Going through a divorce can be earth-shattering to your emotional and financial stability. One way to feel in control of your own destiny again is to organise a strategy for managing your finances as soon as possible. Whether you are on your own or have children to think of, getting your financial affairs in order will help you move towards a positive future.
Make sure you receive a fair settlement
Regardless of the reasons for your marriage ending, it is crucial that you negotiate a fair financial settlement. What you receive upon your divorce is likely to impact your future prosperity for years to come.
Divorce is fraught with emotions such as sadness, anger, and perhaps even guilt. But when it comes to negotiating a financial settlement, emotions must be kept out of the equation. This is where your family solicitor can provide you with support. They will advise you in a pragmatic, objective way, helping you see the short and long-term consequences of any decisions you make.
Get things in your name
It may be difficult to think of practical matters such as closing down joint accounts and removing your name from credit cards when you are dealing with a separation, but this must be done. The last thing you need to add to your stress is a disgruntled ex-spouse running up huge debts that you may be liable for.
Putting things such as credit cards, bank accounts and utilities in your name can also help you feel more independent and confident at a time when life may feel like it is sometimes spinning out of control.
Update your Will and insurance policies
It is only natural to forget about the little things during a divorce, with so much change occurring. However, you need to prioritise updating your Will and insurance policies.
Many people make their spouse the primary beneficiary under their Will. If you do not change this, your ex could be entitled to most your estate, something that could cause problems to those close to you, especially if you remarry. In addition, if you die intestate (without a Will) before your divorce is finalised, your spouse will automatically receive a portion of your estate under the rules of intestacy.
Insurance companies may invalidate policies if you fail to inform them of your separation. Updating your policies is also another step towards breaking financial ties with your spouse.
See a professional
If you have a business or significant assets, either in the UK or abroad, it is important to seek professional advice. A wealth manager or accountant can provide invaluable advice on how to structure your finances after a divorce, empowering you to take control of your future.
The most important step to take upon separating from your spouse is to find an experienced family solicitor as soon as possible. They will provide invaluable support and guidance and ensure the decisions you make are in your best interests.
Gepp & Sons Solicitors are one of the region’s leading law firms and have been providing clear legal advice on all aspects of family law for generations. We have been awarded a Lexcel accreditation from the Law Society of England and Wales, and our family solicitors are members of Resolution, a group committed to dealing with family law matters in a non-confrontational way.
Please contact our us on 01245 228106 to speak to one of our dedicated family law solicitors in confidence.
This is not legal advice; it is intended to provide information of general interest about current legal issues.
