5 Steps To Dividing Your Finances After A Divorce

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Going through a divorce or dissolving a civil partnership is a personal, emotional journey that can take its toll on anyone. Apart from the intricate sensitivities of such a process, the burden of division of assets has to be addressed. You may think you need a lawyer for each and every little thing-but no you do not.

Of course, this is dependent on the relationship you hold with your ex-spouse and whether you are able to communicate. If you are able to converse openly and peacefully about fiscal matters, then half the battle is won.

  1. Legal Advice

When you commence your search for professional legal counsel, there will be many paths that you can take. For instance, you can enlist the services of a mediator to assist you and your ex-partner to concur on specific matters. This would be an impartial third-party entity with no conflict of interest or self purposes to serve. You can also book a couple of sessions with a lawyer who can guide you through the paperwork, but ultimately you carry it out yourself and submit it to the courts in concern. Of course, you also have the option to utilize an online service such as https://www.joneswhyte.co.uk/family-law.html or do your own research and follow the procedure. If not, simply retain a lawyer who will do all the work for you.

  1. Handle it Yourself

Residents of England and Wales have the right to dissolve their marriage or to file for a divorce themselves or via the help of an online service. A growing number of people are beginning to take this road whilst many still employ a lawyer or a mediator. Northern Ireland law requires you come forth in person to court in front of a judge and to request a divorce or dissolution. You can apply as a “personal petitioner” and evade the requirement for a lawyer as it can get costly. The benefit of applying yourself is that you will save some precious money and will be able to exert complete control over the process. Scotland has a clear, legitimate roadmap for direct divorce applications and is termed as a “simplified divorce” or dissolution. Given its technicalities, couples have to qualify certain criteria to be eligible.  If you are making an economic claim against the other, you cannot use it (such as an ownership stake in your family house) or if you have children under the age of sixteen.

  1. Requirement

    for Professional Help

If your finances are closely intertwined with your ex-partner’s, then it is likely that separating your fiscal stance will take time and will require external legal intervention. If any of the following conditions apply to you, then you will definitely need to hire the services of a trusted lawyer.

  • If you or your partner has a disability or medical illness that impacts your ability to earn income
  • If your or your ex-spouse own a business
  • If your spouse or you do not agree to the dissolution of your marriage
  • You have been part of a civil partnership or marriage for more than a period of five years
  • Your children are at a stage where they are still economically dependent on you
  • You or your partner chose to stay at home to raise children and that has affected your current marketability to return to work
  • If you have more assets than your spouse (for instance, the family home is not in your name but your spouse’s).
  1. Contract of Separation

If you and your partner are trying to work things out but still need some space, then a separation contract can be drawn up. This will outline and clarify all fiscal responsibilities that will stay intact till you either get back together or choose to dissolve your relationship.

  1. Global Dissolution or Divorce

The legal framework pertaining to law varies in the United Kingdom. Of course, it depends on where you and your ex-partner were born and where you dwelled before moving to your current locality of residence. You can dissolve your partnership as per the laws of a different region in the UK instead of where you live at the moment. If you were born in another nation, you also have the right to apply that relative country’s law to dissolving your civil partnership or divorce. Of course, if you choose this path, you will have to recruit or refer to a lawyer who specializes in international divorce law.

We do understand how trying a period this can be and have some recommendations on how to handle it. First, let’s address what you should not be doing during a dissolution or divorce.

  • Don’t let the bills and letters from your bank gather dust by ignoring their correspondence. Stay in constant touch with them and inform them of the crisis you are undergoing so as to see what your alternatives are.
  • If unfortunately, you have a negative break up with your spouse-try to avoid getting revenge by increasing debt on your joint accounts, withdrawing money from it or freezing such accounts without their blessing.
  • Do not make strategic, important financial decisions when you are angry or emotional as you may regret it later.

What we do advise to do is:

  • Extend a hand of friendship towards your spouse and try to be as amicable as possible on a realistic level. Strive to be solution oriented and seek agreement on the payment of bills in the short term.
  • If you wish to save time and money, try to see “eye to eye” on as many subjects as you can with your ex-spouse. That does not mean you do not convey your opinion if it defers-just do so in a cordial manner where you show your willingness to cooperate.
  • Do your research and know what your legal rights are. This also means you will need to know what your obligations are. What you may think you are entitled to by virtue may not be legally yours. It is feasible that the structure of the law could paint an entirely different picture.

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