Stop looking behind and start looking ahead.

Get back on track after a breakup

A breakup is tough enough without worrying about the financial complications that come along with it. While the idea of splitting up your finances can be daunting, sometimes ripping off the Band-Aid and tackling the issue is the way to go.

Corilee Blanchard, a Family Banking Relationship Manager at Prospera Credit Union, is here to explain the steps to a smooth financial separation.

  1. Separate your accounts

    Start by separating joint accounts. Think – are there any other accounts at different financial institutions? Don’t forget about automatic payments or direct deposits synced with those accounts – you will need to change them, too.

  2. Deal with credit cards and other debt

    Review any lending that is jointly held. If you have credit cards, car loans or other debt together, you will need to split them up and remove any co-applicant cards. Otherwise, you will be held responsible if your partner defaults on payments! Contact your financial institution for help to deal with this as soon as possible. Ask what steps must be taken for all debt to be reapproved in a single name. You may have to work with your ex to decide who is responsible for what. Each person will need to refinance the debt in his or her name only so that the other is no longer responsible for it.

  3. Update beneficiaries, pensions and extended benefits

    Don’t forget to update beneficiaries on your TFSA’s, RRSP’s/RRIF’s and insurance policies. To get started, contact your financial institution or insurance company and discuss the specific policies that need attention.

  4. Chat with your Financial Advisor

    Depending on length of the relationship, you may need to review your financial plan. Talk to your advisor about the impact of your breakup on your future retirement, and what it will mean to live off one CPP/OAS instead of two. This is a good time to set up a new budget that allows you to get out of any debt you may have and start working toward your financial goals.

Working closely with an advisor, such as Corilee at Prospera Credit Union, will give you the best chance to recover financially from a break up and resume planning for your future. Prospera is there to make this hard situation a little bit easier. Visit prospera.ca for more information, or call 1-888-440-4480 to book an appointment.

Comments are closed

Just Posted

Abbotsford council votes to increase their event expense limits

Increase needed in case annual conferences require significant travel, staff say

Plans redrawn for Fraser Valley Inn redevelopment

Owner of building scales back plans on inn site, adds proposal to build second low-rise

LETTER: Why is Jati Sidhu ashamed of his riding?

Lytton’s Christopher di Armani shares his dismay at the potential name change of the MP’s riding

Solitary confinement gets overhaul at Abbotsford prison

‘It’s more social,’ Matsqui Institution’s citizens advisory committee chair says

UPDATED: 98-year-old cyclist in critical condition after struck by car

83-year-old driver stayed on scene and did not suffer any injuries in the incident

Stolen Bentley spotted going wrong way down highway found in Summerland

The car has been recorded going the wrong way on the Coquihalla, found two days later

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Vancouver-bound transit bus involved in fatal crash near Seattle

One man was killed and a woman injured in crash with bus purchased by TransLink

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Tofino’s housing crisis causing some to seek shelter at the local hospital

Tofino’s housing crisis is pushing the town’s ‘hidden homeless’ population into the forefront.

Sentencing judge in Broncos crash calls for carnage on highways to end

Judge Inez Cardinal sentenced Jaskirat Singh Sidhu to eight years

Most Read