Handling Money During Life’s Toughest Moments

Separation or Divorce

No one enters a serious relationship expecting it to end, but sometimes life takes an unexpected turn. If you’re facing separation or divorce, the financial impact can feel overwhelming, especially if you’re unsure where to start. 

What to do next

Separate and Assess Your Finances

• Open individual bank accounts and start separating finances as soon as possible.
• Take stock of your financial situation by listing your income, expenses, assets, and debts.
• Ensure clarity on who is responsible for any joint debts to avoid future complications.

Update Financial and Legal Arrangements

• Update joint accounts, loans, and insurance policies to reflect your new circumstances and protect your financial independence.
• If you own property together, seek legal advice on dividing assets and mortgage responsibilities.
• Consider child support and spousal maintenance as part of your budgeting process.
• Review your life insurance and pension arrangements to ensure they align with your financial future.

Death of a Loved One

Losing a loved one is a challenging experience, and dealing with financial matters during this time can feel overwhelming. To help you navigate this process, we have provided key steps for managing the financial side of things. 

If you were your partner’s dependent but were not married, you may also need to consider tax implications on inheritance and insurance payouts. Unmarried partners can face inheritance tax on assets passed to them, which can significantly impact their financial situation. 

To learn more about how this works and how to plan ahead, read our blog on cohabiting couples and tax on insurance payouts and inheritance tax for unmarried couples.

What to do next

Administrative and Legal Tasks

• Notify relevant parties such as banks, insurers, and government agencies about the death.
• Gather essential paperwork, including wills, insurance policies, and financial statements.

Managing the Estate

• Ensure the legal transfer of assets by the will or, if there is no will, under Irish intestacy laws.
• Identify any outstanding debts and work on clearing them through the estate.

Seeking Support

• Consult a solicitor for guidance on estate administration and legal matters.
• Speak with a financial advisor to understand how to manage inherited money, assets, or pensions. They can help secure your future with tax-efficient strategies, investment options, and long-term financial planning.
• Consider counselling services or bereavement groups to help cope with grief. Check if your life insurance providers offer free counselling and bereavement support for the family, providing emotional and practical guidance during difficult times.
• You may be eligible for financial support if you depend financially on the deceased. Learn more at Citizens Information.

Get a Financial Planning Quote with LowQuotes

During difficult life events, handling money can feel overwhelming, but taking small financial steps early can prevent bigger issues later. Whether you need to cut expenses, apply for financial aid, or seek expert guidance, having a clear plan makes all the difference. 

Financial planning from LowQuotes can help you understand your options and create a strategy tailored to your situation. Professional advice ensures you’re making informed decisions about budgeting, savings, insurance, and long-term financial security. Remember, support is available—you don’t have to navigate these challenges alone.

We provide various financial services, such as mortgages, serious illness cover, financial planning, pensions, life insurance, health insurance, and savings & investments.