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Protecting Your Finances Post-Breakup

When you’re happy and in love, you tend not to think so much about the financial aspects of your union and you definitely don’t think about the repercussions on your bank balance should the relationship go sour. However, if you co-mingle your finances with your partner, this is something you need to do in order to protect your assets for the future.

With that in mind, check out these tips for protecting your finances post-breakup:

See a Solicitor

As soon as it’s clear you are breaking up, if you are married, or you have joint financial obligations, you should seek the advice of a good legal team like Austin Kemp Solicitors, who specialise in such matters. You should do this even if the split is going to be amicable because money can ruin relations and if you don’t have a legal team fighting for you, you could end up with less than you truly deserve.

Consider a Prenup

If you have considerable assets and you don’t want to face the prospect of losing them to an ex if your marriage doesn’t work out, discuss a prenup and if you’re both happy with it, go ahead and sign.

Have an Emergency Fund

You might not think that you’re ever going to break up, but it could happen, and that’s why it’s always sensible to put a little aside each payday in an emergency fund, so that if you do end up wanting to leave the relationship, you have the independent funds that you need to be able to walk away freely whenever you choose. This fund should have the equivalent of at least one month’s rent plus deposit, and living expenses for the same period, just to tide you over.

Monitor Shared Finances

It might not seem romantic, but if you don’t want to come to the end of a relationship only to find that your partner has spent all of your joint money, or that you don’t have the passwords you need to access your joint account, for example, you should take an active role in managing and monitoring your finances from the off. It’s the only way to ensure that you don’t get a nasty surprise!

Know What Belongs to You

If you want to avoid nasty arguments and ensure that you aren’t left with nothing after you break up, you should always have a clear idea of what you paid for and what they paid for. If you pay for things like furniture together, then neither one of you owns them outright, and splitting them would be fairer, That being said, it’s important that you also know when something isn’t worth fighting more and when you’ll pay more in legal fees than you’ll get back.

Obtain a Freezing Order

If negotiations aren’t going well and you’re worried that your ex will drain the joint account or hide assets so that they cannot be compelled to give you what you’re fully entitled to, it may be worth seeking a freezing order so that cannot happen. That way, your divorce will be judged on the real facts, and you won’t be left short of what you’re entitled to.

Breakups are hard to deal with, and they only get harder when you’re in a financial mess, so don’t let that happen!