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Taking Care of Your Finances

Taking care of your finances may be the last thing on your mind as you are dealing with the emotional trauma of hearing that your relationship may be over permanently. But you need to make decisions that will help to protect you even while you're feeling devastated.

First thing that you need to do is to make a trip to your local bank. Make an appointment with a financial advisor there so that you can get the help you need to sort out your present financial situation.

Remember that there is nothing wrong with using your common sense. Many individuals delay making these kinds of decisions during a breakup because it is too much to face or they remain in denial about their partner's feelings.

You cannot afford to be unattentive in this area. You will need help from a lawyer or local community service to draft up a proper separation agreement that includes division of property if you have any. Ask a friend or family member to help you look for these services.

The sooner you start dealing with this and other things, the more control you will have over the present events in your life that may be spiralling out of control.

Having this kind of confidence to make decisions that are right for you will also send your partner a very strong message. He/she may have seen you devastated by the news of the departure and you may have resorted to begging him/her to stay with you or other types of desperates acts.

It might just be the wakeup call that your partner needs to reevaluate the decision to leave you. Respond in ways that are unexpected, like remaining calm, telling your partner to go and taking control of decisions and it will boost your self confidence while leaving your partner with a whole lot to think about.

Here are some things to think about:

1. Open up a separate bank account and do your banking from there. ie. get your pay cheque direct deposited into your new account.

2. Take a look at your RRSP's, Life Insurance, Will, etc. You need to change the beneficiary for these. If your relationship with your partner changes in the future, you can always switch back.

3. If you are already separated and are the primary caregiver, make sure that you have drafted up an agreement to receive the proper child support. There are local family justice services that help with this

4. Talk to your advisor about your investments, line of credit, savings, bills etc.

5. You can continue paying joint bills with your partner but you don't have to do so from a joint account.

6. Change your PIN number for your banking cards and get new credit cards in your name only.

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