Dealing With Financial Uncertainties in the Aftermath of a Divorce

When a couple is getting a divorce, there are a lot of intricacies to work out. One of these is finances.

Sorting out the financial assets from your time together, and dividing them between the partners, is often a point of contention.

The Office for National Statistics has reported on the annual divorce rates in the UK, stating that 101,669 opposite-sex couples and 338 same-sex couples divorced in a year. Regardless of the events that led to the eventual separation and divorce, the financial uncertainty that awaits both partners, is a cause of stress.

The financial assets must be divided fairly between both partners, these may include:

• Savings accounts
• Property
• Debts and pensions
• Real estate investment trusts
• Cash
• Checking accounts
• Stocks
• Certificates of deposit
• Mutual funds
• Maintenance of children and spouse

The divorce itself doesn’t mark the end of a financial relationship between you and your ex-spouse. A financial settlement—apart from the divorce—is required to separate your finances.

While a pre-nuptial agreement will protect the personal assets you acquired before your marriage, the joint assets will need to be divided accordingly. Splitting finances can be tricky if there are children involved or if one spouse financially depends on the other. Research has shown that women are often at great financial risk after a divorce.

The duration of the marriage and grounds of divorce can also make it difficult to split vital assets that are in the benefit of both partners.

Seek Professional Help

In such an event, people often find it difficult to reach a decision that benefits them mutually. Instead of drawing out your divorce proceedings, most people turn to a solicitor to mediate and provide advice.

Wembley Solicitors excels in providing professional legal guidance in these sensitive matters. We analyse the important details of the case and ensure the assets are divided in the fairest way possible.

If you’re located in Middlesex and looking for experienced solicitors to handle your post-divorce finances, we can ensure your best interests are looked after. Call us at 020 3417 3700.