Taking control of your finances is an important step towards independence and security. Here are some supportive steps to help you manage your money effectively:
The goal is to establish financial independence from your partner or ex-partner. Here are some steps to help you feel safer financially:
- Consult Your Bank: Most banks have hardship teams that can assist if you’re experiencing financial difficulties, including those related to family violence.
- Open Your Own Account: Ensure you have a personal account that your ex-partner cannot access.
- Manage Joint Accounts and Credit Cards: Freeze any joint accounts to prevent your ex-partner from accessing funds. Make sure you have funds in your own account before doing this. Cancel any joint credit cards or secondary cards in your partner’s name to avoid additional debts. Your bank can assist with these changes.
- Adjust Mortgage Terms: If your mortgage has a redraw facility or line of credit, change the terms so that both signatures (yours and your partner’s) are required for withdrawals.
- Update Security Information: Change the PINs, passwords, and security questions for all your accounts, including mobile phone, bank, credit card, online shopping, email, and social media accounts. This is crucial even if you believe your ex-partner does not know your passwords. For more online safety tips, visit Technology Safety Australia’s Women’s section.
- Secure Your Contact Details: Obtain a new mailing address (such as a PO box or a trusted friend or family member’s address) that only you can access. Australia Post offers services for family violence survivors.
- Update Rental Agreements: If you have moved out, contact your real estate agent to remove your name from the lease to avoid responsibility for arrears or property damage. If your ex-partner has moved out, have their name removed from the lease. For assistance with rental issues, contact relevant support services.
- Manage Utilities: Remove your name from any utility accounts to avoid being held responsible for unpaid bills. Utility companies often have hardship programs that can help if you’re struggling to pay your bills. Don’t hesitate to inform them of your situation.
Additional Steps to Consider
- Centrelink and Child Support: A Centrelink social worker can help you navigate the financial aspects of separation, including child support arrangements.
- Seek Legal Advice: Consult a Community Legal Centre, Victoria Legal Aid, or a private lawyer before transferring ownership of vehicles or changing wills and insurance documents.
- Transfer Vehicle Ownership: Ensure that vehicle ownership and registration are transferred to either yourself or your partner, so you are only responsible for your own vehicle.
- Update Insurance Policies: Transfer the names and coverage details for your home, car, health, and life insurance policies.
- Revise Wills and Power of Attorney: Create or update your will, nominate a guardian for your children if your partner is not the parent or guardian, and cancel any Powers of Attorney that name your partner, appointing a trusted person instead.
- Tax Considerations: Consult a tax agent or contact the Australian Taxation Office to understand how separation affects your taxes and whether you are eligible for a refund. Ensure that any tax returns are deposited into an account in your name only.
For more information, you can download a PDF of our Money Problems with your Partner information booklet.
