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 breakup 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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

West Kelowna Warriors edge Vernon Vipers 6-4

The teams meet again on Saturday, Feb. 22 at 6 p.m. for the final game of regular season

Prolific offenders from Alberta lead RCMP on chase from Kelowna to Abbotsford

Men first reported in Chilliwack ending with allegedly stolen vehicle in an Abbotsford pond

Fiery collision involving truck closes Highway 1 at Three Valley Gap

Drivers should expect major delays and congestion; estimated time of re-opening is 2 p.m.

Central Okanagan school superintendent addresses technology’s impact on students

Physical and mental well being for students key themes during Kevin Kaardal’s presentation

Westbank First Nation Grand Chief Noll Derriksan passes away

Derriksan was 79 at the time of his passing

HIGHLIGHTS: Day one and two at the 2020 BC Winter Games

Athletes had sunny – but cold – weather to work with in Fort St. John

Tyler Toffoli scores twice, Canucks crush Bruins 9-3

Stecher, Miller each add three points for Vancouver

Zamboni driver, 42, earns NHL win over Maple Leafs

Emergency goalie called into action for Carolina Hurricanes

Governor general says multiple solutions needed for ‘complicated’ overdose issue

Julie Payette met at a fire hall with firefighters and police officers as well as politicians and health experts

Landlord ordered to pay $11K after harassing B.C. mom to move days after giving birth

Germaine Valdez was pressured to move just a few days after giving birth by C-section to her child

Heart attacks strike B.C. husband and wife just over one year apart

Courtenay couple share personal stories to bring awareness to heart month

‘Nothing surprises us anymore:’ U.S. border officials find brain in package

U.S. Customs and Border Protection agents found the brain packed in a glass mason jar in a Canada Post shipment

Adapting to love along the Columbia River

One man starts a GoFundme to help his partner with health costs caused on the trip where they met

B.C., Ottawa sign sweeping 30-year deal for northern caribou habitat

West Moberly, Saulteau co-manage new protection on two million acres

Most Read