Divorce and separation can be painful (well, not always) and the financial fallout is frequently severe. Australia's financial regulator wants to help guide those going through the process.

Not the most romantic of institutions, financial regulators might not seem the sort of place unhappy couples go for advice and data about divorce. But Australia’s financial watchdog has brought out a guide covering the topic.

The Australian Securities and Investments Commission has unveiled online resources, called the Divorce and Separation Financial Checklist and the Asset Stocktake Calculator, so that people can work out the financial impact of break-ups.

Divorce affects people of all income levels but high net worth individuals often have particularly complex requirements when handling potentially ruinous splits; there have been calls for jurisdictions such as those in England and Wales to recognise prenup agreements, while disputes can involve entities such as offshore trusts.

Research by the Australian Institute of Family Studies has measured the impact of a relationship breakdown on people's finances, which especially affects women. Divorce had a substantial negative effect on the household incomes of women, with Australian women experiencing a fall in income of 21 per cent compared to their pre-divorce income, ASIC said in a statement.

“When a relationship breaks down, we often don't know how to start sorting out our finances. The new checklist from ASIC's MoneySmart can help you work out what you need to do. You can also use it to support someone you know who's going through a divorce or separation,” said Anne Hollonds, psychologist and director of the Institute of Family Studies.

ASIC's promotion of the resources is supported by a video featuring Hollonds, who explains how the divorce and separation financial checklist can help navigate finances when a relationship ends.