Ensuring that your financial settlement reflects your needs, is key to both your and your family’s future. Sometimes, it is possible for divorcing couples to reach a settlement between themselves. Others require some kind of professional help, in the form of mediation or collaborative law, for example. Alternatively, if an agreement cannot be reached, the courts may need to become involved.
But what happens after the financial settlement is finalised and the divorce papers are signed? Most people will find that their financial situation looks very different post-divorce, compared to when they were married and living in the same property as their spouse. This means that, after your divorce, it is vital to take the time to re-look at your finances and draw up a plan, detailing how you will manage your money from now on.
It’s not uncommon to be financially worse off after you divorce, compared to when you were married. A married couple live under the same roof, share the cost of the bills and often have two incomes to support themselves on. Divorce means that the same money that once funded the cost of only one house, now potentially has to fund two places to live and double the amount of bills.
Drawing up a post-divorce budget, taking into account your new financial situation, is not only a good way to ensure that your spending reflects your new circumstances, but it can also help you to take control and move on with your life.
Knowing exactly how much you have coming in and going out, enables you to calculate your new disposable income, so you know precisely how much you have to spend, which should hopefully enable you to avoid getting into debt.
Also, if you haven’t done so already, check whether any joint accounts still need to be closed.
This is something that divorcing couples can often forget to do, as it can be tempting to place it very low down on the “to-do” list.
However, it is vital to update your will, so that should something happen to you in the future, your estate would go to the people that you want it to.
Getting a divorce can feel like the end of something, rather than the beginning. This needn’t be the case.
Going through your finances and drawing up a budget, can help you to put in place the necessary financial foundations for your new life without your spouse.
Although it can seem daunting at first, many people ultimately find the process to not only be empowering, but also something which can help them to move on.
If you are unsure as to what to do about some aspects of your finances once you divorce, it can be helpful to speak to a solicitor about your concerns.
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