Divorce and financial matters

The financial implications of divorce and separation are perhaps the most serious aspect of divorce. It not only affects standard of living but also has an emotional impact on both parties and their children.

Often the party who is caring for the children will either not be working or will have to seriously consider their options if they are in work. This will directly impact on what their needs and long term goals are for the future.

The party without the children is more often than not going to be liable for some form of maintenance for the children and perhaps for their spouse. This will again impact on their future, both financially and emotionally, in terms of new partners.

Many couples will experience financial difficulties after separation especially where only one party, usually the man, works full time.

This means consideration is going to have to be given to obtaining work, Welfare Benefits, and Financial Orders from the Court to secure income and in particular housing.

It is of course extremely difficult to generalise as each divorce or separation is different, as are each couples circumstances and finances.

In this section we look generally at financial advice and tax implications.

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Information on this page is current and last updated: 4/2/2012