| When a marriage or common law partnership ends | | | | for your own vehicle, you may not quality because |
| there are many vital details that need attention when | | | | you have too much credit that you are responsible for. |
| you are separating money, debt, personal household | | | | This example talks only about loans. Credit cards has it |
| belongings, children, pets and friends. Undoubtably a | | | | own set of issues but none the less - as you move |
| difficult process for any individual to manage all of | | | | through the process of separating everything that was |
| these items when there are so many details to work | | | | once shared, my recommendation is to do the same |
| through, especially when you are emotional and cannot | | | | with credit cards. |
| find the energy to think clearly. | | | | I wouldn't stop there. Separating assests whether that |
| There is a support Guide now available to do the | | | | be chequing or savings accounts, term deposits or |
| thinking for you. The book, 'The Business of Breaking | | | | anything else that is joint should be decided and |
| Up - Your Personal Guide' breaks it down to ease the | | | | distributed early on. I have seen situations while |
| process while protecting yourself financially and | | | | working in a financial institution where one spouse |
| emotionally. | | | | comes in to make a withdrawl and unfortunately the |
| There are numerous mistakes people make which | | | | balance has already been withdrawn. Fair or not... I am |
| ends up costing money and hardship. People do not | | | | not in a position to judge but the point is that as joint |
| often see potential risk when making important financial | | | | owners, both have access to withdrawl the money. |
| changes as their situations change. One important | | | | I have only discussed a couple of important items that |
| example is the decision to separate debt. This is key | | | | neet to be considered when separating finances. |
| for several reasons. Can you imagine keeping a joint | | | | There are many more areas to cover. The book, 'The |
| vehicle loan and for some unforseeable reason, the | | | | Business of Breaking Up - Your Personal Guide' talks |
| partner who promised to pay doesn't or cannot make | | | | more about these items along with important |
| payments. People need to understand that regardless | | | | considerations for separating everything that was |
| of any verbal agreements made as to who will keep | | | | once shared. |
| making payments for credit, both parties are | | | | It is an overwhelming life change that can seem |
| responsible in the event that there is a late payment or | | | | frightening and impossible to deal with. The book is an |
| skipped payment. I would suggest separating all debt in | | | | organized and easy to read and understand approach |
| this case so that each individual protects their own | | | | to managing all the details and changes that need |
| credit rating or score. Another reason to be | | | | attention. It offers checklists, bugeting tools, tips to |
| independant on credit using the same scenario is that | | | | reduce monthly expences, ideas to increase income, |
| remaining as a co-borrower could effect future credit | | | | thoughts and ideas to keep positive and healthy |
| capicity. This means that if you stay on this vehicle | | | | emotionally and physically. It's a harder road for some |
| loan and you need to go ahead and get your own loan | | | | but no one needs to do it alone anymore. I can help. |