Just split up? Five ways to fix your finances now

1. Freeze your joint account

If your relationship is over, quickly cancel any joint account mandates that you have. This will stop either account holder being able to access the money in the account until you have both agreed how the money should be divided.

2. Cancel joint credit cards

Contact your card provider as soon as you can to get the credit card frozen. No matter who ran up any debt on the card you are both liable for it. You cannot cancel the account until any existing debt has been paid off and outstanding debt could affect your credit file. So try to deal with any debt quickly.

3. Disassociate your credit files

Once joint credit products have been dealt with, contact the main three credit reference agencies - Equifax, Experian and Call Credit - and ask for financial disassociation. This means that your ex's credit file will no longer be attached to yours. If you don't do this, your ex's credit rating could affect your ability to borrow money in the future.

4. Change your beneficiary

If you have a death-in-service benefit from your employer, a will, life insurance policy or your partner is named as a beneficiary on your pension, be sure to make the necessary amendments.

Fail to do so and your ex could be in line for a windfall if anything happens to you.

5. Sort out your home

Whether you rent or own your home, a break-up can cause problems. If you are both named on your mortgage or tenancy agreement, then you are both liable for your monthly payments. Sort out how you will make the payments as quickly as possible. Then either sell your home or make arrangements for one of you to be removed from the mortgage or tenancy agreement.

If you aren't named on your mortgage but have made substantial contributions to the household, speak to a solicitor as you may be able to claim a ‘beneficial interest' in the property, which could mean you get a payout if it is sold or you could be permitted to stay in the home.