Ending a relationship is an incredibly stressful time in anyone’s life, and it’s easy to forget to do things which are vital to protecting you and your interests. In our latest article in The District Reporter we give some valuable tips on things to consider as soon as you separate from your spouse.
The stress and emotion caused by a relationship ending can often mean that people are not fully aware of some of the practical implications of a separation, particularly when it comes to finances.
Some of the important issues that might need to be considered include the following:
Cancelling or modifying any redraw facilities with your bank.
Redraw facilities may allow for a former partner to withdraw large sums of money from a joint account without the authorisation of the other person, potentially causing grave difficulties.
Updating your Will. Following your separation and change in circumstances you may need to give consideration to making a Will or to changing your existing Will. Many people are unaware that separation and divorce does not automatically revoke an existing Will.
Revoking (cancelling) your Power of Attorney and Appointment of Enduring Guardian. It is important to be aware that separation and divorce does not automatically nullify a Power of Attorney or Guardianship appointment.
Changing the passwords for your online banking, email and other accounts. It is amazing how many times an ex-partner knows or can guess your passwords.
Making sure that any of your daily use services – such as electricity, gas, mobile phones, internet service, Foxtel or streaming services – are not in the name of your ex-partner or party.
Many of these ongoing arrangements are put in place without the knowledge of both parties and can impede the repayment of debts properly between you being separated and any ultimate property settlement being finalised.
Cancelling E-Way/Toll Accounts covering your partner’s vehicle – if the account is in your name and is debited to your credit card.
Cancelling any supplementary credit card your partner can use if payment of the debt on the card is your responsibility.
Updating the details of your nominated superannuation and life insurance beneficiaries. You should give consideration as to whether you need to change the nominated beneficiary of any superannuation or life policies you may hold so as to ensure that your former partner does not inadvertently receive the benefit of these entitlements.
Severing the tenancy of any real estate you own. Couples often own property as “joint tenants”, giving a right of ownership of the whole property to the survivor in the event of the death of one owner – even if your Will says differently. Your circumstances may require a change of your property ownership to “tenants in common” to protect your rights while a family law property settlement is being achieved.
Changing the locks on your home. This is not illegal and is often a good practical means of achieving privacy and security after a separation.
Putting a steering wheel lock on your car if your partner has a spare set of your keys and won’t return them.
Contacting Centrelink and seeking their Child Support assessments as soon as possible.
