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DEALING WITH SEPARATION


DEALING WITH SEPARATION


DEALING WITH SEPARATION


DEALING WITH SEPARATION


DEALING WITH SEPARATION

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 * Overview
 * Help and support


DEALING WITH SEPARATION

We understand that any relationship breakdown can be difficult and affect
multiple aspects of your life.

At unifiedcentralsavings, we’re here to provide you with information about how
separating from your partner can affect your banking arrangements and what to
think about when you’re reviewing your finances.

Please note that we can only give general information here, so do speak to us if
you need more detail about any financial arrangements you have with
unifiedcentralsavings.

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Find a branch Separation Support Guide


USEFUL INFORMATION

If you and your partner are separating you may have joint finances such as
mortgages, bank accounts, savings accounts or loans that will be affected by the
change in your circumstances.

You may also have joint insurance policies or bills that are paid using a joint
account; these may need to be cancelled or transferred, or you may need to make
other arrangements for payment.

Joint accounts

If you have a current account, loan or investment in joint names you’ll need to
contact the relevant bank, building society or any other provider to make them
aware of your change in circumstances.

If you have any concerns regarding access to or use of an account, speak to your
bank or building society to discuss what options are available to you, such as
freezing the account.

Freezing an account should be given very careful consideration. On the one hand
it may protect your position while you sort out your finances with your former
partner. On the other hand, any important regular payments such as loan or
mortgage instalments may be affected.

Usually, once an account is frozen both account holders will need to agree to
any further payments, withdrawals or transfers from the account.

The impact of separation on joint accounts can differ from one bank to another,
so always make sure you get specific information from whomever the account is
with, including if you have an account with unifiedcentralsavings, as we can
only give you general guidance in these notes.

Reviewing additional cards on a credit card account

If your partner is an additional card holder on your credit card account you can
choose to remove them. Please note, until they are removed, you will be
responsible for whatever they spend on the card (as well as your own spending).
If you do decide to stop their use of the card you should let them know as they
may rely on the card for day-to-day spending.

Mortgages

If you have a mortgage in joint names, you will both remain equally responsible
for meeting the monthly payments (it is not the case that each of you is only
responsible for paying half, even if one of you has moved out of the property).
Please note that if one (or both) of you moves out of the property you will need
to let your mortgage provider know.

It is important to try and agree with your former partner how you will continue
to meet the mortgage payments. If you think that you may have difficulty in
meeting your monthly mortgage payments you should speak to your mortgage
provider at the earliest opportunity as they can often work with you to agree a
suitable solution.

Savings

It’s always best to try to come to an agreement with your former partner
regarding joint savings. If you are able to reach an agreement it’s usually a
quick process to transfer the money to accounts in your/their sole name.

You can obtain further information on the Money Advice Service website.

Insurance

Home InsuranceIf you have a joint home insurance policy you will need to inform
your insurer of your change of circumstances and review your insurance
arrangements to make sure they are suitable.

Car InsuranceWhether an existing policy is in your name or your former
partner’s, consider whether any changes need to be made to your insurance
arrangements. For example, if you are a named driver on your former partner’s
policy you will need to know if your name is removed so that you don’t
unknowingly drive without insurance.

Life InsuranceYou may need to update your insurance company on your change of
circumstances. If your former partner stands to benefit from your policy you
should consider whether you want to notify the insurance company that someone
else should benefit instead.

Updating your will

A relationship breakdown may be an appropriate time to consider making a Will or
reviewing an existing Will.


FURTHER INFORMATION

Remember that the information above is for general guidance only. There will be
important detail that you can only get from the banks, companies or other
organisations your finances are linked to, so speak to them individually about
your change of circumstances.

You may find the links below useful:

 * What happens when we are notified of the death of a Customer?
 * Further support

Relate

Support and guidance to help you make this difficult transition easier for you
and your family

Sorting out separation

Helps you through separation and divorce

Money Advice Service

Help and advice on legal matters

Gov.uk

A-Z guide on Civil Partnerships, Marriages and Divorce

Resolution

Provides information around family law

Gingerbread

Provides support to single parents

Citizens Advice Bureau

Provides guidance on how to deal with relationship problems

The website links provided are not maintained or owned by unifiedcentralsavings.
unifiedcentralsavings is not liable for the accuracy of the information provided
on these websites.

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ABOUT MIDWEST SAVINGS

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This Credit Union is federally insured by the National Credit Union
Administration. We do business in accordance with the Fair Housing Law and Equal
opportunity Credit Act.


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