Divorce is one of the times that MONEY is often seen in its worst light.
Many of my clients need financial help and support before, during and after a relationship or marriage breakup
Stereotypically, it is often said she went for the jugular and bled me dry. However, the reverse is also true in that sense that men get territorial and pin their status and success on how much they have in the bank. So, frequently the money stories which were perhaps dormant or indeed playing out come home to roost.
Divorce triggers all kinds of emotional pain and disrupts the life you knew forcing you into unchartered territory.
Every things changes; the people who you trusted, the loss of confidence and uncertainty about the future.
Where do you live? When can I see the kids? Do we sell the house? How much is my new mortgage to name but a few.
I always suggest that where possible healthy communications are maintained by both parties which will allow you to sort out your own finances and arrangements without the distress of court. Also, remembering to put the children’s needs ahead of your own.
You can try and agree these things yourself or use family mediation. If you are unable to reach an agreement between yourselves your will need to attend a Mediation Information and Assessment Meeting (MIAM) and then seek a Solicitor and / or consider collaborative divorce. The latter is more expensive than mediation but maybe better if you feel you are being bullied or rushed into an agreement. Finally going to court as a last resort.
Whether you want a full divorce or agree a financial separation agreement there are some basic guidelines to help you agree / discuss what is fair.
There are 5 main areas that need consideration;
- Who are the children going to live with and where / frequency.
- How will you support the children- childcare arrangements
- Where will each of you live
- What will each of you live on
- How will you share out savings, pensions and divide debts.
It is necessary for you to consider the future and as well as the current.
Nobody likes to feel ambushed. Try and find neutral place and agree what is urgent and what you would like to agree on.
Once you agree how things and circumstances are to be split and arranged you can apply for a consent order to ensure that the agreement is executed.
It is important that you fully understand the implications of your new financial territory not only just for the immediate present but for your future self also. You do not know what you do not know and to have a helping and support hand at this time is imperative to helping you move forward as quickly and easily and cost effectively as possible – saving you time and money.
As you navigate this change of direction you bed in to survive and thrive – Money is just Money and Health is your true Wealth.
If you would like help navigating your financial future before , during or after divorce please click here for a Free chat https://calendly.com/savvymoneymentor/15min/10-23-2018