Another Bank Holiday and more to come…
May 5, 2019
When divorcing or separating it is difficult to decide who gets what. Try mediaiton as a cost effective and stress free way to share.
We’re separated! So… just tell what we have to do to sort out our finances?
When the emotional pain is over, and you just want to get the money sorted many people just want to know what they have to do. The first thing to think about is where everyone will live.
In broad-brush terms the following table is relevant to separated and divorcing couples, there are many other considerations, but these will get you started on deciding where you will both live and how to finance the new living arrangements.
| Where will everyone live? | Task | Done |
| Does one of you move out? | Find out about the new rules about Capital Gains Tax and when it will affect you. | |
| Do you have a property to sell | Go to a local estate agent and find out the value of your property both in terms of what it will sell for.
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| How can you afford your accommodation? | ||
| Do you need a mortgage? | Talk to a mortgage adviser and get a mortgage offer in principle? | |
| Do you have other income to consider? | ||
| Will one of you be entitled to state support in terms of benefits once you have separated? | Go to one of the benefits calculators the most easy to use is Entitled To and it can be found by following this Link | |
| Will there be a maintenance transfer to equalise your income? | Go to the Child Maintenance Service Calculator can be found by following this Link find out the minimum suggested payments | |
| Is there a need for a spousal maintenance transfer? | General information can be found at the Money Advice Service website it can be found by following this link. | |
| What about the children? | There are many things to think about that are listed in a separate post. |
When separating and divorcing there are many considerations to think about and it is a really difficult time emotionally. If you are finding it hard to discuss the issues or you are unsure about what to do, try mediation.
Legal aid is available for free mediation for those on a low income and the other partner can get the first individual and first joint session free as well. Email us using this link Mediated Dispute Solutions to discuss your options or call us.
