How would you face up to the financial realities of splitting up? Sadly, the future can look grim because suddenly the truth may be dawning – after divorce, one partner has to face all the bills alone and often with a family to provide for.
Often the partner without the care of the children is not prepared to face up to the reality of paying maintenance for what they cost – clothes, trainers, school trips etc. We would always advise clients to focus as soon as possible on the realities of their financial future and the budget that will be needed.
We would always advise our clients to protect themselves at a very early stage by closing bank accounts to avoid becoming jointly and severally liable for debts they haven’t incurred, in case they have a vindictive or spendthrift partner. Getting involved in debts and CCJs, could severely affect your credit profile and damage your chances of getting a mortgage in the future.
All our clients in this position are strongly advised to review their wills. Divorce affects a will provision in any event because a divorce decree absolute means that the ex-spouse is “deemed” to have pre-deceased. A new will should therefore always be made, as well as a full review of your financial position going forward including life cover, pensions, investments and so on.
For expert advice on this, contact Amanda Thurston on 01992 463 727