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Divorce Settlement Attorneys St Helens

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Wirral Family Law
0151-343 3150
15-19 Allport Lane
Wirral
 
Malcolm Mcguinness Solicitors
0161 928 7134
19b The Downs
Altrincham
 
Cohen Filippini
0161 929 9993
10 Greenwood Street
Altrincham
 
Lavin Copitch Solicitors
0161 941 6462
5 Lloyd Square
Altrincham
 
Margaret Patterson
0161 941 4862
17 Grafton Street
Altrincham
 
Neil Myerson Solicitors
0161 928 2065
Regent Road
Altrincham
 
Maddocks Clarke
0161 929 8494
11A Goose Green
Altrincham
 
JMW Solicitors
0161 926 9663
24 Church Street
Altrincham
 
Land Law Commerical Property
0161 928 8383
12-14 Market Street
Altrincham
 
Nicholls Henstock & Stevenson
0161 926 4636
14a Victoria Road
Altrincham
 

Separating finances after relationship breakdown

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Separating Your Finances

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Separating Your Finances

People usually follow one of two routes when they are going through a relationship breakdown. They either want an immediate financial solution and do all they can to cut financial ties, or alternatively they completely avoid the financial side of things - sometimes because they haven't been used to dealing with money. Neither option is particularly helpful in getting you through this difficult period.

During a divorce or separation, finances can take a long time to settle and you shouldn't expect things to be resolved overnight. On the other hand burying your head in the sand in relation to joint finances can add to the strain of starting again and moving forward with secure finances.

Research has revealed that the biggest single reason for debt problems is as a result of divorce or separation. Relationship breakdown contributes to 52% of all debt problems.

If there is likely to be a division of assets from a marriage or partnership then you would be wise to contact a divorce law solicitor . The Citizens Advice Bureau can also offer guidance on financial matters during relationship breakdown. For information on debt or on financial settlements and divorce look here.

What financial considerations are important during relationship breakdown?

  • Accept that dividing and resolving finances will take time - probably months or possibly even years if the courts get involved.
  • During divorce proceedings you may be unable to make changes to joint credit agreements or bank accounts. If possible, try to draw up an early financial agreement which states how debts will be split. Be careful to check joint accounts for expenditure by your ex.
  • Remember that everything in joint names means joint liability so it is your responsibility to pay off debts and sever the ties as soon as possible. No matter what you think, creditors are entitled to pursue you for joint debts whoever spent the money. It is important that you protect your credit rating to the best of your ability. Get your free Experian credit report online
  • Although a court or agreement will mention division of assets it doesn't absolve you of the responsibility of paying. So if your partner is awarded the marital home but the mortgage is in joint names you still have a contractual duty to pay that mortgage until that contract is changed.
  • If your knowledge of finance is limited then start learning quick. Make a file; get all your bills out, get copies of bank statements, list joint and personal assets. Know the situation well. Ask for help if you need to.
  • Remember that even if you are going through a divorce you have a duty to support each other financially until the divorce is final.
  • Help with legal costs is not usually available for a divorce or dissolution of a civil partnership if you are both in ...

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