A separation provokes important changes to your everyday life and particularly for your banking services: savings, life assurance, loans and mortgages, the management of children’s accounts, what happens to the family home. There are lots of things to be looked at.
My savings: Don’t forget to delete or modify the mandates that are in place on your savings accounts. Adapt your savings in line with your new projects.
My life assurance: Modify the beneficiary clauses of your life assurance and life insurance policies.
My loans: In the event where one of the partners is removed from the current account this does not remove their liability for joint loan commitments. In other words, if you remove yourself from the joint account, you still are responsible for the loan commitment that you have taken out and must ensure that the loan is paid in full by its term. This applies to all loans, whether personal or mortgage.
Management of your children: separation has no effect over parental authority or over the management of your children’s accounts (unless there is an order from the judge removing parental authority)
Each parent has the same power over each account; no matter when opened or on the amount of the funds credited to the account; each parent therefore maintains the right to consult their children’s accounts.
For transactions such as the closure of a product or carrying out a transfer of a large sum of money, the signature of both parents is obligatory.
Different rules apply depending on your situation: If you own the property jointly it will be necessary to separate the asset: either via the sale of the property or buying out the share of the co-owner.
If you are renting with your ex-partner, the rental agreement is not subject to the same rules if you are married, PACSED or partners.
In all circumstances, the changes are likely to result in extra costs for the individuals concerned.
When faced with such changes, it is really important to make an appointment with your advisor. This appointment will give you the opportunity to look at all of your banking products and services in place.