How to Settle Finances After A Divorce

The word divorce is capable of conjuring up images of bitter and angry exes fighting each other in court; ugly, drawn-out court battles and rapidly draining bank accounts.

Going through the long procedure of divorce can be wrenching. Settling finances for ex-spouses who do not see eye to eye anymore can be an even more difficult and acrimonious process. Coming to an agreement means setting everything in black and white, financially.

For couples who’ve already signed a prenuptial agreement prior to getting married will have no trouble in the event of a divorce because all their financial assets have already been neatly divvied up; they just need to follow through.

But sorting out money matters for a couple who haven’t signed such a contract can be a daunting task; most couples are unable to agree on division of assets while some don’t even know where to start from.  In order to reach a fair and mutually beneficial financial settlement, you and your partner will need to get into the nitty-gritty of your finances.

We recommend that you focus on the following financial concerns after a divorce to reach a settlement.

Immediate Financial Concerns

Your emotions may run high immediately after a divorce and settling money issues can flare things up. But it is important to keep both your financial matters stable. Both the partners should honestly disclose their financial situations to each other. Whether it be done through mediation, through divorce lawyers, or through court proceedings, financial disclosure is important.

Partners should divulge any possible debt or loan situations and keep each other informed of their income and expenses.

Maintenance After Divorce 

After divorce, your households may separate into two but your income remains the same. If one partner is financially dependent on the other than the breadwinner of the family will have to agree on monthly spousal support, or alimony. If the couple have any children then they need to consider child support alongside custody agreements as well. It is better to hire a legal solicitor to sort out the details of the case.

The Family Home

Whether the family home be sold or not is a central concern in the aftermath of a divorce. For a couple who has no children, it will just be a matter of selling the home and dividing the proceeds in an equal manner, but with children involved, it is better to disrupt them as little as possible. Each case is different so it is better to take legal advice about your housing situation from a divorce lawyer.

If you are in search of a law attorney to help you sort out the financial details of your divorce settlement, we recommend you contact us here at Wembley Solicitors. We offer expert legal advice on divorce cases and can help you reach a mutually beneficial agreement.

You can contact us at 020 3417 3700 for further assistance.