Getting your finances in order after you separate or divorce
Review your budget
Review your budget so you can handle changes to your expenses. Many people’s finances change when they separate or get divorced.
This is often because:
- you no longer share household expenses with your partner
- you may have to make support payments
- you may have extra expenses related to setting up your home for your children
- you may have legal costs
Get your own bank account and credit card
Open your own chequing or savings accounts.
Get a credit card and make regular payments to build your own credit history.
To help you choose the account or credit card that is right for you, use the following:
Update your banking information
If you change bank accounts or credit cards, make sure you inform:
- Canada Revenue Agency, if it makes direct deposits into your account
- any company or employer that makes direct deposits into your account
- any company that makes automatic withdrawals or debits from your account or credit card
If you miss payments because you didn’t update your financial information, it could hurt your credit history.
Update your personal information
If you move, make sure you update your address for all your financial accounts.
If you change your last name after a separation or divorce, be sure to update all your financial information and personal identification.
Re-build your credit history
You may not have much of a credit history if your bank accounts or loans were registered and paid under your former partner’s name.
Your credit history tells lenders how risky it is to lend you money.
It’s important to have a good credit history if you want to be approved for and get a:
- credit card
- place to rent (some landlords will ask to check your credit history)
- job (some employers will ask to check your credit history)
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