‘We’re splitting up. How do I possibly sort out the finances?’
Depending on how long you have been together, it is highly likely you will have accumulated some assets. It is essential that you get organized and make a list of what assets you have, together with the overall household income and liabilities/expenditure. Your solicitor can help you with this. In addition, they will help point you in the right direction of the legal options open to you in relation to your finances.
Some of the options available to you are:
- Money to get you what you need now when the divorce petition has been prepared. You can apply to the Courts, to ask for a short-term order, to sort your short-term financial problem out temporarily before things are finalised. More info on this is available at GOV.UK – Financial Orders.
- Periodical payments for you, for your future. Regular, weekly, or monthly payments from your spouse for either you or the children or both. Please, call us and we’ll tell you more.
- Capital orders: The home, money in the bank and all the assets, sole name or joint, all end up in the pot for fair distribution between you.
- Lump-sum orders.
- Property adjustment orders: In other words, transfer of ownership of the home(s) to your name (or theirs), subject to fair conditions.
- Order for sale of the home or other assets: Possibly subject to conditions like repairs to get the best price, turning into a lump sum for fair distribution.
- Pension sharing order: You can get a share of your spouse’s pension and have your own pension company invest your share.
Many couples believe that they do not require a legal professional’s help if they can agree financial matters between them at this stage. This can become problematic further down the line, and if you do not have an agreement in place, then it is much more difficult to deal with.
We would always recommend you take legal advice in relation to your finances when separating and often find that the benefit will outweigh the cost.
If you are facing financial decisions during your divorce, don’t navigate this complex process alone. Getting expert legal advice early can protect your rights and secure your future. Whether you need help organising your finances, understanding court orders, or negotiating settlements, our experienced family law team is here to support you every step of the way.
Contact us today for a confidential consultation and take the first step towards financial clarity and peace of mind.