16 September 2015

Breaking Up is Hard

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The end of a relationship can be an emotional and traumatic time.

Most of us will be feeling a range of emotions from hurt, bitterness, anger and resentment to just being overwhelmed about such a big change in your life. Ideally you should seek all the support that you need and there is professional assistance that you can also utilise.

There are a few things that you need to do to ensure that you handle the financial side of the relationship breakdown.

  • Close off your joint accounts – talk to your bank to establish your money and make sure that your ex-partner cannot access it. Ensure that your pay is going into this account
  • Do a financial stock-date – list all your assets, and any debts or joint debts in your names
  • Record important dates – record and not down important dates such as the date of your separation. To apply for a divorce you will need to prove that you have been separated for at least 12 months
  • Update your rental agreement (if renting) – if your name or your ex-partner’s name is on the lease, you could be liable for unpaid rent or damage caused by your ex-partner
  • Seek legal advice – speak to a solicitor about your assets, how to freeze any joint accounts, how to separate property held in joint names and advice on whether you will need to seek family law court assistance.
  • Seek financial advice – speak to a financial adviser about focusing on the future and setting yourself financial goals to ensure that you are able to deal with money and financial issues. You may also need advice to assist you to make decisions about housing, educating your children or managing your debts
  • Organise your will, insurance and superannuation – now is a good time to update your will to reflect the changes in your life. You should also think about insurance, including car, home, contents, income and life protection insurance especially if you have children. Superannuation is also important to get sorted – once you separate or get divorced, superannuation is treated as type of property and can be divided by agreement or by court order.

Managing money when your relationship ends does not have to mean going it alone.

At Verante, we can help you to think clearly at a time when it can be difficult to do so.

The author is an employee of Verante Financial Planning in Castle Hill, Corporate Authorised Representative of Magnitude Group Limited, Licence No 221557, Magnitude Group Limited ABN 54 086 266 202.

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