Recovering from a major breakup takes time and work. Besides the emotional recovery involved, there’s also something to be said for the toll a breakup can have on your finances. Maybe you and your former partner shared a mortgage on your house or even a few insurance policies. You may have shared a joint checking or savings account as well.
Whatever the situation, there’s a lot to think about financially when going through a big breakup, especially during these uncertain economic times. So whether you’re recently divorced or in the midst of splitting up with a long-term partner, we’ve created this checklist to help. Here are 15 ideas to help you get back on your feet and thrive in an uncertain economy — and ultimately, make your strongest financial comeback ever.
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1. Audit your finances
One of the first steps in getting back on your feet financially after a major breakup is to audit your finances. Start by looking at what bank accounts you share and dividing them up.
Then, start looking at your shared expenses. This might include things like utility bills, car payments, and even mortgage payments. Make a list of all of these monthly expenses, and divide them in a way that makes the most sense. Keep in mind that for some of these expenses (like phone bills and health insurance), it might just be easier to get on separate plans rather than continue to share the expense of joint plans.
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2. Figure out how to divide your assets
Next, you’ll want to start figuring out how to divide your assets. If you co-own any property, cars, or other major assets, you’ll need to decide who will keep each one. One way to do this is by determining who paid the most for each, or who needs something for practical reasons. If you plan on moving to an urban area and won’t require a car, maybe your ex keeps the shared vehicle.
Although it’s easy to let dividing up assets become a point of contention in the breakup, keep in mind that maintaining these things costs money. Unless you’re prepared to assume the financial responsibility of a house or car by yourself, letting some of these things go will ultimately buy you more financial freedom, not less.
3. Decide who’s responsible for debts
One of the less glamorous sides to dividing things up is deciding who will assume …….