Separation and what it means for your finances

25 June 2014 - Lauren Middleton


Where do I begin: Separation and finances

When you first separate things can be quite tense but it is very important to try to agree urgent, short-term financial matters with your ex-partner. If you cannot agree or are worried your ex-partner may deal with the finances without telling you, think about what you can do to protect your position and take legal advice as soon as you can.

Contacting your bank, credit card and any other providers

If you have joint accounts, credit cards or loans with your ex-partner, and especially if the breakup isnít amicable, you should contact your bank, credit card and other providers to explain what has happened. You can instruct them to stop your ex-partner running up any new debts or withdrawing funds.

Freezing the accounts will affect you both so make sure you think about this carefully. It will mean that you can't access the account either, so you will need to make agreements to make sure you have access to cash while things are being sorted out.

You'll also need to make agreements to ensure that any joint bills can still be paid, for example by Direct Debit or standing order.

Establish your own accounts and deal with joint accounts

Maybe your partner dealt with all your finances and everything was in their name, now is the time to open your own chequing and savings accounts and establish your own credit, if you havenít done so already. Update your direct deposit information for pay cheques, government cheques and any other regular payments you receive to ensure they are deposited to your own account.


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