Separation and divorce
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We’re separating. How do I start sorting out our finances?
Gather all the information you can on what you have and what you owe. Make a list of your assets, such as any property or savings you have (whether they're in joint or sole names), your income, outgoings and debts. If possible, draw up a financial history including your position before marriage (or civil partnership).
This will help ensure you negotiate from a position of knowledge. Also, if you plan to engage a solicitor the more information you can provide the better.
The Money Advice Service has a helpful divorce* and separation calculator.
*We use the term ‘divorce’ to mean the end of either a civil partnership or a marriage.
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Since we separated I’ve been struggling to make ends meet. What help can I get?
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What should I do about joint accounts and debts?
If you have joint debts such as a personal loan or overdraft, you’ll probably both be liable for these. Even if your ex-partner normally makes the repayments, it’s important to check this is happening. If he or she misses a payment, the lender can demand you make the repayment and your credit record could be damaged.
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Should I re-write my will?
If you’re going through a separation or getting divorced*, it’s a good idea to review your will if you have one.
If you don’t have a will, everything you own when you die will pass according to the rules of intestacy. Until you’re divorced, your ex-partner will still inherit from you under those rules.
*We use the term ‘divorce’ to mean the end of either a civil partnership or a marriage.
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How will our assets be divided?
There’s no set formula. If you can come to an agreement yourselves, either with or without the help of a solicitor or mediator, that’s the best option.
If you end up going to court, the court has huge discretion and will seek to achieve fairness. It aims for a ‘clean break’ where you won’t be left with any financial obligations to each other (other than to provide support for your children).
Generally the starting point is a 50:50 split, but this can be adjusted if it doesn’t achieve a fair result.