Divorce Financial Advice
Divorce can be a difficult time both emotionally and financially. There can be many causes for distress but it's vital to take time to consider the impact a divorce may have on your finances. Take a positive and proactive approach in arranging your new life and circumstances: a divorce can be the cause for a fresh start in both a personal and financial sense.
If you're going through a divorce, financial advice that you may require could include:
- Managing the legal cost of a divorce:
- Bringing a marriage or civil partnership to an end will involve a legal process which must be paid for. In order to resolve financial arrangements it is likely that court fees will have to be paid amounting to few hundred pounds. As a result, it must be decided whether each party will pay their share off the costs, if one party will pay for both sides or perhaps, if your income is low, if you qualify for help with mediation and legal costs depending if your solicitor offers legal service funding.
- Fair ways of splitting up assets:
- Assets which need to be taken into consideration may include property, possessions, savings, insurance or pensions. Seeking specialised divorce financial advice may relieve some of the stress involved in rearranging, switching or potentially closing a range of products.
- Arranging new financial plans:
- This may include - Financial planning and products in order to fund maintenance if one partner is relying on the other to top up their income. - Remortgaging property if the family home is sold or transferred from joint to sole ownership. - Transferring pension schemes or switching from a joint annuity to a singular one.
Now could be a better time than ever to get your finances into gear. Whilst the vast majority of financial issues that arise from a relationship breakdown can be resolved by agreement, it is always best to seek help from a third party such as solicitors and financial advisers well versed in divorce matters. Indeed, unless your affairs are straightforward it may be very difficult to set new financial arrangements without professional help.
It may be wise to get help from an independent financial advisor who can offer impartial advice on managing your finances.
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