaves
Soundwaves
October 1, 2025    
7:00 pm - 8:00 pm
HMAS Cerberus
  • Free Activities
Join us for our flagship concert series, Soundwaves, at HMAS Cerberus and experience the RAN Band bringing our full wind band and variety of chamber [...]
More Info
Sk8house Sensory Sessions
Sk8house Sensory Sessions
October 21, 2025    
4:00 pm - 7:00 pm
Sk8house
  • Workshop/Class
The Sk8house Sensory Sessions aim to be a calm, welcoming space for skaters of all abilities to roll their way — with reduced noise, gentle [...]
More Info
Halloween Spooky Weekend at Sk8house
Halloween Spooky Weekend at Sk8house
October 31, 2025 - November 1, 2025    
7:00 pm - 10:00 pm
Sk8house
  • Family Activity
Get ready to scream (with excitement) because Sk8house Halloween is back and it's BIGGER than ever! Last year was a huge success so we've decided [...]
More Info
Events on October 1, 2025
Soundwaves
Soundwaves
1 Oct 25
HMAS Cerberus
Soundwaves
Soundwaves
1 Oct 25
HMAS Cerberus
Events on October 21, 2025
Sk8house Sensory Sessions
Sk8house Sensory Sessions
21 Oct 25
Carrum Downs
Events on October 31, 2025
Halloween Spooky Weekend at Sk8house
Halloween Spooky Weekend at Sk8house
31 Oct 25
Carrum Downs
Visit Our Advertisers
ABOUT

Established in 2006, Mornington Peninsula News Group (MPNG) is a locally owned and operated, independent media company.

MPNG publishes two glossy magazines: Peninsula Essence and Peninsula Kids.

MPNG also publishes five weekly community newspapers: the Western Port News, Mornington News, Southern Peninsula News, Frankston Times and Chelsea Mordialloc Mentone News.

ADVERTISE WITH US

Instagram
Calling all Harry Potter fans!!!

Excited to announce that due to Due to popular demand, Harry Potter™: The Exhibition at the Fever Exhibition and Experience Centre in Brunswick, has been extended until 30 November 2025.

Harry Potter: The Exhibition captivates guests through powerful storytelling and cutting-edge interactive technology, inviting them to explore beloved moments from the Harry Potter and Fantastic Beasts films, as well as the Tony® Award-winning stage production Harry Potter and the Cursed Child.

Tickets for additional sessions are available NOW!
https://melbourne.harrypotterexhibition.com/

@harrypotter_exhibition Harry Potter: The Exhibition
Calling all Harry Potter fans!!!

Excited to announce that due to Due to popular demand, Harry Potter™: The Exhibition at the Fever Exhibition and Experience Centre in Brunswick, has been extended until 30 November 2025.

Harry Potter: The Exhibition captivates guests through powerful storytelling and cutting-edge interactive technology, inviting them to explore beloved moments from the Harry Potter and Fantastic Beasts films, as well as the Tony® Award-winning stage production Harry Potter and the Cursed Child.

Tickets for additional sessions are available NOW!
https://melbourne.harrypotterexhibition.com/

@harrypotter_exhibition Harry Potter: The Exhibition
•
Follow
Calling all Harry Potter fans!!! Excited to announce that due to Due to popular demand, Harry Potter™: The Exhibition at the Fever Exhibition and Experience Centre in Brunswick, has been extended until 30 November 2025. Harry Potter: The Exhibition captivates guests through powerful storytelling and cutting-edge interactive technology, inviting them to explore beloved moments from the Harry Potter and Fantastic Beasts films, as well as the Tony® Award-winning stage production Harry Potter and the Cursed Child. Tickets for additional sessions are available NOW! https://melbourne.harrypotterexhibition.com/ @harrypotter_exhibition Harry Potter: The Exhibition
6 days ago
View on Instagram |
1/9
50 + 30 then take away 2. 

#mathsbemathing
•
Follow
50 + 30 then take away 2. #mathsbemathing
1 week ago
View on Instagram |
2/9
Farewell September. 🫡 

Credit: Mums Lounge
mumslounge
•
Follow
Farewell September. 🫡 Credit: Mums Lounge mumslounge
1 week ago
View on Instagram |
3/9
🔥🔥🔥🤣
•
Follow
🔥🔥🔥🤣
2 weeks ago
View on Instagram |
4/9
Roll up to the PARC County Fair these school holidays 
 
Immerse yourself in a world of entertainment and family fun at the PARC County Fair. Enjoy a splashing good time on PARC’s inflatable obstacle course, Splash Island! With slopes, slides and balancing beams, it is the ultimate water adventure. To book or learn more, visit PARC’s website. 
The PARC County Fair school holiday program will run daily from Monday 22 September – Friday 3 October. Excluding the Grand Final public holiday.

https://parc.peninsulaleisure.com.au/events/september-school-
holidays-parc-county-fair/
@parcfrankston
Roll up to the PARC County Fair these school holidays 
 
Immerse yourself in a world of entertainment and family fun at the PARC County Fair. Enjoy a splashing good time on PARC’s inflatable obstacle course, Splash Island! With slopes, slides and balancing beams, it is the ultimate water adventure. To book or learn more, visit PARC’s website. 
The PARC County Fair school holiday program will run daily from Monday 22 September – Friday 3 October. Excluding the Grand Final public holiday.

