Money can be a tricky thing to talk about at all levels of a relationship. From who pays for the first date, to who should decide how much pocket money to give the kids, there’s never an easy way to approach these topics.
When divorce is on the cards, financial questions only become harder. The separation of two people who have been living as a unit is rarely a simple business, but the finances are often among the hardest things to deal with. Here, we take a quick look at a handful of things you should know about money and divorce.
Prenuptial agreements make things simple and fair
If you’re considering divorce, you are probably aware of whether or not you have a prenuptial agreement in place. Prenuptial agreements are a great way to ensure that what everybody gets at the end of a divorce is fair. This is particularly true in the case of divorces which are not amicable. If your partner and you are unable to reach resolutions following your divorce, it is far better to have a plan already in place.
Speed is good
If you have reached an agreement regarding divorce, it’s usually in everyone’s interests to have things move as swiftly as is reasonably possible. This can ensure that financial issues are dealt with before either party sees a significant change to their own finances. It can also make things easier to deal with emotionally if the process is dealt with in as little time as possible.
Enlisting the help of professionals like Brookman Divorce Solicitors is one of the most effective ways to ensure that the process is both fast and effective. Needless to say, this will also require a good deal of communication and co-operation coming from the two parties involved in the divorce.
You won’t be left high and dry
UK law tries to protect the interests of both parties in the event of a divorce. It is not at all unusual for a couple’s income to be coming from only one person throughout a marriage. Where this is the case, there are a number of systems in place to ensure that the person who has not worked is not left financially high and dry.
This usually comes in the form of a ‘maintenance order’, through which the court orders that the party with the higher income should make regular payments to support the other during the period which follows their divorce.