To hopefully make it quicker and easier to reach a financial agreement with your ex, here are the five key things to think about:
You should also be honest when working out how much you’ll need to live on after the divorce. Take the time to work out your potential living costs in detail, so you know what you need to get out of the divorce settlement. Get it wrong, and you could be in real financial difficulties later on.
2. Debts are just as important as assets
While you and your ex are talking about how to split your assets, you should also think about who will be responsible for any debts. Matrimonial debts may include credit cards, loans, mortgages and credit cards. When you separate, you’ll need to share the responsibility for these debts.
3. Factor in divorce expenses
When totting up your assets and discussing financial settlements, it’s easy to forget about the costs of divorce itself. You’ll both have legal and other fees to pay, especially if your case ends up in court. These expenses can eat into your savings or affect other financial arrangements.
4. Don’t forget about pensions and tax
Pensions are perhaps your biggest financial asset after the family home. Despite this, so many separating couples forget to talk about them when discussing a financial settlement. Speak to the Pensions Advisory Service for free advice, or consult your divorce lawyer for the best way to split pensions fairly. You’ll have lots of options, and some can be quite complicated to understand without expert guidance.
Divorce can also have tax consequences, especially when it comes to dividing pensions. Again, you’ll need to seek specialist advice from a financial advisor or accountant to understand the best options for you.
5. Get advice you can trust
Your divorce solicitor isn’t just there to file the paperwork and give you legal advice. They can also be enormously helpful when it comes to financial matters. Your solicitor can help you with assessing your assets, negotiating with your ex and working out what you’re entitled to. They can recommend the best financial arrangements now, and for the future.
Need help with negotiating a fair divorce settlement? Get in touch with our friendly, highly experienced team here at Liverpool divorce solicitors Tracey Miller Family Law- give us a call on 0151 515 3036 or email info@traceymillerfamilylaw.com.