Some relationships last forever, but many don’t—and it’s nothing to feel ashamed of. Not every couple is meant to stay together, and moving on can be a positive experience for both parties if handled with respect.
It doesn’t matter if you were legally married or longtime domestic partners—if your lives were intertwined financially, you’ll need to take steps to separate them. Here are four tasks to prioritize if you’ve recently ended a relationship. For more personalized advice, please reach out to our team—we’d be pleased to help guide you through the process while creating a plan to help you achieve your financial goals.
Separate your money
If you and your former partner had joint bank accounts, shared investments, joint credit cards or other linked accounts, take immediate steps to close and/or separate them. If there is any dispute over the contents of an account (either money or debt), consider seeking expert advice on what your rights and obligations are. The same logic applies to jointly owned assets (for example, a jointly owned vehicle or furniture you invested in together). It’s also important to close or update any bills held in both of your names.
Update your beneficiaries
If you have a Legal Will, an estate plan or any insurance policies, take some time to review them and update your beneficiaries. You may also want to update your employer if your former partner was using your workplace benefits or listed as an emergency contact. A full review of your financial plan may help you identify areas that need attention.
Seek professional advice
Some elements of a financial breakup are more complicated than others. If you owned property together or had other large shared assets, consider seeking advice from a professional. There may also be support payments or other financial settlements to consider, particularly if children are involved or one party is staying in a previously co-owned residence. You will likely end up working with a lawyer or mediator, and community legal resources may also be able to help.
Plan for your future
Finally, consider speaking to a financial advisor at Interior Savings to help you identify and achieve your goals for the future. Our dedicated team can help you move forward independently and with peace of mind. While a financial breakup may seem almost as overwhelming as the end of your relationship, it can be managed smoothly and with excellent results. The best is yet to come, and our team will be here for you every step of the way.