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Taking control of your finances after separation Separation touches almost everything money-related: the roof over your head, the income that now has to stretch across two households instead of one, what happens to your super, whether the numbers on paper actually work in real life. It’s a lot to take in at once, and it’s completely normal to feel overwhelmed by both the emotional and practical weight of it. You don’t have to untangle it all at once, and you don’t have to do it alone. When everything shifts at once, most people go into survival mode, and the long view is the first thing to go. So, start with the foundations, not the investment strategy, and work through three stages in this order: Am I safe? Knowing where you stand: Protect what matters most How do I move forward? Deciding: Take control of your finances How do I build the life I want? Building: Grow your wealth with confidence. Am I safe? Knowing where you stand: Protect what matters most For a lot of people, this starts with simply mapping out where things stand. Even in households where finances were shared, there can be real gaps in understanding, especially if you’ve never handled the finances in the household. You may not know who owns what, what’s owed, what cash reserves exist, or what long-term commitments are already locked in. What you’ll need Paperwork in one place Every account, card and loan listed, including the ones you rarely use A snapshot of today: money in and out Insurance checked: owner, beneficiary, cover levels Build your team: Legal, Mediator, Adviser and Mortgage Broker. A financial advisor can help with mapping your assets and liabilities, property, investments, debts and super. Missing something at this stage can throw out every decision that follows. A common mistake Assuming your Will covers your super: Knowing that super is governed separately from your Will, by your binding death benefit nomination, and that an outdated one can override your wishes entirely. How do I move forward? Deciding: Take control of your finances Compare how different outcomes could affect your cash flow, assets and long-term stability. What you’ll need What matters most written down: non-negotiables and nice-to-haves Who’s affected, and how: children, former partner, dependants Each home option priced monthly, including one-offs Legal and mediation costs recorded separately. A financial advisor can help with modelling settlement scenarios so you can compare outcomes side by side. Scenario modelling is often where the real value lies. Keeping a bigger share of the family home might look like a win on paper, but if it stretches you thin every month, causing extreme stress, that’s a different story. The test: does keeping the home leave enough each month, three years from now? Common mistakes Most costly mistakes happen because a decision gets made fast, or under emotional pressure: Agreeing quickly just to end the uncertainty: Work with an adviser to model the long-term impact Overlooking tax or super implications: Check the tax and super treatment of every asset on the table Fighting to keep an asset for emotional reasons: Test if it actually makes sense for you to hold this asset (financially or otherwise) Focusing only on asset values: Weigh up cash flow and liquidity, not just net worth on paper. How do I build the life I want? Building: Grow your wealth with confidence Planning after separation is about rebuilding: putting a new financial structure in place that actually works for the life you’re moving into. What you’ll need Your next chapter written down: where you’ll live, how you’ll spend your time, what retirement looks like A single-income budget: needs, wants, future goals Debts listed with their interest rates Your buffer fund checked: 3–6 months of essentials Child support in the budget, paid or received Your super reviewed: balance, fund, investment option, lost accounts A financial advisor can help with planning for life after separation, including budgeting and longer-term goals. Wherever you’re starting from, the value of getting advice doesn’t disappear once separation is finalised. A common mistake Underestimating new household costs: Budget for the real cost of running things solo. Most people underestimate just how much running a new household costs, until they’re in it. 👉 Key takeaway: Getting planning advice early means you’re weighing up trade-offs and testing what’s actually affordable, rather than just reacting to what’s in front of you. For more clarity on how advice could help you, please feel free to get in touch with My Wealth Solutions, (07) 5230 4198, Ballina, Bundall and Brisbane. Disclaimer: This article is provided for general information purposes only and does not constitute personal financial, tax, or legal advice. Any case studies or examples are illustrative only and are based on hypothetical or composite client scenarios. Any Capital Gains Tax (CGT) calculations, tax outcomes, or financial projections are estimates only and may not reflect your individual circumstances. Tax laws and legislation may change over time, and investment markets can rise and fall. Before making any financial or tax-related decisions, you should seek advice from your accountant, registered tax agent, or licensed financial adviser to ensure the information is appropriate for your personal circumstances.

