Key Insights On Money, Separation and Divorce
This article is based on the discussion in our podcast Season 3 Episode 4.
Money and Moving Forward: An Interview with Divorce and Separation Specialist Andrea Hooper
Divorce is rarely just about signing papers and splitting assets. It’s a full-blown emotional, financial, and logistical transformation. Whether it’s navigating legal complexities, untangling joint finances, or simply figuring out “What’s next?”, the process can feel overwhelming. That’s why we sat down with Andrea Hooper, Divorce and Separation Specialist at Simplify Separation & Divorce, to talk about how people can reclaim control, make informed decisions, and move forward with financial confidence.
At The Money Collective, we believe that financial empowerment is key, no matter your life stage. And for many people, separation and divorce is one of the biggest financial shifts they’ll ever experience. So how do you approach it with clarity instead of chaos? How do you avoid the most common financial mistakes and set yourself up for success? Andrea shares her expert insights, practical tips, and real-life lessons.
The Reality Check: Separation and Divorce can be Expensive (But It Doesn’t Have to Be a Disaster)
A legal financial separation and divorce can be shockingly expensive, but the real cost isn’t just in legal fees. Hidden financial pitfalls like credit score damage, unexpected tax implications, and asset division complications can set you back if you’re unprepared. Andrea stresses that knowledge is power. Understanding your full financial picture before making any major decisions can save you thousands.
Should You Hire a Lawyer? Maybe. Should You Have a Plan? Definitely.
One of the biggest myths about separation and divorce is that your only choices are (A) Hiring an expensive lawyer or (B) Doing it all yourself. Andrea busts that myth wide open. Divorce coaching can be a game-changer, helping you prepare, organise, and navigate the process without unnecessary costs or stress.
She explains that mediation, coaching, and financial advisors can often save money and reduce conflict compared to jumping straight into a combative legal battle. But before you hire anyone, you need to understand your own financial situation, know your options for your legal financial separation, and set clear goals for your future. There are many other options available to couples who are separating amicably, and they may not require expensive legal representation.
Know Your Numbers Before You Make a Move
Before you say “I want out,” make sure you know what you’re working with financially. Andrea advises people to gather bank statements, mortgage details, superannuation balances, and credit reports. Why? Because not knowing your financial position puts you at a major disadvantage when negotiating.
Many women stay in unhappy relationships because they fear they can’t afford to leave, but the first step in gaining confidence is getting clear on the facts. Andrea recommends tracking your current expenses, upcoming financial obligations, and possible future costs so you can plan accordingly.
Don’t Let a Bad Credit Score Hold You Back
One of the biggest financial blind spots in a separation? Credit scores. If you’ve had joint accounts, shared loans, or a mortgage with your partner, your financial standing could take a hit, especially if payments are missed. Andrea stresses the importance of protecting your credit by:
Opening a bank account in your own name.
Redirecting your income into your own account.
Checking your credit report to ensure there are no surprises.
A bad credit score can affect everything from renting a new home to applying for a car loan, so don’t wait until it’s too late to start protecting yourself.
Planning for Life Afterwards: Think Long-Term, Not Just Short-Term
Separation and divorce isn’t just about surviving; it’s about rebuilding. Andrea encourages people to think beyond the immediate split and plan for their long-term financial independence. That means:
Understanding asset division and superannuation splits.
Creating a realistic post-separation and divorce budget.
Setting new financial goals for housing, career, and savings.
The biggest mistake women make? Thinking inheritance, spousal maintenance, or child support will be enough to sustain them. Andrea’s advice? Build your own financial independence so that if extra support comes, it’s a bonus rather than a lifeline.
Don’t Underestimate Emotional and Psychological Barriers
Separation and divorce are more than just a legal and financial process, they are also an emotional journey. And when emotions are running high, money decisions can become reactive instead of strategic. Andrea’s advice is:
Take your time. Rushed decisions lead to poor financial choices.
Get support. Whether it’s a divorce and separation specialist, therapist, or financial advisor, don’t go through this alone.
Detach money from emotions. Guilt, anger, and resentment can cloud financial judgment. Do what you can to stay practical and treat your negotiations like a strategic and fair business transaction.
This is where working with a divorce and separation specialist can be great choice for couples who want to separate amicably, and to help protect children from trauma that can surround these big emotional changes in their lives.
The Importance of Financial Education & Ongoing Support
Many women leave with little financial knowledge simply because they weren’t the ones managing money in their relationship. But that doesn’t mean you can’t take charge now.
Andrea stresses that education is key; from understanding investments to learning how to budget effectively, financial literacy is one of the most powerful post-separation and divorce tools. The best part? It’s never too late to start.
That’s where The Money Collective come in, with our financial wellbeing coaching, and building capability and resilience with your money.
Moving Forward with Confidence
Separation and divorce isn’t just an ending; it’s a new beginning. And while the journey can feel overwhelming, having the right support, knowledge, and financial strategy in place can make all the difference.
Andrea’s final words of advice? “Don’t let fear keep you stuck. Know your numbers, seek guidance, and take it one step at a time. You are stronger than you think.”
If you’re navigating separation or want to prepare for the unexpected, reach out to Andrea at Simplify Separation & Divorce for expert support. She offers a no-obligation Strategy Session and you can reach her via her website: https://www.simplifyseparationdivorce.com.au/
And for all things financial wellbeing, The Money Collective is here to help you build a secure, empowered future no matter what life throws your way. Book a chat with us about money now.
OUR GUEST
Divorce and Separation Specialist Andrea Hooper
Visit her website to learn more or engage her services: https://www.simplifyseparationdivorce.com.au/
This article provides general advice only. It does not take into account your objectives, financial situation or needs. Before acting on any information provided, you should consider the appropriateness of the information and the nature of the financial product in regards to your objectives, financial situation and needs. We recommend discussing your personal situation with a financial professional.
Blog article by:
MEL PEARCE
Financial Wellbeing Consultant and Co-Founder
The Money Collective