Getting Divorced: Financial Guide
Navigate the financial aspects of divorce including asset division, super splitting, and child support.
⚠️ Important: Time Limits Apply
You have 12 months from divorce to apply for property settlement through the Family Court. After this, you need special permission. Don't delay!
Married Couples
12 months from divorce order to apply for property settlement
De Facto Couples
2 years from separation to apply for property settlement
How Assets Are Divided
Australia doesn't have a fixed 50/50 split. Courts consider:
Financial Contributions
- • Income during marriage
- • Assets brought into marriage
- • Inheritances received
- • Financial windfalls
Non-Financial Contributions
- • Homemaker/parenting role
- • Career sacrifices
- • Support during partner's study
- • Home improvements
Future Needs Considered:
- • Age and health of each party
- • Earning capacity differences
- • Care of children
- • Length of marriage
Superannuation Splitting
Super is treated as property and can be split between partners:
How It Works
- • Obtain valuations from each super fund
- • Agree on split % (or court decides)
- • Funds transferred between super accounts
- • No tax on transfer (stays in super)
Important Points
- • Can't access until preservation age
- • Often overlooked - don't forget it!
- • May be partner's largest asset
- • Court can "flag" super to prevent cash out
Typical Divorce Costs
| Item | Cost | Notes |
|---|---|---|
| Divorce application fee | $1,060 | Court filing fee |
| Lawyer (simple divorce) | $3,000-5,000 | If uncontested |
| Lawyer (property settlement) | $5,000-50,000+ | Depends on complexity |
| Lawyer (contested custody) | $30,000-100,000+ | If goes to court |
| Mediation | $200-500/hour | Much cheaper than court |
| Financial advice | $2,000-5,000 | Asset valuation help |
Tip: Mediation is much cheaper than court. Try to agree on as much as possible.
Child Support
Child support is calculated by Services Australia based on:
| Factor | Impact |
|---|---|
| Both parents' income | Higher earner pays more |
| Care percentage | 35%+ care reduces payment |
| Number of children | More children = higher payment |
| Age of children | Older children may cost more |
| Other dependents | May reduce payment |
Self-support amount (2026): $31,046/year is deducted from each parent's income before calculating child support.
Divorce Financial Checklist
Immediately
- ☐ Open individual bank account
- ☐ Document all assets and debts
- ☐ Copy important financial documents
- ☐ Change passwords on accounts
- ☐ Check credit cards (joint liability!)
Soon After
- ☐ Update will
- ☐ Change super beneficiary
- ☐ Review insurance beneficiaries
- ☐ Cancel joint credit cards
- ☐ Update Centrelink/ATO status