The breakdown of a relationship can have life-changing consequences. If you and your partner have been considering separation, you’ll know how daunting divorce seems before any proceedings have even begun. Even the concept of separation can be the catalyst to heated arguments and rising tensions, so it’s natural that the process itself would be emotionally strenuous. The needs of a separating couple are vast, but in this time of uncertainty, your priority is stability and structure. The aim is to know exactly how things will play out, times, dates and a plan of action.
At Crisp & Co, we’ve helped a vast range of clients through the divorce process, and each has come with its own unique challenges. No two couples are the same, and therefore, no two divorces are the same. The reasons for separation will vary greatly depending on the history and current situation of the couple, but in each case, both parties will be concerned about the practical and financial implications of the divorce: how will assets be divided? How much can I expect the divorce to cost? Will I lose everything? Unfortunately, regardless of the circumstances, all divorces will affect finances to some extent. However, unless you’ve been through the process before, it’s unlikely that you’ll know how to ensure you get the best from your settlement.
To take some of the weight off your shoulders, our specialist family law solicitors will be sharing some useful tips and tricks of the trade regarding your finances during and after divorce or separation.
How will divorce affect my finances?
Divorce is famously expensive, but your individual circumstances will play a leading role in how your finances are affected during separation. As well as the legal costs of separating, the divorce will most likely have a great impact on your day-to-day life. If you and your partner have children, it’s natural for your primary concern to be whether or not you will be able to support them financially. Where joint debt is concerned, you may be faced with daunting repayments. This is vital to discuss during the early stages of negotiation, as any interest that the debt accrues will only exacerbate the situation. If you are considering divorce, you may also be concerned about how the separation will affect your ability to make mortgage repayments if you and your spouse jointly own property. With so much to consider, it’s beneficial to have a plan in place from an early stage to help ease your stress regarding the outcome of divorce.
The first step is communication.
Personal finance is a topic that many people avoid discussing in general, let alone during a divorce. While it may not be a pleasant conversation, it’s a necessary one that could speed up the divorce process altogether. If you haven’t done so already, it’s a good idea to meet up with your partner to discuss the financial implications of the divorce and negotiate the outcome. Ideally, you and your spouse will be able to reach an agreement regarding the divorce settlement as well as the division of assets, allowing both of your interests to be protected. If you and your spouse are able to do this, your solicitor should aid you in drafting a legally binding financial agreement which will solidify the decisions you have both made.
What if we can’t agree?
However, if things have already gotten too heated or your partner is refusing to communicate, it might help to have a member of our team present to assist with the negotiation. With an expert on board to guide you through, it might make it easier to come to an agreement that suits both parties. As well as helping you to find resolution, mediation can really help to bring down the costs of divorce. If the financial aspects can be resolved promptly, you will avoid the fees associated with court as well as reduce the time involved over all.
A helping hand can’t hurt.
At Crisp & Co, our qualified team of divorce solicitors have the experience and expertise necessary to help you to negotiate a settlement that works in your favour. With skillful negotiation and bespoke advice throughout the process, you can count on our divorce finance solicitors to protect your best interests every step of the way. Contact us today on 0203 857 9885 or fill out an enquiry form from the ‘contact us’ section of the website.
For more tips on managing your finances during divorce, look out for our upcoming blog posts regarding how to protect yourself in the separation process.