Separating Your Finances From An Ex

Breakups are never fun. The heartbreak, frustration, and sadness that comes with them can take a drain on a person both physically and emotionally. However, one of the less thought of elements that can cause additional stress during a breakup is finances.

The longer a couple has been together, the more their money and expenses will be intertwined. Of course, this is especially the case for those couples who live together. Splitting bills, sharing joint bank accounts, and budgeting together have all become commonplace and practical elements of live-in relationships. This can make breakups with long-term partners especially difficult, since the effect is more than emotional, it’s monetary.

While the hope is always that it won’t be necessary, it’s important to know how to separate your finances from an ex and make the breakup process less of a financial burden so you can spend your time healing and focusing on the emotional fall-out rather than the monetary.

  • Cancel Subscriptions

    • Sharing subscriptions such as Netflix or Amazon Prime accounts is becoming increasingly common, especially amongst long-term couples, who view sharing passwords as a surprisingly more intimate action than discussing marriage. If you and your partner are in that phase of a relationship, at some point, either before or after the breakup, it might be beneficial to have a talk about who will be taking over the payments of which account, or which accounts to close altogether. As a rule of thumb, the person who originally owned the account should be the one to change the password, but accounts created together can be discussed based on the circumstances.
  • Separate Bank Accounts

    • If you and your partner have a joint bank account, it’s important that you make the move to separate them. First, meet with each other, as well as your financial provider, and discuss how to make the move to separate accounts in the most seamless way possible. You may need to sign up for a new account. If this is the case, make sure to email your HR department your new information for direct deposit. Nowadays, there are a variety of banking options available, both in-person and online. Spend some time looking for one that fits your needs the most during a post-breakup. There are many financial options out there, even some that have account options that reduce bank-related fees. This can give you a leg up on your journey to financial independence post-breakup.
  • Pay Off Joint Credit Cards

    • Credit cards and other debt should be the next big step in separating your finances as a couple. If you share credit card bills, it will be hard to truly separate after a breakup, as you will both rely on each other to make those payments. Therefore, a great option is to work together to quickly pay off debt. Determine how much you both owe each month and split the cost evenly. Then, make it a goal to communicate and discuss payment options that work best for both of you. Finally, if possible, make an effort to pay more than the minimum balance on your debt, as this will help make the process go by faster.
  • Create a New, Personal Budget

    • As you begin your journey to living a single life again, it’s vital to start getting back on your feet both emotionally and financially! The time it takes to do so is different for everyone, but along the way, spend time managing your finances as a single person through crafting a budget for your monthly expenses, and continuing to find new opportunities within your job that can contribute to your overall career growth.

When you’re finally emotionally ready, you’ll be energized and eager to get out into the dating world again, whether it be through dating apps or matchmaking services. With a little tact and organization, you can have a smooth transition separating your finances from your ex and moving onto the next stage of your new single life - hopefully, on the road to meeting someone amazing.