Life Stages

The first step

One of the first steps you should take is to seek good legal advice especially if you can't come to a mutual agreement on any settlement. Engage a family law specialist who you feel comfortable with. The legal process involved in divorce can be daunting, particularly when you are emotionally vulnerable, and good advice from a family law specialist can make the path a lot easier.

By law, both your super and that of your ex-husband's is included in any property settlement. This means you can either negotiate to reach a settlement on how to divide the super accounts, or get the Family Court to make a ruling.

Even if you agree to split your super accounts, the funds don't convert into a cash asset - they are still subject to the super laws and usually preserved until retirement age.

Traditionally, women have less super than men because they take time out of the workforce to care for their family, so it's important to close this gap -- whether by splitting super at the time of the divorce settlement -- or making higher contributions, salary sacrificing, and taking advantage of co-contributions while you're working.

At present, these laws only apply to married couples -- property settlements for defactos or same-sex couples are still determined under the Property (Relationships) Act.

Good legal advice is vital. Don't just go to anyone -- ask around for some recommendations.

You may feel like you are starting over with your savings and you could even have a mortgage again. But there are things you can do to get yourself back into good financial shape. Take some time to meet with a Quadrant financial planner to find out about some strategies that will work for you.

Checklist

• Put your emotions on the back burner and face financial reality
• Engage a lawyer who is a family law specialist who you feel comfortable with
• Talk to your super fund or financial planner about the rules and regulations on divorce and super.