The divorce is final... now what?

October 23, 2019

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Divorce can have a terrible impact on both your emotions and your finances. Most people assume that once the papers are signed and the assets have been divided then that’s it, but to protect yourself and rebuild your future it’s important not to forget these tasks.

Check your insurance

When you move to a single income it’s vitally important to review your insurance to make sure you have enough in case you get sick or injured. To find the right level of cover for you, check your current insurance levels in your SuperOnline account, and from there use our Insurance Calculator to work out how much you might need and what it will cost. Then you can either fill in the Insurance Telephone Application Form, or if you want some general advice, give TelstraSuper Financial Planning a call on 1300 033 166. Phone advice is included as part of your membership so won’t cost you anything additional.

Updated your Will? What about your super beneficiary?

Unlike personal assets such as your house and possessions, your superannuation doesn't automatically form part of your estate. So if you changed your Will after your divorce, you will also need to update your super beneficiaries to ensure your super is distributed according to your wishes. Get started on your binding nomination, or for simple advice on updating beneficiaries, call our team on 1300 033 166.

Rebuild your super

Depending on your divorce settlement you may have received some of your ex-partner’s super, or they may have received some of yours. But what happens after the split? If your superannuation has been reduced or it needs a boost, one of the best ways to build a bigger balance is to take advantage of salary sacrificing. Contributing money to your super from your pre-tax pay allows you to rebuild your balance and potentially pay less tax. To find the impact on your salary and see how your super balance could grow, take a look at our Salary Sacrifice Calculator.

Practice self-care

It’s not unusual after a divorce to go through deep periods of regret and depression. It’s important to grieve but make sure also do the things you love, spend time with friends and family, eat well, and talk to a professional if need be. Divorce can be a major roller coaster of emotions but practicing self-care will make this transition easier on yourself, and on those close to you.

Need help?

As part of your TelstraSuper membership, you can get help over the phone about these topics without any additional costs. Give them a call today on 1300 033 166.