Please be aware that information within our blogs does not constitute financial advice.
How to get your finances in shape during a divorce
Divorce, you never think it’s going to happen to you. We all know married couples who have gone through a messy breakup, perhaps even a pair who have gone all Gwyneth Paltrow/Chris Martin and ‘consciously uncoupled’. In fact, divorce rates are increasing again following a peak in 2003.
However it all feels very different when that person is you, the stories and statistics suddenly become real life fears and emotions. Finances can feel like an added burden, exacerbating an already unpleasant situation.
Of course, your solicitor or mediator will guide you through to settlement. But it’s also essential that you take independent financial advice before agreeing the financial settlement.
Often this is sought too late. Many people only look for advice once they are in receipt of a pension sharing order, a capital sum, or when they realise they now have to make financial decisions by themselves.
Even if you are financially aware, the new pressure of making decisions by yourself is daunting. Any previous planning will have been based on joint objectives. Now, you need to take control and make a plan which will make you feel you can move your finances forward and be confident in the decisions you make.
What to consider
During divorce, you need to ask yourself a selection of basic questions. These can look tricky at first, but they are lifesavers later on.
The ‘what ifs’
These are just some of the things you need to consider. It helps to know that you are engaging with a professional, not just one who can help with your financial needs and aspirations, but who can also speak in plain English and understand the sensitivities that go with a horrible situation.