If money wasn't the cause originally, problems with debt can occur when a relationship comes to an end. To reduce the financial impact of relationship breakdown, ensure that your ex-partner does not take savings and use available credit from any joint bank accounts, home loan redraw facilities and credit card accounts.
Five things you should do in the event a relationship turns sour.
- Establish a new transaction account in your name only and ensure that your salary and other payments are diverted to the new account immediately.
- Close joint accounts unless these are being used to pay joint debts of the relationship, childrens expenses etc.
- Tell your bank or lender about the relationship breakdown and demand, in writing, that it stop any further use of the any loan redraw facility. This will be critical if the redraw facility allows either party to access the available credit without the other borrower's authorisation.
- Cancel any right your ex-partner may have to access your credit card account as a secondary card-holder.
- Arrange for copies of all joint account statements to be sent to you in the event you change address.
If the breakdown is permanent, you will generally need advice from a family law lawyer about dividing the property of your marriage or de facto relationship.
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