divorce

Divorce in Australia

Divorce can be a traumatic event.

When a couple decides on a divorce in Australia there is no need to enter into a public court room slanging match with each party blaming the other for any number of faults. No need to hire a private detective to sneak around trying to catch one of the parties off guard. This is because Australia has adopted the principle of no-fault divorce. No fault divorce simply means that the court is no longer interested in the reasons why a couple want to separate and go their own way. The only grounds needed to be proven is that the marriage has irretrievably broken down. The marriage is considered to have irretrievably broken down if it is deemed there is little reasonable belief that the couple will ever get back together again. To demonstrate that this is indeed the true situation the couple must have been separated for one year and one day and if any children under 18 years are involved the divorce won't be granted unless the court is satisfied proper arrangements have been made for their welfare.

Despite all this, divorce remains one of the more traumatic events that can take place during a person’s life. The emotional effect of divorce is up there with losing a partner through death or being told by your doctor that you have developed a terminal illness and the amount of readjusting of your affairs that is required, is equally as daunting.

It is often the children who suffer the most

Although both partners suffer emotionally and financially when a divorce takes place, it is the children who suffer in silence and are often affected the most. This is because children are ideally born into a family situation that contains parents who show them care. All their early needs are looked after and there is little for them to do apart from grow and learn how to communicate. The family circle to them appears natural and lasting. Even in a family situation that appears dysfunctional to an outsider, to a child that is home, and that is where they feel they belong. Whatever happens within that intimate group is accepted by a child and no judgement is ever made concerning either the father or the mother. It is when the parents decide to separate that the children invariably start to feel loss. This feeling is often hidden but can show up in later years in a variety of ways. Often in anti-social behaviour or by a withdrawal into his or herself.

The family law court takes the welfare of the children very seriously

The Family Law Court takes the welfare of a divorcing couples children as being very serious. This is because in many cases the divorcing parents are so wrapped up in their own pain that they tend to ignore the effect such an upheaval is having on their offspring. When any person experiences a traumatic event in their lives nature immediately tends to put up protection barriers to assist that person alone. Intimate thoughts are all about self protection and because of this too little thought is extended to what others are feeling, particularly their children. It is when the divorce is so bitter that a tug of war begins to take place for the bringing up of the children that the court has to step in. Unfortunately one parent often feels deeply aggrieved at the loss of access to his or her children, usually his, as this means a further loss on top of suffering the traumatic effects of the divorce itself. This feeling of being victimised can become overwhelming and often ends in dramatic heartbreak. Besides witnessing a divorce between their parents the children are now exposed to one of their parents suffering a mental breakdown. This is far too much emotional strain to put on a young mind and all couples contemplating a divorce should think seriously about it before putting their own welfare first. Divorce is a very serious undertaking at the best of times but where children are involved it becomes more-so and the effect it has on the children should never be ignored by the warring couple.

Divorce can be made easy

If you are contemplating a divorce and no animosity exists between yourself and your spouse, you both recognise a mistake has been made and want to go different ways you can do so very cheaply and very easily, without lawyers. You can do so by downloading a Divorce Kit from the Family Law Court or the Federal Magistrates Court. If things are a little more complicated but you both agree it will turn out to be best for both parties if you divorce you can apply of mediation for a cost on only $750. All you need do in this case is to contact a mediation consultant who may be a lawyer or a psychologist. He or she will assist you both in drawing up a peaceful and reasonable settlement to finish off the marriage partnership. The Family Law Court is the final and most expensive option where divorces can cost upwards of $15,000. When taking this path you will be confronted with legal costs as well as having to appear in court. The Family Law Court is often the only option if you and your spouse can't agree how your combined debts and assets should be divided. When you go to the Family Law Court for assistance it will be the court that will make any decision on your behalf and that decision will be binding.

