Breakups happen for all sorts of reasons, and recovering doesn’t always come easy.  Some people quickly recover from breakups, but for others, it might take a while. A breakup becomes even more complicated if you were sharing finances. The whole process of separating finances again becomes a nightmare.

When you have shared accounts and shared expenses it can be difficult to decern divide those things back up in a way that both parties feel is fair. Relationships may have certain agreements or arrangements for dividing up the housework load and income, so simply taking your own pay may not always be feasible. Plus, if one partner will have the expenses of moving, they may need financial help to do so.


Whereas unmarried couples may find it easy to separate, it is a different story when it comes to married couples. When you are married, there are legal entitlements that your partner may have over your money.  If you have been sharing finances with your spouse and now calling it quits, here is how to navigate your breakup and keep your finances intact.

Splitting up finances after a divorce can be a difficult process

Close All Your Joint Accounts

If you have any joint accounts that you share, now is the time to close them. Unless you are married, it is advised that everyone gets their own accounts and only have one joint account. After closing the accounts, share the money equally. Also, if you have any direct deposits or automatic payments that you might have synced to these accounts, you will have to change them as well.


Choose Who Stays In The Apartment or Condo

This is different if you are still renting; however, remember never to leave your name signed on any legally binding contracts such as rent payments. If you bought the apartment, you will have to choose who stays in it. For instance, if your spouse has children, it's only prudent she keeps the condo.

On the other hand, if you bought a home together, you might consider selling it and splitting the proceeds. Alternatively, a partner can buy the other out. Housing is a financial investment and so it should be shared accordingly.

Divide Your Household Stuff

If you found your partner with stuff like TV, Fridges, Beds, and maybe you also came with yours, everyone should take what they bought. However, if you purchased these items together, split and divide them equally between yourselves.


If you find it hard to solve this, let a mediator come in and resolve the issues. The same applies when you are filing for divorce; a mediator can help compromise and solve problems fairly.

Separate Your Joint Debt

If you have car loans, credit cards, or any other loan, split it up. First, figure out who is responsible for paying what and then let everyone be accountable for their debt. For instance, if you have a car loan and one of you is unable to refinance it, sell the car and pay the car loan. You should also divide your credit card debt; otherwise, if your partner defaults, you will be the one held responsible.

Start Again

The road to healing can be long, as you may need to find a new place to live in, pay your security deposit, and buy new furniture and plus other household items. Start planning for your finances, set a new budget, and start working towards your new beginning.

The adage goes, once beaten, twice shy. The next time you enter another relationship, keep your finances separate and instead use a shared household budget for starters. You might think of joint accounts after you are married. However, do not jump into shared finances too soon and splitting them back up can be very burdensome.