The Financial Implications of Divorce in Wembley

The divorce process is a trying experience for even the most stoic of people. The emotional toll it takes can disrupt many other aspects of our lives, such as work and our interaction with the people we care about.

However, the financial toll can be equally destructive. A case taken to its legal conclusion can cost a person almost £30,000. This doesn’t even include the financial arrangements that follow the conclusion of the divorce.

In general, divorce is far from pleasant for your mental and financial health. Here’s how the divorce process affects your finances.

The Divorce Process

The divorce process’s costs depend on three things: how the divorce is conducted, how far the proceedings go, and how complicated the couples’ finances are.

A simplified or do-it-yourself divorce is probably the most cost-effective way to handle the process. It typically involves the divorcing parties presenting a financial deal (consent order) to the court that spells out how the finances are to be divided. Once the court approves the order, the divorce is settled. However, DIY divorces aren’t available to everyone. Moreover, divorces can be messy, which can preclude this option.

Typically, DIY divorces are hindered by the circumstances of the divorce. If you have children, for example, you can’t opt for this kind of divorce. Moreover, a DIY divorce is not advised if the couple’s finances are complicated. This typically warrants the help of a solicitor, which carries its own costs.

Solicitors will generally see if there are less costly ways to resolve the divorce. However, solicitors are, more often than not, necessary to divorce. Lastly, depending on the emotional and financial turmoil associated with the divorce, the process can become more costly. As mentioned in the introduction, for example, a divorce taken to a final court hearing can cost up to £30,000.

Post-Divorce Financial Arrangements

A divorce typically involves some financial arrangements to help the more financially vulnerable spouse.

A clean break involves severing economic ties with your ex. Spousal maintenance involves periodic payments to financially support your ex. Beyond these arrangements, however, there are other financial grey areas. For instance, child maintenance payments are also typically part of post-divorce financial arrangements. Another example of a financial grey area is if a couple had taken on a mortgage before the divorce.

The circumstances of a couple’s finances can severely complicate the divorce proceedings. These complications make the expertise of a solicitor necessary. If you’re looking to clarify the financial implications of your divorce or for family law solicitors in Wembley, contact us at Wembley Solicitors. We can help you sort out your divorce and ensuant financial settlements.