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

Can protected bike lanes get more kids cycling to school in Abbotsford?

Planners hope safer bike facilities can encourage pint-sized commuters to hit the road on two wheels

Abbotsford Police sergeant demoted for ‘bullying behaviour’

Report says individual screamed at subordinate officers and made derogatory remarks

Rainbow crosswalk plan gets council support in Hope

Council writing letter of support to community group for crosswalk project

Mayor and city staff stay mum on possible Abbotsford aerospace plant

Economic development staff have met with a U.S. firm looking for places to build a large plant

Westbound traffic goers on Highway 1 are having a rough morning

Two separate incidents have congested the commute

‘I shouldn’t have done it,’ Trudeau says of brownface photo

Trudeau says he also wore makeup while performing a version of a Harry Belafonte song

‘We still did not get answers’: Vancouver parents demand expulsion after students’ racist video

‘We were unable to get confirmation from the VSB, but he hasn’t returned as of yet,’ says Marie Tate

B.C. ‘tent city’ disputes spark call for local government autonomy

UBCM backs Maple Ridge after province overrules city

B.C. drug dealers arrested after traffic stop near Banff turns into helicopter pursuit

Antonio Nolasco-Padia, 23, and Dina Anthony, 55, both well-known to Chilliwack law enforcement

‘What goes up will come down’: Gas prices spike in Metro Vancouver

Petroleum analyst Dan McTeague says prices will fall Thursday

B.C. MLA calls on province to restrict vaping as first related illness appears in Canada

Todd Stone, Liberal MLA for Kamloops-South Thompson, introduced an anti-vaping bill in April

Chilliwack woman wins right to medically assisted death after three-year court battle

Julia Lamb has been the lead plaintiff in a legal battle to ease restrictions on Canada’s assisted dying laws

B.C. bus crash survivor petitions feds to fix road where classmates died

UVic student’s petition well over halfway to 5k signature goal

Most Read