Separation and Finances
Here are some important financial actions and reminders to consider when separating or ending a relationship.
- Close any joint bank accounts.
- Ensure your income is paid into an account only accessible by you.
- Change any loan accounts to ‘both to sign jointly’ status.
- Cancel any joint credit card accounts to avoid new debts being created in your name.
- Update any rental lease to reflect the correct tenancy details (Note: this can only be done by the person remaining in the property and taking over the lease).
- Seek legal advice to separate joint property or determine ownership and the right to sell.
- Discuss child support and access arrangements with your ex partner to ensure parenting responsibilities are maintained. Also seek information from Centrelink and the Child Support Agency about the amount of child support required, access arrangements and any impact on Centrelink benefits.
You should also consider reviewing and updating the following important documents:
- Your will.
- Superannuation beneficiary details.
- Life Insurance beneficiary details.
- Power of Attorney.