Finances & You

If you are separating or getting divorced then you are going to need advice on what will happen with your financial arrangements, whether you are just living together or are Man and wife.

You will need to consider the following:

What will happen to our house
Will I get or pay maintenance for my spouse
will I get or pay maintenance for my children
What happens to our savings and other assets
what about our pension rights
what about if one of us should die

Help for your financial matters can come in various guises, either as an accountant, a financial adviser, a mediator or of course a lawyer.

You will need to make sure that you have to hand all the facts and figures in documentary form before you proceed to ask for advice.

You will need to contact your bank or building society to inform them about the separation as it is often the case that separate accounts will need to be set up and arrangements made to transfer any direct debits or other payments.

If you own your own home, the lender will have to be told and arrangements made as to who will pay the mortgage and associated outgoings.

If you rent, the landlord or their Agents will have to be told, and what the arrangements for paying the rent will be.

It is advisable that if possible you can make short term arrangements to ensure that the bills continue to be paid while the negotiations for a final outcome are ongoing.

If arrangements cannot be agreed while negotiations proceed, it is often the case that an application for interim maintenance will be made to ensure the household bills can be paid. This is especially important where there are children and a home needs to be secured.

Interim maintenance will not necessarily reflect any final outcome but is a holding position.

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Information on this page is current and last updated: 12/03/2008

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