Breaking up with a long term partner is emotionally taxing. The process becomes even more difficult to navigate if you were living together for a while. Once you have cohabitated with someone, it is hard to imagine life without them and often challenging to cover finances solo. Whether you simply divided living expenses or you invested in a joint bank account or line of credit, it is essential for you to protect your independent finances following the breakup. While you may feel strange prioritizing money after ending a consensual relationship, this is a necessary part of the process.
Speak with a financial advisor
One of the first steps to take after a breakup is to speak with a financial advisor about your current situation. This works best for individuals who know they are going to struggle with affording living expenses by themselves. Speaking with a financial advisor or global investment manager like Mark Wiseman provides you with the insight you need to get back on your feet. An advisor or manager helps you take a closer look at your assets and determines how you can strengthen your independent needs. Working with a business executive like Mr. Wiseman is a beneficial endeavor if you and your ex-partner are struggling to divide assets.
When the situation with your former partner becomes acrimonious, a financial advisor steps in to handle the division of assets between both parties. This allows the two of you to have a neutral party take over and make the best decisions for everyone involved.
Freeze joint accounts and change passwords
To financially survive your breakup you must focus solely on yourself and your own finances. An easy way of shifting the focus onto yourself is to freeze any joint accounts you shared with your former partner. When this happens, you are both required to approve any payments made from these accounts before the funds are processed. This prevents your ex-partner from going out and spending money on frivolous items and it stops them from withdrawing all the money in the account for themselves. Even if things have been civil between you two in recent months, no one knows what the future holds. It is always best to prepare for the worst and to protect your finances in the process.
If you have any shared digital accounts, whether that be for utilities or streaming services, change the passwords for these accounts following the breakup. Any type of service you were jointly paying for must be divided into separate accounts with unique passwords. Like freezing your bank account, this prevents both parties from making rash decisions and driving up expenses.
Build a budget
Creating a budget that works for your personal income is essential. Whether you remained in the home you shared with your former partner or you have found a new apartment, you must live within your means. Sit down and look over your finances to determine how much you make per month and how much you spend per month. If you are spending more than you make, it is time to make serious changes. Create a strict budget outlining how much it costs for rent, utilities, food, and any other necessities you pay for such as your car or medications. If you cannot afford rent where you are with your new budget, then it is time to look for somewhere new to live.
One of the easiest ways to stay on your target goal is to minimize extra expenses as much as possible. If you pay for four streaming services, choose one or two you want to keep. If you buy yourself a coffee every day, consider making your coffee at home instead. Small adjustments must be made over time to keep you own budget and to help you financially rebound from your breakup.