Breaking up can be really tough. It might feel overwhelming to figure out where to start with things like your finances. Here’s some helpful advice to guide you through the process.
- Separate your joint accounts
Don’t overlook your joint accounts, loans, or credit cards. It’s important to reach out to your bank and explain what’s going on. You can ask them to freeze your joint accounts to prevent your ex-partner from accruing new debts or taking out money.
Make sure to discuss how any joint bills will be paid, especially if they are set up using Direct Debit or standing orders.
Talk to your mortgage lender as soon as you can, and they’ll give you advice. You and your ex should think about whether either of you can afford to stay in the family home and consider your options.
While you’re figuring things out, make sure to keep up with your mortgage payments. If you don't, it could affect your credit rating and lead to issues for both of you in the future.
Think about how you will divide your belongings. This can be tough both emotionally and financially.
If you and your partner can reach an agreement, it's still wise to have a lawyer check the proposed terms. If you can’t agree, a mediator may help. Otherwise, you might need to apply to the court, which will determine a fair way to split your assets.
If you’re no longer living together, make sure to update your contents insurance details.
You’ll also need to change your life insurance policy, as your ex might be the person listed to receive the payout if something happens to you.
Take a moment to look over your will. If it’s necessary, create a new one or update your current will to remove your ex. If either of you starts a new relationship, having an outdated will could lead to confusion later on.
