Surviving Your Partner

Dealing with finances

TAKING RESPONSIBILITY

Most, though not all, partnerships share their financial resources and arrangements. After your partner's death you will have to take full responsibility for your own finances and may have to make major adjustments to the way you do things.

Some of these adjustments can be distressing. If financial problems are pressing, you may not have the luxury of a period of mourning surrounded by familiar things, the opportunity to consider the best possible time to make changes. You may be forced to sell or let your home just at a time when you would rather allow the events of everyday life to wash over you with the balm of familiar shared memories.

Whether or not you have to face such problems will depend on how your finances as a couple were organised, probably in one of the following ways:

1. One partner totally financially dependent upon the other with the dependent partner playing no part in the management of the finances.
2. One partner dependent upon the other for income, but playing a full part in the management of the finances.
3. Both partners contributing to the income but only one managing the finances.
4. Both partners contributing to the income and managing the finances jointly.

A SUMMARY OF 'DEALING WITH FINANCES'

1. Some people are more used to dealing with finances than others.
2. People who have left the financial management to their partner have to get to grips with their new situation.
3. People who have been financially dependent on their partner may be left without an income.
4. A sole-name bank or building society is "frozen" on the death of the signatory.
5. A joint account, or jointly owned property, automatically passes to the surviving signatory or owner.
6. If your partner didn't make a Will you may not be entitled to inherit anything.

DISCUSSION POINTS OF 'DEALING WITH FINANCES'

The discussion points at the end of each chapter aim to help you to relate the subject matter to your own circumstances. Suggested ways of approaching the issues are given in a separate section at the end of the book.

1. Are you satisfied that you are managing your financial affairs in the best possible way?
2. If you have to cut down on spending, what can you do without?
3. If you want more money coming in, what can you do about it?
4. Are you sure you are getting all the pensions and allowances you are entitled to?

Please note: These are extracts taken from the book, 'Surviving Your Partner'. If you would like to buy the book please click here