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.

You might also like...
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
Latest Comments
  • Steve
    Re: Selling the Jointly Owned Home
    I jointly bought a house with my Partner in July 2015. I put £130,000 into the purchase and she put approximately £40,000 into…
    19 September 2018
  • TripeL
    Re: Selling the Jointly Owned Home
    I am now divorced with an agreed financial settlement, he has one buy to let and me the other. We agreed the valuations, but if…
    17 September 2018
  • Jem
    Re: Selling the Jointly Owned Home
    In an unhappy relationship my partner and I bought a house 6 yrs ago(Scotland) am thinkin of buyin him out which I paid 70k…
    15 September 2018
  • Smithy
    Re: Selling the Jointly Owned Home
    My husband and I own our own home no mortgage. I want to leave him as he is abusive to myself and son. I've told him I want to…
    12 September 2018
  • RecentlySeparated
    Re: Selling the Jointly Owned Home
    Jack - Your Question:At last I may have found informaton concerning properties and partners. I am currently divorced and living…
    12 September 2018
  • Jack
    Re: Selling the Jointly Owned Home
    At last I may have found informaton concerning properties and partners. I am currently divorced and living in my flat which I…
    6 September 2018
  • Ian Stoneman
    Re: Selling the Jointly Owned Home
    Hi. My wife has just announced she wants to split up. We have a hide together which I have spent all my spare time over the last…
    4 September 2018
  • RecentlySeparated
    Re: Selling the Jointly Owned Home
    Pancho - Your Question:HiMy partner left me suddenly and moved to USA. She is still on mortgage after 5 years as I haven’t been…
    28 August 2018
  • Pancho
    Re: Selling the Jointly Owned Home
    Hi My partner left me suddenly and moved to USA. She is still on mortgage after 5 years as I haven’t been in contact and not…
    25 August 2018
  • Lucy
    Re: Selling the Jointly Owned Home
    Hi I bought a house 4 years before I met my husband he lived in the house for 2 years and we jointly paid a small mortgage £206.…
    24 August 2018
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the RecentlySeparated website. Please read our Disclaimer.