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Nelsons Law
Going through a divorce is a stressful time that can cause conflict between both parties. Specialist family lawyer and qualified collaborative practitioner Emma Davies shares her top tips with us to ensure as smooth a transition as possible into the next chapter of your life.
Understand your financial situation
One of the important things you will need to consider is the distribution of financial assets. Estimating the value of the marital pot will help give you an idea of what you may be entitled to as the Court’s starting point is equal sharing of matrimonial assets. Giving consideration to your housing needs and what you would need to purchase your own property taking account of your mortgage capacity is a helpful starting point as the Court has the discretion to depart from equality depending on the needs of the parties and their dependent children. We’d always recommend keeping a budget of your income and expenses as this will help in determining whether you would be entitled to spousal maintenance and, if so, the appropriate amount.
Collate the paperwork
Gathering together all of the relevant financial documentation is at an early date will save a lot of time moving forward and vastly aid in your preparation. Some of the documents you need to ensure you have are:
- All bank and building society account statements for the last 12 months;
- Up to date credit card statements;
- Redemption statements for loans;
- Details and documentary evidence of investments;
- Cash Equivalent Transfer Values for pensions
- Mortgage redemption statements; and,
- Property Title information.
You will also need your most recent P60 and payslips if you’re employed, or two years of accounts if you’re self-employed.
Look to the future
It can be very easy to get bogged down in the present and focus only on the current proceedings. However, it’s important to consider if it is possible to become financially independent from your spouse after your divorce and whether it is possible to undertake further training or a change of job to improve your position. While the Court can make an order providing you with spousal maintenance if you cannot meet your income needs, it will work towards the financial independence of both parties and achieving a clean break focussing on what both parties earning capacity is.
Entitlement to child maintenance is, in most cases, determined by the Child Maintenance Service. The online child maintenance calculator on the gov.uk website serves as a useful starting point to ascertain the appropriate amount that should be paid by the non-resident parent.
Document your valuables
Keep a full record of possessions with photographs if possible – this includes the contents of your house, vehicles, jewellery etc.– if anything goes missing, this provides proof of its existence. Try and agree an amicable division of these chattels as often, the legal cost in doing so are disproportionate to the value of those items.
Don’t act in haste
It can be tempting to make quick decisions such as moving out of the marital home., Take legal advice before making any decisions of this magnitude. Once such decisions are made, going back on that choice can often be far more difficult and could also have an adverse effect on your case.
Seek expert advice
The most important thing to do before starting a divorce is to seek legal advice. Having a solicitor put a strategy in place to help you navigate your way through proceedings will drastically ease stress during what we know can be an overwhelming and emotive time. Solicitors can give you a good indication of where you stand and how divorce will affect you financially. Every case is different, and it’s important you seek advice tailored to your specific circumstances.