Ask The Legal Expert - Managing Money During Divorce
- AuthorAngela Killa
Angela Killa, Director in our Family team, shares her top tips on money management while navigating the divorce process.
1. Keep communication lines as open as possible
While divorce is an undeniably stressful process, your Solicitors can help to keep the important conversations going. You will need to discuss any joint assets and income sources to scope out how to fairly divide your assets, and your Solicitors can lead these discussions on your behalf.
2. Close any joint accounts and manage shared debts
If you have joint bank accounts or credit cards, work on closing them to avoid future financial entanglements. Consider creating a new budget as your circumstances change and manage any shared debts, making a plan to split debt between you or to jointly pay them off. Your Solicitor can include debt management plans in your divorce settlement.
3. Update your Will and any insurance policies
You may wish to consider updating your Will to name new beneficiaries or writing a Will if you do not already have one. We can help with this at JCP Solicitors. You should also update the beneficiaries for any life insurance policies and/or pensions you have, as this does not automatically change upon divorce.
4. Prioritise child support
At JCP Solicitors we take a child-centric approach to family justice and will always ensure that children are prioritised during divorce proceedings. Consider how best to manage child support and who the child will live with from the start, making sure you choose what is best for your family in the long-run.