10 Financial Tips for Separation and Divorce

January 22, 2015  |   Posted by :   |   Blog

fixed fee divorce

Facing the financial repercussions of separation and divorce can be daunting, especially if you are entering into a complicated process involving disputes over children or money. No matter how you choose to separate – whether it’s through arbitration, mediation, collaborative family law, or a court divorce – keep the following tips in mind to help you stay on top of your finances.

  1. Speak to your solicitor about fixed-fee services so that you can put a price to each stage of your separation process and budget accordingly. Fixed fees can take the anxiety out of unknown bills and allow you to plan for the future with solid figures in mind.
  2. Try to make a practical arrangement with your ex about how your finances will be divided during the separation period. You will both need funds to proceed and if you can stay civil over money for the short term, you will be able to complete the process much faster.
  3. Don’t cause unnecessary delays for your case by antagonising your ex. No matter how hurt you feel, the longer your case continues, the higher the costs will be.
  4. Keep your bank informed. If you have any joint accounts with your ex, let your bank know that you are separating and change the way your account works so that each party requires the confirmation of the other to take out or borrow money. You don’t want to end up eligible for debts run up by your ex.
  5. Get advice from a qualified solicitor on any property and mortgage issues. You may need to sell your home to divide up assets, or change the deeds to remove one partner’s name. Keep all financial information relating to your property safe and easily accessible so you can prove how much you have contributed.
  6. Make the most out of appointments with your solicitor and use the time wisely. You are paying for their guidance and advice – don’t waste each session complaining about your ex’s behaviour.
  7. Be honest with your solicitor. Lying, exaggerating, or avoiding answering important questions will only extend your case and increase the costs you will have to pay. Making false accusations and statements in court can also result in serious charges or fines.
  8. Budget for life after separation. Consider every aspect of your new life: the cost of finding and furnishing a new place to live, changing childcare arrangements, paying legal costs and child maintenance. Making practical plans early on can help you to feel less overwhelmed by any debts resulting from your separation.
  9. Resist the urge to splurge money to make yourself feel better. Retail therapy might be very appealing right now, but this is not the time to be frivolous with your money. Save your funds until your divorce is complete – that way you’ll know exactly how much money you can afford to spend on a relaxing holiday or new clothes.
  10. 10. If you’re struggling to pay your bills, tell your solicitor as soon as possible. Burying your head in the sand solves nothing – speak frankly to your solicitor and they will help you to find a solution you can afford.

You can find more help with budgeting for life after divorce here, or call 01628 634667 to discuss your situation with the down-to-earth divorce solicitors at Frances Lindsay & Co. We have offices in Maidenhead and Beaconsfield, and can also arrange meeting rooms in London. Let us take the weight off your shoulders with fixed-fee legal services and expert advice on divorce and separation.

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