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Handling Family Finances After a Divorce

December 12, 2013  |   Posted by :   |   Blog

handling the cost of divorce

Getting divorced means adapting to a new ’normal’ for your family. If you have children, you may be concerned about how to deal with practicalities and finances once you’re separated, but with the right help from your solicitor you can start to make provisions and plans which will help you to ease into your new life as a single parent. It’s important to consider the costs involved in getting divorced as well as how to balance your finances afterwards – in all cases, the more you can agree with your partner, the easier things will be for both of you after your divorce. Here are a few things to think about when planning family finances and divorce

  • Fixed legal fees – Agreeing on fixed fees for each stage of the divorce process can be a really helpful way to budget for your separation without the worry of unexpected bills. Frances Lindsay & Co offer fixed fees for all of our services, including divorce, mediation, arbitration, and collaborative family law;
  • Child maintenance – This can be paid to whoever is primarily looking after the children. The partner paying maintenance is known as the ‘non-resident parent’ and the cost of financial support will depend on your income or the arrangements you come to with your partner. You can calculate statutory or privately-agreed child maintenance amounts here;
  • The family home – Keeping familiarity and routine is an important part of navigating a divorce when there are children involved, and many parents strive to ensure the main caregiver is able to stay in the family home. If you choose to sell your home, however, you’ll need to make careful preparations regarding living costs and the division of assets.
  • Savings, assets, income and investments – Your divorce settlement and family arrangements will depend on your circumstances and how well you are able to come to an agreement with your partner. When you separate you’ll need to take into account all your financial assets and decide on how they will be divided with the assistance of your solicitor or the court. Being honest and open at this stage of the process will help speed up your case and allow your solicitor to secure a beneficial outcome.

In many circumstances divorce can be straightforward and amicable, but we understand that sometimes that just isn’t the case. However, with the right legal help and the appropriate approach to your separation, you should be able to find a positive resolution that suits you as individuals and as a family. For more advice on family law and to book an appointment with one of our divorce solicitors, please get in touch with us at www.franceslindsay.co.uk.

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The Law Society Family Law Accredited

Resolution: first for family law

Resolution: first for family law

Resolution collaborative family lawyer

Resolution collaborative family lawyer

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Resolution mediator

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Law Society Lexcel practice management standard