The emotional upheaval & difficult financial decisions
The emotional upheaval of divorce can be difficult to deal with, but so too can the financial implications.
There are many decisions to make before you end your marriage permanently – for example:
- How will you divide any money
- What will happen to the shared home
- If you have any children, where will they live
For anyone embarking on a divorce via the courts, unfortunately it’s likely to be a rough road ahead, which takes its toll both emotionally and financially and it is known to take a very long time (14 to 24 months) to settle after a split. (see Legal services section)
Depending on how aggressive/amicable is your divorcing partner, there are some things that may need your immediate action/attention, e.g. Check and record how many accounts are under your name and remove any details of your divorcing partner from these accounts.
Once you have filed for the divorce, instruct the bank to freeze any accounts in joint names so that money does not get siphoned off by your divorcing partner.
Record and cancel any direct debits that the divorcing partner has placed on your accounts
decision to be made about the car
decision to be made about the house
decision to be made about the contents of the house – (Chattels is the legal term that refers to personal possessions. In the context of divorce or separation this will include the contents of your home, cars, pets, even jewelry etc but not financial assets or property such as a Family home).
decision to be made about the children and their expenses
freeze all the joint accounts
Make a list, if possible, of all the accounts (self, partner’s and joint) that you are aware of.
Make a list of pension schemes
Make a list of all the assets/shares/investments that you are aware of.
You may need to provide names of a conveyancing solicitor (if the house is going to be sold to either of you, or in an open market or closed auction bid – which ever ordered by the judge or decided amicably by yourselves).
