Separating or divorcing and you’ve set up your own bank accounts and credit cards?

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’ve already set up your own personal bank accounts and credit cards your off to a good start. Here are some tips and suggestions for what to do next:

Check any remaining joint bank accounts and credit cards

If you still have joint or shared bank accounts make sure they require joint approval for withdrawals and transfers and if you can, block any joint credit cards so new debts can’t be charged to them. It’s worth having a chat to the bank and asking them for help with this

Check the structure that you’ve 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.

Do your research to make sure you are getting a good deal on the accounts and products you have
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
Make sure you’ve changed your 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.

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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.

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