You should consider your personal circumstances before doing any of these things. You may even want to get professional advice. Check out MoneySmart for more info.
1. Open your own bank account
Your first step to financial independence, is to open a transaction and savings account in your own name, if you don’t already have one.
If you have your own bank account but your ex has access to it, you can request to cancel their access, which can include online banking and delinking any cards.
If your cards have been registered to a digital wallet (for example, Apple Pay) on your ex’s device, you may wish to de-register all of these and re-register on your own device. Ask your bank how.
2. Change your passwords
This often gets forgotten, but it's important to change your passwords regularly. If you bank with us, you can change your password in Netbank. Don’t forget to update the PIN on your CommBank app and check the registered devices. Delete the app from devices that you no longer need.
It’s also important that your bank has up-to-date information to ensure that any correspondence is sent to the right person. Review your contact information and update your details if required. This should include contact number/s, email, home and postal addresses. If you bank you with us, you can update your details in NetBank or the CommBank app. If you need to update your mobile number, you’ll need to speak to one of our team members, which can be done by messaging us in the CommBank app
3. Close your joint account
Consider whether joint accounts are still required or should be closed. You may need to talk to the other joint account holder before closing the account. Speak to your bank if you’re unsure.
If you’re in dispute with the other account holder, you can request your bank to put a stop on your joint account so no money can be withdrawn until a resolution is reached. It’s important to have money put aside in case this happens. If you have a home loan with us, it’s also important to consider the available funds in any redraw or offset accounts.
Alternatively, you may wish to consider changing the method of operation to ‘all must sign’. Speak with your bank for more information to help you decide what’s right for you.
4. Cancel joint credit cards
Start by cancelling all direct debits and working out a plan to pay off any balances still outstanding. Once a debt on any credit card is cleared, contact your bank to cancel it and close the account, if it’s right for you.
Depending on the arrangement you have with your bank, you may both need to agree to close the account, or just one of you may be able to do it. If the credit card is in your name and your ex is an additional cardholder, you can request to remove their access.
5. Update rental agreements
You’ll need to update your rental agreement if one of you has moved out, and discuss with your property manager how future payments will be made. You should also agree on who will receive the bond, or how you divide it at the end of your lease.
6. Joint home loan considerations
You’ll both need to agree on what happens to your jointly-owned property, factoring in the fees and charges that may be involved.
For example, you may agree to pay off any loans using savings, or sell the property and use the sale proceeds to pay off any loans. If, on the other hand, you plan to buy your ex’s share of the property, you may be able to refinance your home loan, provided you’re able to demonstrate you can comfortably make the repayments.
To find out if you’re eligible to refinance, you can make an appointment with a lending specialist. To discuss your options and decide what’s right for you, you may wish to speak to a lawyer or financial advisor.
It’s important to think about what will happen to the money in your home loan redraw or offset accounts linked to your joint home loan. You may wish to update the method of operation to ‘all must sign’ to prevent withdrawals happening without your agreement, or you can apply a stop to any linked joint offset accounts. Speak to your bank for more information.
If you have concerns about meeting your financial commitments, CommBank customers can contact Financial Assistance Solutions on 13 30 95.
7. List joint assets and liabilities
Dividing your assets and agreeing who pays what for joint liabilities can be among the most challenging aspects of ending a relationship. It’s a good idea to seek professional advice. Check out MoneySmart for more info.
8. Superannuation
It’s a good idea to update your super, including contributions and the beneficiaries (if applicable). Determining how super is to be divided is generally done either through a superannuation agreement or court order. You may wish to speak to a financial advisor for individual advice.
9. Update will and life insurance
You may want to change the beneficiaries of your will and/or life insurance. Unless you update both, your wishes before your separation or divorce will be honoured.
It's also important to review and update other items including Powers of Attorney, emergency contact information and next of kin.
10. Check your credit score
You may need to apply for credit to help you pay for unexpected expenses. Knowing your credit score can help you understand how much a lender might offer, and it’s important to know that it’s correct. Find out how to check your credit score.
Splitting from your partner is often a difficult, emotional time. There’s help out there if you’re experiencing financial hardship. If you bank with us, please get in touch. We can help if your circumstances unexpectedly change. Call us on 13 3095 or request financial assistance in NetBank if you’re behind in paying what you owe. We'll work with you to develop a solution tailored to your needs.
If you're a business customer and have a business loan or a line of credit, call us on 13 26 07.
If you’re not in a position of financial hardship, there are also other ways we can support you.
Helpful links:
- MoneySmart – Getting divorced or separating
- Family Court of Australia
- 1800Respect 1800 737 732 – Confidential telephone and online counselling
- Family Relationships Advice 1800 050 321 - Counselling service to assist families impacted by separation.
CommBank support:
- Customer Support Service 1300 360 793 – Access 3 free phone counselling sessions if you’re a CommBank customer
- If you are experiencing financial abuse or domestic violence or are impacted by problem gambling, you can contact our Next Chapter team for specialist support.
- Message us in the CommBank app to have your banking questions answered or be connected to the right specialist. Otherwise you can call us on 13 22 21 for everyday banking support, or 13 22 24 for lending support (including Everyday Offset accounts) or visit a branch.
