Divorce and relationship breakdown are one of the main reasons why homeowners are forced to sell their property and, unfortunately, the consequences can be very expensive if they are not treated properly from the start.
How can you navigate this emotionally charged period without collapsing mentally or financially?
Here are some tips from Money Smart from the Australian Securities and Investments Commission (ASIC), which you can use right from the start to reduce your risk of financial distress:
• Get Informed: If this is your former partner who was busy with the money, you need to know how things were organized and how you want to manage your finances.
• Close your joint accounts: Consider closing your joint account. Talk to your bank to create your own account with your own pool of money and make sure the other account holder attached can not access it. Make sure your pay goes to this account.
• Make a financial inventory: List all your assets, as well as all your debts or common debts, to have a clear picture of your overall financial situation.
• Keep records: Record the dates of your separation in a journal or notebook. You can use this information when filing for divorce to prove that you have been separated for at least 12 months.
• Cancel your new installation: Talk to your bank to cancel any new installation of your home loan to make sure your debts do not increase.
• Update your bills and rent: If your name appears on the lease, you are responsible for any unpaid rent or damages caused by your partner. Similarly, if your name is on the utilities or energy accounts and you have left the family home, you will be liable for any unpaid bills.
• Ask a lawyer for advice: Discuss with a solicitor the separation of jointly held property to take legal action if the property is held in your partner's name in order to prevent that. they are sold before the settlement of the property.
To learn more about how to bounce back after breaking a relationship, including on proven strategies to regain control of your financial future, check out the full article from Your Investment Property magazine this month. from May 2019.
Available at Coles news agencies and supermarkets from April 11 to May 9 or download the magazine now.
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