What factors will I need to consider following my divorce?

Divorce

The divorce rate is something which is continuing to rise in the UK with many couples unable to make their marriages work. If a couple decides that getting a divorce is the only option there are a variety of factors to take into account. What is not commonly thought about however, are the various factors that must be considered following the divorce.

What factors must be taken into consideration following a divorce?

The following factors should be taken into consideration following a divorce:

  • Financial issues

  • Issues surrounding the wellbeing of the children

  • Issues concerned with keeping a surname acquired due to the marriage

Financial Issues

The following financial issues will have to be taken into account following divorce:

  • What will happen to the house

  • Whether maintenance will have to be paid to a spouse

  • Whether maintenance will have to be paid to the children

  • What will happen to savings and other assets including pension rights

  • What will be the situation if one of the former spouses dies

To whom should I seek my financial advice?

Financial advice can be gained from various people who will possibly be involved in the divorce process such as an accountant, a financial adviser, a mediator and your lawyer.

What must I do concerning my finances following divorce or separation?

The main things which you should do concerning your finances following a divorce or separation can be broken down into the following:

  • Banking issues

  • Home issues

Banking Issues

One of the first things that you must do is contact your bank or building society to inform them about the divorce or separation as often it will be the case that separate accounts will need to be set up with further arrangements made to transfer any direct debits or payments.

Home Issues

If as a couple you own your own home the lender will have to be told and arrangements made as to who will pay the mortgage and associated outgoings.

If you rent your home to landlord or the agents will need to be told and you will have to organise arrangements for how the rent will be paid informing the landlord or the agents of this.

It is usually the case that short term arrangements will have been made during the divorce proceedings for the payment of bills and other such like.

Issues surrounding the wellbeing of the children

Clearly there will be financial issues concerning children following a divorce or separation with maintenance payments often required from one of the former partners. This requirement will usually be organised during the divorce proceedings but there are often other issues to take into consideration specifically aimed at the wellbeing of the child.

Divorces are often the product of an unhappy marriage with many factors causing this but one factor often remains the same – the continued arguing prior to the divorce. It is unlikely that this arguing will stop when divorced or separated partners are back in the presence of each other. The wellbeing of the child should be of paramount importance here meaning that scheduled visits and access should be adequately managed by both parties. Often parents must put aside their differences to ensure that the wellbeing of their child is kept at the forefront of their mind.

Issues concerning the marital name

As it is often the case that when a woman marries she takes the name of her husband it follows that it is often the case that when a divorce happens a woman may wish to go back to her maiden name. However, in some circumstances a woman may wish to continue using her married name of which she is legally obliged to continue using.

In certain cases a woman may become so used to her married name that she does not wish to change but in other cases due to the nature of their job they do not believe it practical to do so. For example for teachers or GP’s going back to their maiden name may cause the subjects of their work to be aware of certain details about their private life. Accordingly for women in certain kinds of professions whether to revert back to their maiden name should certainly be an issue of consideration.