The importance of sorting out finances following separation

For many the prospect of separating from a long term partner or spouse is so emotionally draining, that getting around to sorting out the longer term financial consequences as well is simply too much to contemplate. The cost of sorting out issues is also a major concern – merely thinking about seeking legal advice feels like an expensive exercise. It’s hardly surprising therefore that I find that many clients put off the day when they consider these very important issues.

However, this can cause real problems, and is something to be avoided.

Many family solicitors are aware that more couples, both married and unmarried are splitting up.

No-one quite knows why – some say this is due to the economy recovering; people can afford to split up again. It is said that if you feel secure in your job, you are more willing think about going it alone, and being independent of your partner financially. The housing market is also moving again, so selling the house to enable you to go your separate ways becomes more of a realistic possibility.

From a matrimonial solicitor’s point of view however, delaying sorting out the long term issues regarding children and finances after separation just complicates matters. Life moves on and people carry on spending their money, taking out loans, inheriting, saving and even winning money, which can result in arguments about whether spending was reasonable or an inherited or saved asset should be included in the ‘pot’. Also you should consider what would you do if the house sells quickly, before you have agreed the division of the equity; no one wants to lose a purchaser, in that scenario.

The law is clear – parties should, so far as is possible, be able to have the certainty of knowing what is theirs for the future. That way, what you choose to do with it is your business.

Sorting out such issues at the time of separation is often therefore the key. Not only have I twenty years of experience of advising clients over these very issues, but I also aim to be as clear as possible with you regarding the fees and costs of separation. I offer a ‘fixed fee interview’ scheme so you can obtain preliminary advise at a reasonable cost, and get the tailored advise you need for your own personal situation.