Separation and divorce

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.

Since we separated I’ve been struggling to make ends meet. What help can I get?

Check if you’re eligible for any benefits to help you manage.

Gov.uk and Turn2us have information about benefits and online calculators that can help you see what you can claim. Alternatively, talk to your local Citizens Advice Bureau.

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.

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.

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.