The prospect of divorcing can itself be emotionally difficult but often the financial aspects of the end of a marriage can be even more difficult to navigate.
Below we offer some top tips to consider in an effort to make the financial side of things easier and clearer to manage:-
- Know your own income
It is important that you are aware of your own monthly income from all sources e.g. wages, dividends, child benefit, state benefits. Be aware of joint income as well so that you understand the total amount received into the household. You should bear in mind your responsibilities of any joint debts.
- Assets
Be aware of the value of any assets you have e.g. house, investments, shares, cars, jewellery, artwork. It is the net value that will be required so for example, this may include obtaining an up to date mortgage redemption statement if the property is mortgaged.
- Where you will live once divorced
If you separate it is important for you to understand that your standard of living will not be the same as it was when you were living together. For example, consideration should be given as to whether you wish to remain living in the family home and if so whether you can afford to do so. Other options can be looked at in terms of areas to rehouse and whether you require a mortgage or whether renting is appropriate. Factor in where your children, if any, go to school, your support network and your employment.
- Pensions
Be aware of your pension provision and that of your spouse. Both parties will need to have an up to date CEV (Cash Equivalent Transfer Value) of each of their pensions. This is not the same as an annual benefit statement. It can be requested directly from the respective pension authority and is usually provided free of charge once in every 12 months. It can take 3 months, or for some public service pension schemes even longer at the current time, to receive the CEV from the time of the request.
RJT Solicitors offer an approachable and professional service with a view to achieving the best solution for you in what can appear at the start, to be an impossible situation.
If you wish to benefit from a non-obligation free 30-minute appointment regarding financial matters please do not hesitate to contact us on 01257 228027 or info@rjtsolicitors.co.uk
