In an emotionally difficult time, your head may not be in the right place to deal with how to calculate a fair financial settlement in your divorce or breakdown of a civil partnership. This is why we’ve compiled a number of easy-to-follow tips and guidelines to help you decide what’s fair for the both of you.
Know the law
Before you choose a solicitor who will take care of your divorce procedure, you should have some knowledge about the law regarding this process. In most cases, a financial settlement should be fair and give priority to the welfare of any children involved, and this does not matter why you and your partner have decided to part ways.
Choose a mediator
It’s usually best if you can negotiate a settlement before the divorce, but if you and your partner are struggling to communicate with one another, it may be a good idea to use a mediator. Choosing someone impartial to help you separate will avoid you having to go through a court to get what you deserve out of the breakdown of your marriage. This should never be a family member or a close friend. Instead, choose an organisation that specialises in this type of advice such as Relate or choose a solicitor that is known for their experience with family law. This way, you’ll be sure that they will know all about the emotional strain a divorce can have on all those involved.
Work out your assets
Each divorce case will be treated uniquely in a court of law, and there is no exact rule about how this is done. However, you should always aim to work out the total value of your assets together and how they can be fairly split between the two of you. The primary reason for this is to make sure that any children are taken care of and that any debts you have in both your names will be dealt with. Other things such as savings accounts, property value, valuables and investment portfolios should also be taken into account.
Consult your prenup
A prenuptial agreement is now a legally abiding process in the UK. This sets out the property and assets that are owned by you and your spouse so that if you ever end up separating, things can be split fairly. Your chosen solicitor should have a copy of your prenuptial agreement so that they know exactly what has been agreed on previously.
Disassociate from your ex
Once you have divorced, shared finances can continue to show up on your credit record, and this may hinder your ability to get financial loans such as credit cards or mortgages. Make sure that this doesn’t happen by disassociating with your ex, which can be done by requesting a notice of disassociation from a number of credit reference agencies. This way, an application for any further finances that you need later on in life will be treated fairly.
If you’re in the stages of completing a divorce, you should find this information helpful enough so that you can develop a practical view of the situation. This way, you’ll be able to achieve your desired outcome.