When you are going through a divorce, it is easy to focus on assets such as the family home and forget about how you are going to deal with loans, credit card balances and other outstanding debts. You or your ex may even owe money that the other doesn’t know about.
The cost of seeking expert legal advice can be such a concern for some people that they delay going to a solicitor until they absolutely have to. This is completely understandable, particularly at a time when your future financial security is so uncertain. But the issue of how you pay your divorce costs is something we can help you with and it shouldn’t stop you getting the support you need. The sooner you get expert legal advice, the better.
When you think about possible reasons why people get divorced, the more obvious ones tend to spring to mind: One person having an affair? Financial difficulties? A lack of love and affection? However, there are other, not as obvious reasons that over time can be detrimental to a relationship. Do you treat your house like a hotel? Are you addicted to social media? Read on to see if any of these feel familiar:
Following on from last week’s blog, read on to find out more about how to take back control when you are separating.
1. Time: the greatest healer?
You may find yourself in shock. This may be a position you never thought you would end up in. You probably have no idea what to do. It sounds like a cliché, but time really is a great healer. It is also important to make some time for you. Do things you like doing and make an effort to put yourself first as much as possible.
We deal with many cases involving SME’s and businesses. The impact on a business of a marriage breakdown can be significant:
- It can be difficult to focus on your work while you are dealing with the emotional fallout of your separation. This can affect financial performance, the value of the business and the level of your income.
- The business interest may well be an asset to be considered in the financial settlement.
- If the business is run as a joint venture by both of you, the future of the business will need to be decided
Taking the decision to separate is not an easy one and the added complexity of living in the same home can make the situation feel unbearable.
A common misconception in divorce is that a financial claim cannot be made once a Decree Absolute has been granted. In reality there is no limitation period for bringing a financial claim after divorce and there have been a number of very high-profile cases recently where financial claims have been brought many years after the marriage had ended.
Most people think about divorce costs in terms of legal fees and the expenses involved in selling the family home but there are a number of hidden costs that can hit you hard if you are unprepared.
Once an agreement is reached this should be put into a formal document to ensure that the terms of the agreement are clear, fully understood by both of you, and will protect each of you from possible further claims in the future.