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Separation and divorce

Personal finances: 9 things to do after a breakup

A breakup often leads to changes that can create uncertainty and stress, especially when it comes to the state of your personal finances. Here are some tips for a successful transition.

1. Prepare your balance sheet and budget

Drawing up a summary of your personal financial situation and making a new budget to reflect your new reality will let you better prepare for the future and make realistic plans.

The Associations coopératives d’économie familiale (ACEF) can help. For a list of ACEFs by region, consult our map of resources.

Did you know ?

Some people can benefit from government assistance to relieve their financial hardship. It’s also possible in some cases to obtain financial support from an ex.

En apprendre plus

How to Draw up a Budget - French only (ACEF Basses-Laurentides)

Outils

Budget Planner (Government of Canada)

Outils

Balance Sheet - French only (Autorité des marchés financiers)

7. Contact your insurance company

Several changes need to be made to all your insurance contracts after a breakup.

 

If one of you is covered by the other’s group insurance, this coverage may end when you break up.

If so, you’ll have to subscribe to your employer’s group insurance or to the Public Prescription Drug Insurance Plan (RAMQ).

 

En apprendre plus

Separation or divorce (Régie de l’assurance maladie)

En apprendre plus

Register for or deregister from the Public Prescription Drug Insurance Plan (Régie de l’assurance maladie)

Check with your insurance company to find out what your rights are and how to change the beneficiary of your life insurance policy.

If you move, you’ll have to cancel your home insurance contract and each take out another one for your new home.

If either of you leaves the home, it might be preferable to inform your insurer of your new family situation.

If you no longer share the use of your cars, you can ask your insurer to change the list of main or occasional drivers of the vehicles. This may affect your insurance premiums.

8. Update your will

Updating your will is always wise after a major event like a breakup. Doing this helps you ensure that your will reflects your new reality.

Please note

If you’re married, your divorce may automatically change some of the clauses in your will. Talk to a lawyer or a notary to find out if this is your case.

Learn moreChanging Your Will (Éducaloi)

Learn moreAmending a will (Justice Québec)

Resources

Are you looking for a lawyer, a psychologist, a notary, or a mediator?

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Warning

The information presented on this page is not a legal opinion or legal advice. This page explains in a general way the law that applies in Quebec. To obtain a legal opinion or legal advice on your personal situation, consult a legal professional.

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