If your relationship has ended and you are still married but separated from your spouse, you need to be aware of the financial implications. You will be in a unique...
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For many couples that make the decision to divorce, the financial practicalities of ending a relationship are almost as painful as the emotional impact. However, divorce, with all its complexities and emotional upheavals, does not have to be a financial minefield.
Here are three points to help you navigate through this period:
Step 1: Know your figures.
Now is the time to be organised. Organisation of your paperwork will help you keep on top of often complex financial discussions.
Knowing the answers to the following questions is a good place to start:
- What is the value of your home?
- How much do you hold in bank accounts or investments?
- What is the value of your pension fund?
- What is your debt?
- What are your sources of income and
- How much do you need to be financially independent?
Gathering this information carefully and the papers to support it will help you make well-informed decisions about your future.
Step 2: Take appropriate advice.
Seek appropriate legal guidance early. A good family lawyer will give you confidence about your future and support you through this difficult transition. Your lawyer will help you prioritize your goals, educate you on your options and assure you have the information needed to make important decisions.
An experienced family lawyer will look at all aspects of your life, including children, property, business valuation, pensions, etc. to make sure you have the right resources and professionals to enable you to successfully move forward after your divorce.
Step 3: Focus on what matters most.
At a time when you are feeling your most financially insecure and vulnerable, your instinct may be to withdraw, protect yourself and make hasty decisions that are not in your long term best interest. It is essential at this time to focus on what is most important to you, not just today but also in the future.
Listen to the advice provided by the team of professionals around you and be prepared to let go of those issues that they suggest you should. Do not throw good money after bad by letting your emotions get the best of you. Do make sure that you take proportionate and measured steps to secure your finances for your future.
The specialist solicitors at Sharp Family Law are dedicated to finding the most secure, long-term outcome for separating and divorcing clients. We will guide you safely through the potential financial minefield towards a constructive outcome that helps you and your family move on with life.