Stop looking behind and start looking ahead.

Get back on track after a breakup

An advisor can help you work through a smooth financial separation

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 .

  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.

Comments are closed

Just Posted

PHOTOS: Jungle Book characters come to life in Mission

Students from Creative Edge School of Arts also performed Fiddler on the Roof

Talking about diversity in Mission

Eighth annual Cycling4Diversity ride takes place Friday, ending at Mission City Hall

Loading zones in downtown Mission not necessary says DBA president

They take away much-needed parking spots from potential customers according to business association

Sunset Market returns to Mission’s Fraser River Heritage Park

First market takes plac May 21, followed by June 18, July 16 and August 20 from 5-9 p.m.

Vandals splash paint across new inclusion walkway

The rainbow coloured area in front of the Mission Public Schools office was damaged early Thursday

QUIZ: Test your knowledge of Victoria Day

How much do you know about the monarch whose day we celebrate each May?

Take-home drug testing kits latest pilot to help curb B.C.’s overdose crisis

Researchers look to see if fentanyl testing could be a useful tool for those who use drugs alone

UPDATE: Multi-vehicle crash on Highway 1 east of Chilliwack

First responders on scene with multiple patients from four vehicles involved in westbound lanes

Police watchdog investigating motorcycle crash in Kamloops

A Kamloops Mountie had stopped the driver for speeding, but they raced off from the 0fficer

Facebook takes down anti-vaxxer page that used image of late Canadian girl

Facebook said that the social media company has disabled the anti-vaccination page

Search crews rescue kids, 6 and 7, stranded overnight on Coquitlam mountain

Father and two youngsters fall down a steep, treacherous cliff while hiking Burke Mountain

LETTER: Did we learn nothing?

Shocked Mission needs additional $15 million to complete sewer line crossing the Fraser River

Raptors beat Bucks 118-112 in 2OT thriller

Leonard has 36 points as Toronto cuts Milwaukee’s series lead to 2-1

‘Teams that win are tight’: B.C. Lions search for chemistry at training camp

The Lions added more than 50 new faces over the off-season, from coaching staff to key players

Most Read