Compare accounts below

Rates accurate as at: May 21st, 2018 Learn about our information service
$
Maximum Variable Rate p.a. Standard Variable Rate p.a. Bonus Interest p.a. Fees Min Bal / Min Deposit Monthly Account Fee
RaboDirect High Interest Savings Account
Introductory rate of 3.05% p.a. for 4 months, reverting to a rate of 1.80% p.a. Available on balances below $250,000
3.05% 1.80% 1.25% $0 $0 / $1 Go to site More
Bankwest Hero Saver
Ongoing, variable 2.60% p.a. rate when you deposit at least $200 each month and make no withdrawals. Available on balances up to $250,000.
2.60% 0.01% 2.59% $0 $0 / $0 Go to site More
AMP Saver Account
Introductory rate of 2.55% p.a. for 4 months, reverting to a rate of 2.10% p.a. Available on balances below $5,000,000.
2.55% 2.10% 0.45% $0 $0 / $0 Go to site More
ING Savings Maximiser
Ongoing, variable 2.80% p.a. when you link to an ING Orange Everyday bank account and deposit $1,000+ each month and make 5+ card purchases a month. Available on balances up to $100,000.
2.80% 1.15% 1.65% $0 $0 / $0 Go to site More
Bank Australia Bonus Saver Account
Ongoing, variable 2.60% p.a. when you deposit at least $100 and make no withdrawals. Available on the entire balance.
2.60% 0.15% 2.45% $0 $0 / $1 Go to site More
HSBC Serious Saver
Introductory rate of 3.00% p.a. for 4 months, reverting to a rate of 1.60% p.a. Available on balances below $1,000,000.
3.00% 1.60% 1.40% $0 $0 / $0 Go to site More
AMP Bett3r Account - Save Account
Earn a competitive, ongoing rate of up to 2.25% p.a. and set personal savings goals. Receive linked Pay and Spend accounts to help manage your money effortlessly.
2.25% 1.50% 0.75% $0 $0 / $0 Go to site More
RaboDirect High Interest Savings Account (SMSF)
Introductory rate of 2.70% p.a. for 4 months, reverting to a rate of 1.90% p.a. Available on balances below $250,000
2.70% 1.90% 0.80% $0 $0 / $0 Go to site More
HSBC Flexi Saver Account
Ongoing, variable 2.50% p.a. when you deposit $300+ each month (other conditions apply). Available on balances up to $5,000,000.
2.50% 1.25% 1.25% $0 $0 / $0 Go to site More
Citibank Online Saver
Introductory rate of 2.85% p.a. for 4 months, reverting to a rate of 1.70% p.a. Available on balances below $500,000.
2.85% 1.70% 1.15% $0 $0 / $0 Go to site More
RaboDirect SMSF PremiumSaver
Ongoing, variable 2.15% p.a. when you link to an RaboDirect High Interest Savings Account and increase your balance by $200+ each month. Available on balances up to $250,000.
2.15% 0.90% 1.25% $0 0 / $0 Go to site More
Westpac Life
Ongoing, variable 2.30% p.a. each month you deposit money, and make sure your balance is higher at the end of the month than it was at the beginning. No monthly account-keeping fee.
2.30% 1.50% 0.80% $0 $0 / $0 Go to site More
$
Debit Card Access ATM Withdrawal Fee Fee Free Deposit p.m. Details Monthly Account Fee
NAB Classic Banking
Impressive digital perks. $0 monthly account fee. Tap and pay with your NAB Visa Debit card, NAB Pay for Android or NAB PayTag for iPhone. Temporarily block your card at the touch of a button if you lose it.
Visa $0 $0 $0 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
ING Orange Everyday Account
$75 cash bonus. $0 monthly account fees. Receive a $75 cash bonus if you open a new Orange Everyday account, enter the promotional code and deposit at least $1,000 within a calendar month and make 5+ card purchases (T&Cs apply). Get a competitive ongoing variable rate when linked with an ING Savings Maximiser.
Visa $0 $1,000 ING charges no ATM withdrawal fees and offers a rebate on any third-party ATM fees and international transaction fees when you deposit $1,000 and make 5+ card purchases a month. Go to site More
AMP Bett3r Account - Pay Account
Manage your budget effectively with a bundle of accounts. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month from a source that is not another AMP bank account. Enjoy linked individual Pay, Spend and Save accounts to reach your savings goals.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at rediATMs in Australia. Go to site More
HSBC Everyday Global Account
No foreign ATM or transaction fees. $0 monthly account fee. Enjoy no minimum ongoing balance or transaction requirements and the flexibility to hold up to 10 currencies.
Visa $0 $0 Go to site More
Bank of Melbourne Complete Freedom
