Here are some useful tips to help you protect your financial position when going through a divorce.
1. New Bank Account
Set up a new bank account in your name only and organise for your salary and other payments to be paid into the new account.
2. Joint accounts
Close any joint savings accounts and discuss using any joint savings to pay joint debts or to cover childrens expenses.
3. Loans
Inform your mortgage provider (in writing) about the relationship breakdown and request that it stops your loan redraw facility.
4. Credit cards
Cancel any right your ex may have to access your credit card account as a secondary cardholder. If you are able, close any joint credit card accounts. If you're unable to pay what is owed, contact the lender and ask that no more credit be given on the account.
5. Keep good records
Get your bank to send copies of all your joint account statements. If you have changed your address make sure you inform the bank of your new address.
6. Household bills
If you are moving out of the family home and the household utilities are in our name arrange for them to transferred or disconnected.
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