Bounce Back Financially After A Breakup

When relationships break down, the stress and heartbreak can be overwhelming. But your attention might quickly turn to your finances, as they can break down too. Even amicable splits can leave both partners in trouble as they struggle to cover the cost of living alone. The path to formal financial arrangements for the long term between you can also be quite rocky. In the meantime, you’re left trying to cover the cost of household bills and raising the children.

Legal help is always a good idea in these situations. If you pay your household bills in arrears, it’s unfair if you’re left to cover 100% of the costs that were accrued when you both lived there. Notify the energy companies and your landlord that you are the sole adult occupier now. If you feel you might be entitled to government or state benefits and support, get your applications in quickly.

It’s important to live as frugally as you can while you’re waiting for things to settle financially. Reduce your bills and financial obligations as much as possible. Cut off any services you don’t absolutely need such as cable subscriptions or phone contracts that are out of term. If you are working, see if you can pick up a few more hours, or look for a second source of income. Your next big concern might be childcare.

If your relationship didn’t end well, you might be restricting your partner’s access to the kids. This should be done through appropriate legal channels. Still, with no second parent around, it’s difficult to find affordable childcare for the kids. If you’re determined to stay in your family home, why not consider sharing it with another single parent family? This can help you cover the costs of the rent or mortgage, and provide a second adult to cover childcare. Use a single mom roommate finder service to help match you to the right family.

If you have shared bank accounts, it’s important to notify the bank that you are no longer together. Close the account if possible, or simply detach yourself from it. Whatever balance you take from this will need to be declared as your relationship is formally divided. It won’t look good on you if you put your ex in financial trouble by clearing out shared accounts.

Start looking for ways to cut back your essential services as well. With one less mouth to feed, you can adjust your monthly grocery budget. You’ll be using less water and electricity too. Revise all your budgets and see how much you need to keep your head above water. You can expect your ex to cover some of the costs of raising the children, but until it is legally formalized, you may struggle to get hold of the money. Make sure you can manage without it for a while.

By cutting off financial ties to your partner, your debts become your own again. Whatever debts your ex accrues now are not your problem providing you are no longer financially joined. Bounce back with financial independence after a breakup.