Don't Forget These 3 Important Financial To Do's After Breakup
Breaking up with a long-term partner is never easy, even if you were not married. Aside from the obvious emotional trauma, there are a lot of practicalities and logistical issues to figure out - especially if you have been living together. From a financial perspective, breakups can often be quite expensive. However, there are some smart steps that you can take to protect yourself financially after a breakup, such as:
1. Decide How To Handle Joint Financial Accounts
Plenty of non-married but cohabiting couples maintain joint bank accounts and credit cards. When the relationship has finished, it is a good idea to act quickly in deciding what to do about these accounts. Though each situation will be different, most couples simply close any joint bank accounts and split the balance evenly.
Credit cards are a little trickier, and a lot riskier. When two people maintain a joint credit card, each of them is responsible for the spending of the other. This means that if your partner runs up a sizable bill at the local outlet mall, you will be responsible for paying the balance if they choose not to. During the relationship, bad financial decisions such as this can usually be resolved by simply talking to the other person. However, once the relationship has broken up, things can get a lot messier. As such, it is wise to remove yourself from the joint credit card as quickly as possible. Failure to do so could result in you being on the hook for your ex's excessive spending.
2. Discuss Housing
Though it is uncommon for unmarried couples to purchase real estate together, it does sometimes happen. If this is the case for you, it would be wise to speak with an attorney as soon as possible. They will be able to explain your rights and expectations when it comes to real estate. In many cases, the home will need to be sold and the proceeds split down the middle (after the mortgage is paid off).
Renting can also be a little difficult financially. You will need to sit down with your ex and decide if either of you would like to keep living in your rented house or apartment. If so, then the other person should move to remove their name from the lease as soon as possible. If neither of you wants to stay in the home then you should both work to sub-lease the unit until your original lease expires (or terminate the lease entirely if possible).
3. Update Your Mailing Address
If your long-term mailing address has changed after the breakup, you should be sure to update it with the Post Office and all of your financial institutions as soon as you can. Though you might still trust your ex, it is unwise to have your personal correspondence and financial information mailed to the incorrect address. Make sure that you receive everything directly at your new address.
Though the emotional stress and trauma of your breakup may take longer to heal, by following the steps outlined in this article you will at least be able to ensure that your finances are protected.
About Pav:
Pav Lertjitbanjong is a true love believer on a mission to heal broken hearts. Inspired by her Data Science training and lessons learned from her godfather, a Buddhist monk, Pav’s passionate about deriving solutions through scientific research and spirituality. She has developed a roadmap backed by science and a series of powerful spiritual practices to help you practice a form of self-care and analysis on yourself, heal emotional wounds, transform your life, love and live fearlessly again!
As a Certified Divorce Coach (Coach Pav), Pav also enjoys writing and vlogging as outlets to share lessons she’s learned to help people–men, women and LGBTQIA+ community–navigate through #MomentsOfReset in love and life.