Close up of a petition for divorce with pen and calculator
When it comes to dealing with the aftermath of a divorce, it’s not just the emotional heartbreak that you’ll have to digest. In fact, a divorce is rarely over as soon as you’ve got the legal documentation for your relationship breakdown!
The arrangements for children shared will need to be organised, as well as the split of finances after your separation. However, you may have struggled to find the best place to start, especially when considering that these family law issues can be extremely complex.
In this guide, Ehsan Kabir from 1Solicitors explains the best method for organising your finances after a divorce, along with the steps you should take in order to legally protect yourself:
1. Get professional advice
The chances are, there’s a family law solicitor nearby that understands the ins and outs of a financial settlement. So, use their advice!
Meeting with a legal professional will give you the opportunity to assess your current finances and allow you to understand your rights. They may also suggest alternative ways to protect your assets in the interim of the settlement being finalised.
2. Consider freezing your shared assets
In the event of a nasty or bitter divorce, you may want to consider freezing any joint assets that your partner could take. This includes joint or shared bank accounts.
Spouses that may be financially vindictive may attempt to take your shared money and claim that it was theirs. However, you can prevent this from happening by freezing the account until a financial settlement has been approved after the divorce.
Remember that if your ex-spouse takes money from this account before the financial settlement has been agreed and debt becomes an issue, you with both be liable for paying it back! Your credit standing may also be affected, in this case.
3. Evaluate the costs of your needs
In order to be successfully granted a financial settlement, a UK Court must agree that it is beneficial for both parties. For this reason, you will want to calculate how much money you need, post-divorce.
Things such as overdraft repayments, loans and the cost of insurance policies will need to be factored into this, along with the general costs of living.
4. Consider the children
You should also think about any children that are shared when attempting to organise your finances after a divorce. Depending on the type of custody granted, spouses may be required to make maintenance payments to ease the financial pressure of raising a child.
Although child maintenance payments are ultimately decided by a professional judge, you are able to put forwards a payment schedule that is agreed by both parties as being suitable. However, these may not always be granted as the main influence is the best situation for the children involved.
As you can see, organising your finances after a divorce doesn’t have to be a scary experience. By understanding your rights and attempting to work with your spouse (as opposed to against them!), there’s no reason why you should not reach a fair agreement.
