By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Topics

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Finance
    • Marketing
    • Technology
    • Business Books
    • Wellness
    • Interviews
    • Franchise

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Trending
    TrendingShow More
    Communicate Better
    Start Your Business Start Your Business
    Majority of UK Employees Looking for a New Job
    Start Your Business Start Your Business
  • How To
    How ToShow More
    Tips for Running a Restaurant in the Most Efficient Way Possible
    Start Your Business Start Your Business
    Becoming self employed…
    Start Your Business Start Your Business
    Vet Start up
    Start Your Business Start Your Business
    Builder’s Growth
    Start Your Business Start Your Business
    Market for Construction
    Start Your Business Start Your Business
  • Agenda
    AgendaShow More
    How to Keep Your Business Compliant When Selling Internationally
    Start Your Business Start Your Business
    What does the future hold for plastic packaging?
    Start Your Business Start Your Business
    How International Hiring Can Help Startups To Scale In 2023
    Start Your Business Start Your Business
    Creating and Maintaining a Culture of Equality in Your Business
    Start Your Business Start Your Business
    The Great Resignation or Quiet Quitting
    Start Your Business Start Your Business
Reading: Divorce & Finances
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Contact
  • Blog
Search
  • Agenda
  • Blog
  • Finance
  • Growing
  • Marketing
  • Opportunity
  • Starting Up
  • Technology
  • Wellbeing
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Divorce & Finances

Start Your Business
Finance Lifestyle
Share
4 Min Read

Dealing With Finances With A Dissolution Or Divorce

Divorce or dissolving a civil partnership is never a nice experience, it’s mixed with hard feelings and tough decisions. On top of this, you may be wondering how much you are able to sort out yourself and if you need legal help. This depends on you and your ex-partner, how easy do you find it to discuss financial issues? 

When working out what level of help you need, have a look at these options: 

  • You could arrange it all on your own or using an online service
  • You could arrange for a few legal advise sessions, but fill out any paperwork yourself. 
  • You could use a mediator. 
  • You could use a solicitor to go through the whole process including financial settlements and a pension sharing order. 

There is no straightforward way to tackle your finances after a split, some will be better sorting it out on their own, others will be better using legal help. 

However, some break-ups can become bitter and lengthy because couple can’t come to an agreement about finances. In that case, professional help may be needed. 

Reaching an agreement can be easier if: 

  • You both agree to the dissolution or divorce
  • You don’t have any children or they are grown-up and no longer financially dependent on you. 
  • One of you doesn’t financially depend on the other. 
  • You already agree on how your pension and property should be split. 

Some clear signs that splitting your finances might be complicated include: 

If your financial situation is complicated, reaching an agreement and separating your finances could take some time. This is when you will likely need professional help. 

  • One of you (or both) owns a business. 
  • One of you depends on the other. 
  • One of you doesn’t agree to the dissolution or divorce. 
  • You still have young children that depend on you financially. 
  • You have been married or in a civil partnership that is longer than 5 years. 
  • One of you has a disability or medical problem that prevents you from earning an income, this can affect your ability to earn an income. 
  • One of you hs more assets ( such as the house being in one person name, or one of you has a bigger pension)

Unless your split is agreed between the both of you and amicable, it might be very tempting to feel like you can ‘punish’ your ex when dealing with your finances, you should ideally try to avoid this so you can both get back on your feet. 

Try following some of these tips: 

Do

  • Try to reach an agreement about the bills in the short-term
  • Try to agree as much as possible before you seek legal advice. 
  • Be aware that what you think is reasonable, the law may see it in a completely different way. 

Don’t

  • Don’t use the finances to get back at your partner such as running up debts, freezing accounts, or stopping payments. 
  • Don’t make a decision that could help you feel better in the short-term but be bad for both you and your ex-partner in the long term. 
  • Don’t ignore any bills or letters. The earlier you contact them to let them know the situation the more likely that they will be able to help. 

Even though this time may be complicated, just remember if you can sort things out amicably that’s great, however, at times its just not possible.

 

TAGGED: header

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business August 25, 2020
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Join Us!

Sign up to our free newsletter and never miss a hot topic!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?