Dealing with property, money and debt

If you and the other parent are living apart, you will both need to deal with these money priorities:

  • making arrangements about jointly owned property - see the housing section for more information
  • agreeing how to sort out money and debt
  • making sure your child has child maintenance
  1. Joint assets
  2. Joint bank accounts
  3. Benefits

Joint assets

How you deal with money will depend on your own circumstances. Your property, money and debt will NOT be split in half automatically, so get professional advice before you do anything like moving out of the family home or signing documents.

If you are married or in a civil partnership and you are worried that the other parent may take joint assets like the family car, you could get a court order to stop them. See the legal section for more information.

Joint bank accounts

If you think the other parent may take money from your joint bank accounts against your wishes, talk to your bank. They should be able to put steps in place to ensure both of you sign for any withdrawals.

If your joint bank account is still active you may have to repay any overdraft, even if you didn’t spend the money. Contact your bank or building society for more advice.

Benefits

If you get benefits or tax credits, or if the other parent was claiming benefits for the family, you must tell the benefits office or the tax credits office (or both) if you separate. Also check if there is any other financial support you may be entitled to.