A flexible option for those living in Victoria. Manage your budget with a spend tracker and pay with Samsung Pay. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at Bank of Melbourne, St.George, Westpac and BankSA ATMs. Go to site More
NAB Classic Banking with Platinum Visa Debit Card
1% cashback on contactless purchases, $0 foreign transaction fee and complimentary travel insurance. $10 waivable monthly account fee. Complimentary travel insurance, transport accident insurance, purchase protection insurance and more when you meet eligibility criteria. Book travel and restaurants through NAB's 24/7 Concierge Service.
Visa $0 $0 $10 account keeping fees with no deposit conditions. Unlimited free withdrawals at NAB and rediATMs. Go to site More
HSBC Day to Day Transaction Account
Open an account and easily switch your regular payments over from your current bank. $0 monthly account fee. Through your linked Visa debit card, you can access exclusive shopping, travel and restaurant deals here and abroad through HSBC's home&Away Privilege Program.
Visa $0 $0 $0 account keeping fees. Unlimited free withdrawals at over 3,000 HSBC, Westpac, St.George, Bank of Melbourne and BankSA ATMs. Go to site More
St.George Complete Freedom Account
Pay with Samsung Pay & manage your budget with the St.George Spend Tracker. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 fee applies. Unlimited free withdrawals at St.George, Westpac and BankSA ATMs. Go to site More
Westpac Choice
Complimentary Student or Youth Discount Card $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria. Full-time students and those aged 31 and younger save thousands on travel and experiences through the complimentary Student Discount Card
Mastercard $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at St.George, Westpac, Bank of Melbourne and BankSA ATMs. Go to site More
ANZ Access Advantage
Pay with Apple Pay, Google Pay & Samsung Pay. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 25 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at ANZ ATMs. Go to site More
BankSA Complete Freedom Account
$50 cash bonus available. A flexible option for those living in South Australia. Manage your budget with a spend tracker and pay with Samsung Pay. $5 waivable monthly account fee. Monthly account fee waived if you deposit at least $2,000 a month, are under 21 or if you meet other eligibility criteria.
Visa $0 $2,000 $0 account keeping fees if you deposit at least $2,000 per month. Otherwise, a $5 monthly fee applies. Unlimited free withdrawals at BankSA, St.George, Westpac and Bank of Melbourne ATMs. Go to site More
Rates last updated May 21st, 2018
$
Name Product 3 Mths p.a. 4 Mths p.a. 6 Mths p.a. 7 Mths p.a. 12 Mths p.a. 24 Mths p.a. Min Deposit Interest Earned
Citibank Term Deposit
-
-
2.80%
-
-
-
$100,000
MyState Bank Online Term Deposit
2.50%
2.35%
2.50%
1.50%
2.60%
2.60%
$5,000
RaboDirect Term Deposit
2.30%
-
2.50%
-
2.40%
2.60%
$1,000
Bankwest Online Term Deposit
2.35%
1.50%
2.60%
1.50%
2.65%
2.60%
$1,000
Firstmac Term Deposit
2.40%
-
2.50%
-
2.65%
2.75%
$5,000
RaboDirect Term Deposit (SMSF)
2.30%
-
2.50%
-
2.40%
2.60%
$1,000
St.George Term Deposit
2.05%
1.85%
2.15%
1.90%
2.45%
2.50%
$1,000
BCU Term Deposit
1.25%
0.71%
1.40%
0.71%
1.45%
2.55%
$1,000
BankSA Term Deposit
2.05%
1.85%
2.15%
1.90%
2.45%
2.50%
$1,000
Bank of Melbourne Term Deposit
2.05%
1.85%
2.15%
1.90%
2.45%
2.50%
$1,000

Compare up to 4 providers

Rates are displayed for the terms and minimum deposit sizes listed in the table above. The rate you receive could vary depending on your deposit size and interest payment frequency.

Shirley Liu

Shirley Liu is a program manager at finder, formerly the publisher for Banking and Investments. She is passionate about helping people make an informed decision, save money and find the best deal for their needs.

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Related Posts

Savings Account Offers

Important Information*
RaboDirect High Interest Savings Account

Maximum Variable Rate

3.05

Standard Variable Rate

1.80
Bankwest Hero Saver

Maximum Variable Rate

2.60

Standard Variable Rate

0.01
Bank Australia Bonus Saver Account

Maximum Variable Rate

2.60

Standard Variable Rate

0.15
Citibank Online Saver

Maximum Variable Rate

2.85

Standard Variable Rate

1.70

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