One of the practical things you need to get sorted quickly when separating or divorcing is your banking. Shared accounts and credit cards are an ongoing risk and can cause ongoing angst between you and your ex-partner.
If you still have shared bank accounts and credit cards here’s what we suggest.
Contact your bank and let them know what’s happening
Contact the bank or account/card provider and let them know what’s happening. They’ll be able to explain the options available to you and how they can help.
Get your own personal accounts set up quickly
Get your own personal accounts set up. You’ll probably need a transaction account, a savings account and a credit card. If you want some extra discipline consider setting up a dedicated bills account. Read the article below about how to structure your bank accounts for more information on what you’ll need and how to set it up. You could also ask your bank (and your ex-partner) if it’s possible to remove your ex-partner from credit cards and bank accounts you want to keep.
Do your research to make sure you get a good deal
Check to make sure you are getting a good deal on any banking products you have or you are considering. It’s not hard to find transaction accounts that are fee free. There are also cheap credit cards available. If you shop around and out in some effort you can maximise the interest on your savings.
Change your direct debits and direct credits to your new accounts
Change you direct debits (when you are paying bills automatically) and direct credits (when people are paying you) that have been set up on your shared accounts so they go to your new accounts.
About MoneyBrilliant and how we can help
At MoneyBrilliant we believe that when people make better decisions about their money they live better lives. We can help you get your finances sorted, understand your spending, find banking products that will earn you more or cost you less, set savings goals, build a plan to own your home, track important insurance details, get your debt under control and build a retirement plan. MoneyBrilliant Plus customers can also join our money coaching programs. Whatever your starting point, we can help.
This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711, ACL 493068). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent. You may also be able to access additional information from the websites of the Australian Securities and Investment Commission (ASIC) and the relevant product providers.