Help with finances after a relationship breakdown

Don't ignore any joint accounts, loans or credit cards you have. Contact your bank to explain the situation. You can ask them to freeze your joint accounts to stop your ex-partner running up any new debts or withdrawing money. 

You should agree how any joint bills will be paid, especially if they're settled using Direct Debit or standing order.

Speak to your mortgage lender as soon as possible and they’ll advise you. You and your ex will need to decide if one of you can afford to stay in the family home and weigh up the options.

Just make sure you keep on top of your repayments while you try and decide what you want. If you don’t, it could impact on your credit rating and cause you both problems in the future.

Think about how you'll go about splitting up what you own. This can be very difficult, emotionally and financially. 

If you're able to come to a decision together, it's still a good idea to get an experienced lawyer to review the proposed terms. If you can't agree, mediators might help or you may need to make an application to the court who will then decide on what they consider a fair division of assets. 

If you're no longer living together, remember to update your contents insurance details.

You'll also need to update your life insurance policy as your ex is probably named as the person who the payout would be made to if you died.

Make a new will or update your existing one to remove your ex, if that's appropriate.  If either one of you meets someone new, things could get complicated further down the track if your will is out of date.