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AD. Let me start by saying this isn’t an announcement..! My husband and I are still really happy. However as a couple of people we know have recently announced they are divorcing, and my own relative will be going through this soon, I wanted to talk to you about the financial side of divorce.
If you and your ex-partner are amicable then the financial side of divorce may not be too difficult. You can split up your assets, you can both leave with what you came in with or you can agree to something else. Hopefully being amicable will allow you to come to an agreement that is sensible, and avoids too much expense.
Protect your home
If your home is owned in your ex-partner’s name then you can register your interest to prevent it being sold, or even re-mortgaged, without you being informed.
If your home is owned by both of you then you will be required to come to an arrangement. This may require you to buy out your ex-partner, it may require them to buy you out or your home may need to be paid to share any equity.
If your home has a mortgage, and is in joint names, then you are both liable for the whole loan, and not half each. Speak to your mortgage provider to discuss how repayments will be managed. Failing to meet the full monthly repayment could lead to your home being repossessed.
Contact financial service providers
If you hold joint bank accounts, credit cards or other financial services then contact the providers right away. Ensure that no borrowing, or withdrawals, can go ahead without consent from both partners. Think carefully before having a freeze put on your account because both of you will have to agree to remove it, this could be problematic if your ex-partner is not feeling amicable towards you.
Get help with divorce costs
If you have low savings, or none at all, or are on certain benefits, with a low income, you could qualify for help with divorce costs. While not everyone is going to qualify this could be some help with the financial side of divorce.
Protect your assets
If you and your ex-partner do not have an amicable relationship then consider speaking to divorce solicitors in London. Seeking legal advice will ensure that you are adequately protected and may be able to help you protect your assets. The financial side of divorce can feel tricky but with legal advice you may be able to retain more of your assets then you first realised.
Change your will
Look at your will and consider having it amended/renewed as soon as possible. I’ve wrote a post before documenting why you need a will. It is definitely worth a read at this stressful time as the last thing you want to do is pass away unexpectedly and leave your assets to someone no longer deserving!
Take a look at your life insurance
Really for the same reason above. Also, to ensure that you are leaving adequate provision for any children or relatives who may rely on you. Read my post to help you save money on life insurance and you could also reduce your outgoings in the process.
Look after your mental health
Whatever the reason for your divorce it may affect your mental health. Even if you are happy with the change in your marital status you may find your mental health suffering. Be kind to yourself and do things to keep yourself focused and happy. Taking care of your mental health will help you be strong and should help you financially too. When people
Get help from someone who has been there
This great post on managing your finances as a new single Mum (or Dad) is really insightful. Francesca covers a wide variety of different areas of the financial side of divorce.