Splitting up with your live-in partner after a long-term relationship can be relatively more complicated and challenging than parting ways with your significant other. There is a legal formality to carry out between you and your partner, and both of you are to follow the court’s order, but the former does not have that option.

You have to do it on your own to come on the one side of the fence and the other. Moving on does not just mean having space to grieve but also find ways to reassess your financial condition. Here are some of the tips to control your finances after a breakup of a long-term relationship.

 

Make decisions about shared belongings

Before you permanently cut off with your partner, you need to make a decision about shared belongings. You will have to decide who will move, who gets what, and how to divide financial accounts equally.

There will not be any problems if one of you owns that house. It is evident the other person will move out. However, if you rent the flat, you will have to talk to your landlord to know your options.

They may allow you to move out as long as you can find someone who can rent, or they may allow you to stay in until the lease is over. One who can afford to pay the whole rent can stay in, and the other person will move out.

If you have bought in things that you did not own before moving in, you will have to split up the things based on the monetary value.

For instance, if your partner keeps a computer desk worth £500, you can decide to keep a chair and dresser worth £200 and £300.

Likewise, you will have to divide your financial accounts. If you have been contributing the same amount, you can easily split it up into equal parts.

However, if you have contributed an unequal amount, this is the only way left if you do not have the record.

Examine your financial situation

Once things are sorted out, the next step is to look over your financial condition. Of course, your financial state will completely change after the breakup. This is because now you have to pay for all your expenses outright.

Before that, your partner was sharing half of them. Look at your bank statements to see how much money you had been spending until your breakup.

When there is someone to share half of the cost, you do not mind spending more, but this is no longer the option when you are to make ends meet alone.

A rule of thumb says that you should create a budget. It will help you track your expenses and prevent you from overspending.

Prepare debt payment plan

Before the breakup, it may not have been much difficult to pay off the debt because you were able to save half of your money on regular expenses. However, now the scenario has completely changed. There has been suddenly a burden on your finances.

You should make a debt payment plan. Make a list of debts to calculate how much money you need every month to keep up with payments.

Set aside that money as you receive your salary, so you know you have to meet your expenses with the rest of the money. It may not be sufficient, but try to live off a lean budget.

What if you do not have a job?

You may have lost your job during the breakup. Not only do you have to suffer from it, but you also have to think about how you will make ends meet.

First off, you need to apply for unemployment benefits. You can take out payday loans for unemployed with direct lenders.

However, make sure that you can pay off the debt. Regarding your current loans, try to ask your lender if they can put you on a different repayment plan based on your current financial condition and accept minimum repayment. However, interest will still accrue.

If you and your partner have decided to go your own separate ways, this will undoubtedly put additional pressure on your finances. Follow the tips mentioned above. They may help you to get better control over your finances.