August 15, 2020
Separation & Divorce
There are so many things to think about when you divorce so it’s easy to miss some important updates you should make. We’ve put together a list of 9 things you should consider updating when you divorce – you’ll want to save this post!
One of the first things you should update is your current will and any power of attorney or medical directives you have in place.
It’s likely that your spouse is listed as a beneficiary or someone who has the power to make decisions on your behalf should you be unable to make them for yourself. Following your separation, you may want to update this to reflect your changed circumstances.
Most superannuation funds ask you to name a beneficiary for your funds should you pass away. In many cases, spouses are named as beneficiaries. If you do not have a binding nomination in place, look to get this added.
A binding nomination means that the person you nominate will be the one to receive the funds.
Non-binding nominations do not guarantee the beneficiary will be the person you name, so the superannuation fund could choose someone else, like your ex, to receive the proceeds instead.
If you have any life insurance or any other insurance policies such as critical illness or trauma cover, make sure these are in your name only. If your spouse is named as a beneficiary or additional contact, update this too.
Look at what other insurance policies you have – house insurance, car insurance, travel insurance, etc.
If these are joint, or cover jointly owned assets, get this updated to the person who will continue to use the asset going forward.
Do you co-own a property?
If it is mortgaged, make sure the bank is aware of your separation date and who will be responsible for payments going forward.
You may also want to reflect the new circumstances where one spouse may be transferring their interest of the other – which should be done through Consent Orders in the Family Court (which will be legally binding and save you stamp duty).
Private health cover is another of the key things you need to update when you divorce.
Once you have separated, investigate options to separate your cover and, if you have children, decide if they will be included on only one of your policies or both of your policies.
Any joint bank accounts should be separated once you have formally separated.
Ensure you each have your own bank accounts and use these going forward. Also make a note of funds in joint accounts and remove any overdraft or equity line facilities that your ex might be able to draw on.
Some couples have joint email addresses and social media accounts. Update these to individual ones once you have separated and change the passwords on your accounts so that they are secure as you move on separately.
If you have joint bills, update these to reflect who is responsible for these going forward. These could include gas, water, electricity, shire rates, mobile phones, internet, paid TV subscriptions, car rego, etc.
Do you want to divorce quickly and move on with your life? Divorce mediation can help you do just that.
Ian Shann is an accredited and experienced divorce mediator in Perth. He has helped hundreds of couples over the years to move on from their separation without the stress of divorcing through expensive lawyers.
Call Ian today on 0418 928 448 or get in touch online – all communications are strictly confidential.
Accredited Family Mediator in Perth
Ian’s commitment is simple—to help keep separated couples out of the Family Court and minimise their need for lawyers, saving them time, money and anguish. Under Ian’s guidance, separated couples are able to Move On with their lives through family mediation.
December 13, 2024
Relationships
Navigating co-parenting as divorced parents can be challenging but, with the right tools and mindset, you can create a harmonious environment for your children. Open and effective communication is the key to making this work.
September 27, 2024
Mediation
What happens after family mediation depends entirely on whether you reach agreements on all, some, or none of the issues you are seeking to resolve.
The process was so much quicker and easier than I anticipated – after everything I have heard about lawyers! And it was re-assuring for me to know how much it was going to cost at the start, not when it was all over. Thanks, Ian. I’d recommend you to anyone who wants a solution seeker and quick results.
— Bree F, Fremantle WA
Ian, your patience and persistence really helped us get to an agreement I thought we could never reach. I’d recommend you to anyone who wants to get family issues resolved as painlessly as possible.
— Michael G, Safety Bay WA
Thank you once more for your kindness, wisdom and counsel.
— Georgie N, Wangara WA
Ian worked hard to enable us to reach an agreement. He was always happy to discuss and explain everything we needed.
— Cathy & Steve, Subiaco WA