Sitting back and waiting for the other party to sort everything out, or worse still, assuming they have done it for you, is a recipe for disaster!

Here's some of the most important things that you should personally do to disentangel your finances, or get written verification that your ex has made the necessary changes:

1. credit cards - any joint accounts should be paid in full and then closed. If you have an unpaid credit card balance and only shut the account down to new charges, either party can re-open the account at a later date, leaving the other person equally responsible for the new debt. Make it a priority to get the balance paid off so you can permanently shut down the account.
2. Loans - you need to establish who is responsible for any outstanding debts (this may be a formal part of your separation agreement). When that's been decided, the crucial step is to make sure that the loan agreement and the title are switched to the person who assumes responsibility.
3. Beneficiary designations - update the person you have listed as your beneficiary on every investment, superannuation acount, and savings account as well as your insurance policies. No matter what your will or trust says, if your ex is still listed as a nominated beneficiary - they could inherit your assets.
4. Updated your will - make sure you make a new will that provides updated direction for the distribution of your estate upon your death.

Make sure you have control of your life and you're not left holding the can for someone else's bad financial management.

Addwealth for Women have developed a number of strategies that can easily help keep you on track to achieving your financial goals.

Why wait to be wealthy? Call Addwealth for Women today 08 9284 3144 or register online at www.addwealthforwomen.com.au

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