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The importance of sorting out finances

It is essential to organise finances when a partner in the relationship moves away from the matrimonial home, and that partner had been the sole earner for the family.

You have to look for financial sustenance by way of tax credit advantage for child support and other benefits like housing, council tax etc. which can be enhanced or provided relief by appropriate statutory processes through professional help. You also need to put in place your own banking facility.

Furthermore, you have to liaise with authorities and provide your banking details for benefits to accrue support for your living costs. The process would certainly be tiresome with a trail of correspondence exchanged with authorities, and may also follow with a further demand for appropriate documentation. You have to understand all such requirements and processes accurately to avoid unnecessary hassles and prolonged enquiries.

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You have to clearly understand your rights over the matrimonial home, even if you move out of it due to adjustments and arrangements. You may opt to put the property for sale in the market as any other option may lead to further liabilities and devaluation of such an asset. It is also important for you to clear off the mortgage account on the matrimonial home or streamline the mortgage payments and avoid defaults. Any arrears or defaults on such an account would only complicate realisation of the asset.

There can be several instances where mortgage lenders have agreed for such reliefs in situations where the matrimonial home is jointly held. You have to approach your mortgage lender and inform them of your position and make a request for such reliefs.

However, the outcome would usually depend on your previous payment history on the mortgage account and credit rating.

Child maintenance issues can be resolved by settlement between the parties. You may also seek assistance from Child Maintenance Service. You can agree to a certain financial contributions derived from available resource and standard mechanism available. You may also take into account of already accruing benefits in your circumstances.

For more information on this subject please visit our Legal Library.

 

Contact us to see how we can help you with your finances on divorce

For more information on your options call our team on 0845 862 5001 or email mail@austinkemp.co.uk.

We have client meeting office facilities available, in order to have face-to-face client meetings / conferences as and when required in London WC2N 4JF and Manchester M2 4PD. Please contact us for more details.

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30th August 2016

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