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.

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For more information on:

  • Home Issues
  • Issues surrounding the wellbeing of the children
  • Issues concerning the marital name