If you’re contemplating or going through a divorce, you may be worried about your future finances after separating from your spouse. This anxiety may be intensified if you are a stay-at-home parent with no independent income or earn less than your other half.
But there are ways to secure financial protection. The key is to speak to the right people early on, since if you know what to expect, some of the uncertainty will be removed.
A specialist, experienced family lawyer with whom you have a good rapport, is a good place to start. If you’re financially dependent on your spouse, they can help ensure that suitable interim financial arrangements are made. If your spouse refuses to make adequate provision, they can help you to apply to the court for an interim financial order, requiring your spouse to meet your financial needs until a final agreement is reached.
Key factors considered in a financial settlement
Whether you are the person who prepares the divorce petition or the respondent to a petition, arguments about who is responsible for the breakdown of the marriage, very rarely have any impact on what is regarded to be a reasonable financial settlement. Instead, a variety of other factors are considered. These include income, earning capacity, standard of living before the breakdown of the marriage, duration of the marriage, and most importantly, the needs of each spouse and their children. B P Collins’ family lawyers can guide you through all aspects of reaching a financial settlement.
It’s also important to discuss your situation with a financial advisor whom you trust, to get financial planning advice who, along with your family lawyer, could help get you where you want to be.
Five things you need to know by B P Collins family team.
- Speak to a lawyer early on, since if you know what to expect, some of the uncertainty and stress will be removed. If you’re financially dependent on your spouse, they can help ensure that suitable financial arrangements are made.
- If your spouse refuses to make adequate provision, you can apply to the court for an interim financial order, requiring your spouse to meet your financial needs until a final agreement is reached.
- Whoever is responsible for the breakdown of the marriage, rarely has any impact on what is legally regarded to be a reasonable financial settlement.
- A variety of factors are considered in a financial settlement. This can include income, earning capacity, standard of living before the breakdown of the marriage, duration of the marriage, and most importantly, the needs of each spouse and their children.
- It’s also important to discuss your situation with a financial advisor to get planning advice and to help decide where you want to be over the next few years.
Although B P Collins’ family team offer advice and guidance based on many years’ experience, it is your divorce and it is you who gives the instructions – a relationship that we will always respect. Get in touch with Sue Andrews at sue.andrews@bpcollins.co.uk or call 01753 889995 to see how we can help you today.
