How to protect your finances during separation

It can be hard to think straight when your mind is on a rollercoaster… but when you and your partner first start discussing separation, it’s most likely that you’ll need to come to an agreement about living arrangements.

Every situation is different and this is why having appropriate legal advice right from the start can help make sure you understand the implications of packing your bags and leaving.

Often, if there are children, one parent will stay in the home with them and the other will find alternative accommodation.

But it’s important to note that moving out could impact your future options, should you want to take ownership of the property at a later stage.

Most couples who have been together for a while are likely to have joint accounts and bills in both names. This is where you need to make prompt changes to ensure you remain financially protected. Is your salary paid into a joint account? If it is, you might consider changing it.

Alternatively, you could put a freeze on the joint account or adjust the account so that it requires both signatories to sign off on transactions… this way you both need to approve any money movements.

Negotiating with your partner about how to divide the finances is of course the preferred outcome, but keep in mind how it would impact you directly if they cleaned out the account. Would this immediately impact your financial security? Taking early steps to minimise the fallout is always a good decision.