The aged care journey often goes slow when you need it to go fast! Everyone you talk to wants answers … yesterday. This only heightens the emotional burden and stress levels. One aspect of the aged care journey where I’ve seen people (literally) stopped in their tracks is when their legal documents are not done or are outdated and don’t reflect what people want. I’m not a legally qualified professional. I specialise in helping people and their families on the aged care journey. I’ve seen the delays when people’s legals are not as they should be. These delays are unnecessary, time-consuming, costly, very frustrating … and are (often) very fixable by people before it becomes a problem. Which legal documents? They include your Will, Enduring Power of Attorney (financial matters), Enduring Guardian (health and care matters) and Advance Care Directive. Some tips and things to consider: If you’ve done these documents – know where the originals are kept (often with the Solicitor’s office who wrote your documents) If you need copies of these documents – the Solicitor who holds the originals can provide you with certified copies which will be needed to talk on someone else’s behalf to other organisations such as banks, superannuation companies, share trading platforms, Centrelink, etc Ensure the person / people nominated for various roles know they’ve been nominated and they clearly understand their role, responsibilities and important information of yours (especially if they are a friend or neighbour) Ensure your legal documents accurately reflect your current wishes and expectations and that they incorporate any new legislation / rules If you are moving into residential care – the facility will insist you have these documents … and if you don’t – that causes problems and delays. Not having these documents and needing to approach government-based legal institutions may see your aged care progress stop and your frustration increase. It’s another (often) avoidable hurdle to jump over. The cost of a little bit of your time and money to get these documents prepared and in order now will save you so much time, hassle and stress if you don’t have them and are able to create them. How can Family Aged Care Advocates help you? Give Family Aged Care Advocates a call on 0411 264 002 or email shane@faca.com.au if you have any questions, issues or concerns. Call Shane Hayes on 0411 264 002 or email shane@faca.com.au to organise a day and time for a discussion at your home.

Could some of Australia’s $21 billion belong to you? More than $21 billion in lost and unclaimed superannuation is currently sitting idle across Australia, according to the latest ATO figures. The average lost account holds around $41,000. Last year alone, the ATO reunited more than $1.1 billion with members. That is real money that could be working harder for your retirement. Tax time is a natural moment to check if any of it belongs to you. How does super become “lost”? Super generally becomes lost when an account becomes inactive and the fund can no longer contact the member. Common triggers include: Changing jobs and leaving an old account behind; Moving house or updating your phone number without telling the fund; and Changing your name. When the fund cannot reach you, the account may be classified as lost. In some cases, the balance is eventually transferred to the ATO to hold until the rightful owner claims it. The money does not disappear; it simply sits waiting to be reunited with its owner. How can you find lost super? Finding lost super is straightforward and free. The quickest way is through ATO online services via myGov: Log in to myGov and open the ATO section. Select Super, then Fund details. You will see any active accounts plus any lost or ATO-held super linked to your tax file number. You can also use the ATO app or call the automated lost super search line on 13 28 65. A paper form is available if you prefer. Many people are surprised by what turns up: old accounts from early jobs, small balances that have grown over time, or larger amounts they had completely forgotten about. Why is finding lost super especially valuable near retirement? For clients still decades from retirement, finding lost super is useful. For those at or approaching retirement age, it can be particularly meaningful. An extra $20,000 or $40,000 (or more) can make a noticeable difference to the size of the nest egg available to draw on. Even smaller amounts can compound further once consolidated into a single active account that continues to earn returns and attract any future contributions. What should you check before consolidating super accounts? Check the insurance cover attached to each account before rolling multiple accounts into one preferred fund. Death, total and permanent disability, or income protection cover that comes with a super account can sometimes end when the balance is rolled over. Losing that cover without realising it can leave a gap in your protection at the exact time you may need it most. Speak with your fund or adviser before consolidating so you understand exactly what will transfer and what will not. What are the potential benefits of consolidating lost super? Every dollar sitting in a lost or low-balance account is potentially earning less than it could, or incurring unnecessary fees. Bringing the money into one active account usually: Reduces fees; Improves investment choice; and Makes it easier to keep track of your overall position. The ATO’s reunification figures show that when people do the search, meaningful amounts are regularly returned. The process takes only a few minutes and costs nothing. Given that more than $21 billion is currently waiting to be claimed, the odds that some of it belongs to you are higher than many people expect. Start your free lost super search You can start the free search through the ATO’s guide to searching for lost superannuation » For help interpreting what you find, or advice on if consolidation makes sense in your circumstances — including the insurance check — get in touch with Collins Hume on 02 6686 3000. A short conversation now can put money back into your retirement savings that might otherwise stay forgotten.

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Collins Hume | YOU. That’s all we focus on. You, your family, your wealth and the legacy you (and we) leave. That’s it. Join us on this amazing journey. YOU. That’s all we focus on. You, your family, your wealth, your business and the legacy you (and we) leave. That’s it. Join us on this amazing journey. Let's Begin NEWS. 1 2 3 4 5 Our purpose is to inspire business owners to achieve success in powerful and meaningful ways. Giving. Always give more than we receive. Inspiring. Today and every day, we will inspire others to achieve their best. Caring. We care for our team, clients and everyone we connect with. Lifestyle. We work to live, not live to work. Make it enjoyable and meaningful in every way.

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