Home > Financial > Recently Separated: Financial Checklist

Recently Separated: Financial Checklist

By: Emma Jones - Updated: 18 Sep 2012 | comments*Discuss
 
Finances Financial Money Partner

When you separate from a live-in partner it is not only your emotions that take a battering. When you have been used to surviving on two incomes, your finance will take a large hit too. You may feel like you won’t be able to cope on your own but follow our financial checklist to get you to a place where you are in control of your money.

1.Understanding your Finances

Before you separate form your partner you need to understand your finances. You should ideally do this already but many people, women especially, hand over control and don’t know exactly what is going on. Have a look at your income, expenses, savings and debts so you know what your overall situation looks like.

2. Separating Assets

If you have any joint assets such as a house, car or savings then you will need to find a way to split them when you separate. You can do this between yourselves but it is usually better to get a lawyer involved. Remember that if you are not married and your name is not on the papers then even if you have contributing towards the mortgage, you are not entitled to any of the house.

3.Managing Debts

You need to take a look at your debts, whether joint or individual, and work out how you are going to manage them. If they are joint then you need to find a fair way of splitting them and make sure that you are not lumbered with them.

4.Check your Credit

Your credit rating is used by companies when they are deciding whether to give you things such as loans or credit cards. If you haven’t had your own accounts or your partner had bad credit then you need to work on building your score back up.

5.Create a Budget

Now you will not be living with your partner your income and expenses are going to change dramatically. You need to look realistically at what your outgoings will be and how much you can afford. Take into account, bills, food, entertainment and everyday spending.

6.Get the Help you Need

If it all seems too overwhelming or you are unsure how you are going to afford the split, then there is help available. If you have children then your partner will need to pay child support and you also may be entitled to other benefits.

When you are going through a separation, the financial impact only adds to the feeling of loss and loneliness. However, it is something that you cannot ignore and you need to get practical steps to get on top of your money. Make sure you understand what your situation is and how you are going to split any assets. Also look at any debts you have and increasing your credit score so that you have the best start. Once you are out on your own you need to create a budget and manage your money effectively and look at what benefits or help are available to you.

Related Articles in the 'Financial' Category...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Comments
  • Laurarez
    Re: When to Start Dating Again After Separation
    Get your ex back with the help of an online spell caster who saved my relationship Dr. Utibe, do you still love…
    11 March 2024
  • Elma
    Re: Selling the Jointly Owned Home
    I am 75 husband 78 married 25 years marriage been dead for last 10 years now is Toxic I want out no mortgage joint owners. He…
    26 August 2021
  • KooBear
    Re: Selling the Jointly Owned Home
    Got back in a relationship with the father of my first child. In this relationship getting back together we went in thinking it…
    21 August 2021
  • Annie
    Re: Selling the Jointly Owned Home
    I am 72 years old and recently left my husband we have no mortgage. I pay All the bills and buy all the food his mobile phone…
    15 August 2021
  • Dake
    Re: Selling the Jointly Owned Home
    Afternoon. My ex partner bought a stand through bank and lost the job before he can start building I started to build and later…
    13 May 2021
  • Jan
    Re: Selling the Jointly Owned Home
    I want to sell the property but my husband doesnt. We are both retired there is o morgage on the property but we moved in with…
    24 April 2021
  • Clauds
    Re: Selling the Jointly Owned Home
    I divorced my ex husband over 2 years ago, but we still live together in the house purchased while we were married. He doesn't…
    9 March 2021
  • Wlfred
    Re: Selling the Jointly Owned Home
    Hi, me and my ex bought a house together We put down the same amount of deposit but I have been making all the mortgage payments…
    16 January 2021
  • Tweety
    Re: Selling the Jointly Owned Home
    Hey me and a (guy)friend has a joint bond and living together became a nightmare as his not working anymore I'm 27 and his 57 he…
    28 December 2020
  • Kellyjayne
    Re: Selling the Jointly Owned Home
    Hello, My husband left me at the start of lockdown and we have an 8 month old son. He moved out of the home we both own soon…
    30 November 2020