If you are about to embark upon a divorce – you need to plan ahead. I have devised a list of some of the things you should consider before you issue your proceedings:
- Financial support – If you are on low income/unemployed, think about how you will support yourself financially during the divorce and after the divorce. Depending on your ex’s financial circumstances, you can try to come to an agreement about how they can support you financially while you make all your divorce decisions. If your partner is unable to support you, you might need to apply for benefits so go and have a conversation with your local benefits office.
- Who will live in the family home? There are many different types of separations now and many couples chose to live in the same household while they are going through their divorce. It is possible to do it peacefully and I have seen many of my clients do it successfully – you just need some solid ground rules in place. If this is not possible for you, then plan your move carefully especially if you have children. Think about the long term as well as the short term. If you are the one who is moving out think about whether you will have space for your children when they come to spend time with you overnight. If you are moving out and the house is not in your name -get some advice before you move out because you might need to put a charge on the house (with the land registry) to make sure that it does not get sold without your knowledge. If you own the house in joint names under a joint tenancy, then it is a good idea to get advice on whether you should sever the tenancy or not.
- Your mortgage – A question I get asked often is ‘who is responsible for the mortgage’ and the answer is, if you are named on the mortgage, you are responsible for it, whether you live in the house or not. Remember, if you don’t make the payments, your house is at risk and your credit rating will be damaged. This topic can be discussed in detail, but I would suggest that you both have a discussion about keeping up the mortgage payments while you are working out your divorce and financial settlement. It might be an idea to speak to the mortgage lender so they can tell you what your options are.
- Council Tax Bill. If your spouse has left the family home, you can enquire with the council as to whether you qualify for a single person’s discount on your council tax bill.
- Life Insurance – If you have listed your spouse as a beneficiary on your Life Insurance / and other policies, you need to reconsider this.
- Joint Bank Accounts – some couples can continue to run a joint account even when they decide to divorce, however, if you feel that your spouse could break your trust, it is best to stop a joint account, just make sure that you account for any standing orders, direct debits, or mortgage payments that go out on a regular basis and make provision for them before you put a stop to any account. Make sure you discuss this with your ex before stopping any accounts – you want to keep the situation as amicable as possible.
- Credit Cards –if your spouse has a second card on your credit card account then you should discuss this and separate your accounts.
- Do you have a Will? If no, you should make one, irrespective of whether you are getting divorce or not. If yes, the old one should be changed so that it reflects your current situation.
- Your assets –make sure you know the finances of the family. Such as income and liabilities, credit card debts, finance agreements and loans from friends and families. Often one partner does not know the financial position and they worry that their ex is not disclosing assets/income that is available.
- Make a list of valuable household and family possessions i.e. pieces of art/jewellery/cars so you know what you have. Also make a list of all the income and liabilities so you can make an informed decision about the financial settlement.
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This article is for general information purposes only and does not constitute legal advice.
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