https://parc.peninsulaleisure.com.au/events/september-school-
holidays-parc-county-fair/
@parcfrankston
•
Follow
Roll up to the PARC County Fair these school holidays Immerse yourself in a world of entertainment and family fun at the PARC County Fair. Enjoy a splashing good time on PARC’s inflatable obstacle course, Splash Island! With slopes, slides and balancing beams, it is the ultimate water adventure. To book or learn more, visit PARC’s website. The PARC County Fair school holiday program will run daily from Monday 22 September – Friday 3 October. Excluding the Grand Final public holiday. https://parc.peninsulaleisure.com.au/events/september-school- holidays-parc-county-fair/ @parcfrankston
3 weeks ago
View on Instagram |
5/9
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? 

Older Reader Pack
Selection of books suitable for older readers, 8+ years/teens/adults valued at $225.

**PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office.  Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!**

👉ENTER VIA LINK IN BIO
•
Follow
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? Older Reader Pack Selection of books suitable for older readers, 8+ years/teens/adults valued at $225. **PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office. Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!** 👉ENTER VIA LINK IN BIO
3 weeks ago
View on Instagram |
6/9
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? 

Younger Reader Pack
Selection of books suitable for younger readers preschool age plus valued at $260.

**PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office.  Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!**

👉ENTER VIA LINK IN BIO
•
Follow
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? Younger Reader Pack Selection of books suitable for younger readers preschool age plus valued at $260. **PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office. Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!** 👉ENTER VIA LINK IN BIO
3 weeks ago
View on Instagram |
7/9
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? 

Nano-Mals
Hasbro is excited to introduce Nano-Mals, their brand-new line of interactive, pocket-sized electronic pets that are here to win hearts… literally! The handheld Nano-Mals team the appeal of digital pets with the fun play of fidget toys, creating a sensory experience specifically designed for today’s kids.

Measuring just 6.9 cm, Nano-Mals are perfectly pocket-sized with an oversized personality.

Nano-Mals are the ultimate gift for kids who love fidget toys, animals, and interactive digital fun. With unlimited ways to care, style, and connect, this new range is set to be the must-have mini pet of the year.

These collectibles are available now in major retailers including Big W, Target, and independent toy stores.

RRP: $25.00 each

**PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office.  Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!**

👉ENTER HERE:
https://peninsulakids.com.au/spring-2025-things-we-love-giveaway/
•
Follow
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? Nano-Mals Hasbro is excited to introduce Nano-Mals, their brand-new line of interactive, pocket-sized electronic pets that are here to win hearts… literally! The handheld Nano-Mals team the appeal of digital pets with the fun play of fidget toys, creating a sensory experience specifically designed for today’s kids. Measuring just 6.9 cm, Nano-Mals are perfectly pocket-sized with an oversized personality. Nano-Mals are the ultimate gift for kids who love fidget toys, animals, and interactive digital fun. With unlimited ways to care, style, and connect, this new range is set to be the must-have mini pet of the year. These collectibles are available now in major retailers including Big W, Target, and independent toy stores. RRP: $25.00 each **PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office. Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!** 👉ENTER HERE: https://peninsulakids.com.au/spring-2025-things-we-love-giveaway/
3 weeks ago
View on Instagram |
8/9
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? 

LEGO Star Wars™ Chopper (C1-10P) Astromech Droid
Suitable for 10+ – Create a playful display featuring a lovable astromech droid Chopper (C1-10P) with this LEGO® Star Wars™ buildable model kit with a buildable figure of Chopper, as seen in Star Wars: Ahsoka™.

Move the lever on his back to remotely activate his iconic head movements, pose his arms and legs, fold out a tool from his chest, and more. Choppers arms and his center wheel are detachable so he can be displayed as if his arms and wheel have been retracted into his body. Suitable for 10+.

RRP: $179.99

https://www.lego.com/en-au

**PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office.  Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!**

👉ENTER HERE VIA LINK IN BIO
•
Follow
Have you seen our spring Things We Love giveaways in the winter edition of Peninsula Kids mag? LEGO Star Wars™ Chopper (C1-10P) Astromech Droid Suitable for 10+ – Create a playful display featuring a lovable astromech droid Chopper (C1-10P) with this LEGO® Star Wars™ buildable model kit with a buildable figure of Chopper, as seen in Star Wars: Ahsoka™. Move the lever on his back to remotely activate his iconic head movements, pose his arms and legs, fold out a tool from his chest, and more. Choppers arms and his center wheel are detachable so he can be displayed as if his arms and wheel have been retracted into his body. Suitable for 10+. RRP: $179.99 https://www.lego.com/en-au **PLEASE NOTE ALL prizes must be collected from Peninsula Kids HASTINGS office. Winners will be notified by email. Please only enter if you can collect and make sure details are entered correctly so you don’t miss out!** 👉ENTER HERE VIA LINK IN BIO
3 weeks ago
View on Instagram |
9/9
View on Instagram
Subscribe to our Newsletter

Stay In The Know

Sign up to our free newsletter and receive weekly updates on events and things to do with kids on the Mornington Peninsula.

Facebook X (Twitter) Instagram Pinterest
© 2025 All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.