When people go through divorce, they tend to focus on emotional aspects of the process. This is completely understandable. Divorce is likely to have all sorts of emotional and psychological repercussions, as you will have had to go through some negative changes in a close and intimate relationship that you previously had with someone you held dear. However, it’s also important to remember that a divorce can impact areas of your life other than your relationships.
It can significantly affect your finances too! When you get married, if you do not have a prenuptial agreement, you agree to manage your money and assets together. When you break up, splitting finances can prove to be difficult, as many split couples become bitter and cannot come to an agreement in regards to how they are going to separate money and assets that were once jointly owned. But not to worry. Here are just a few pieces of information and advice that could help you to deal with financial issues commonly associated with divorce.
Figuring Out Whether You Need Professional Help
If your marriage has ended on relatively good terms, was a mutual agreement, and you and your partner are being civil with one another, you may be able to deal with your financial split yourself. However, if you are experiencing problems and cannot communicate with your partner fairly, courteously, or effectively, you may need to bring in professional help. Many turn to legal aid throughout the process.
How the Court Splits Assets
The court generally splits assets based on how long a couple has been married. They also take other factors into account, including individuals’ age, ability to earn, property and money, living expenses, standard of living, and role in the marriage (such as whether you are the breadwinner or primary carer).
Division of Property
If you were cohabiting with your partner in a property that you owned together, you may have to deal with the division of property. This is a judicial process that will determine how the property and the assets inside it are split. In some cases, one person will remain living in the property. In some cases, the property will be sold and the money made from the sale will be split equally.
If one partner earns significantly more than the other, they may be required to make maintenance payments to ensure that their partner can still live the same quality of life that they became accustomed to during the marriage. These payments may be imposed by a court for a limited period of time, but, generally speaking, the payments will continue until the partner with a lower income marries or enters into a new civil partnership.
Hopefully, the above information will help you to deal with various financial issues that come hand in hand with divorce. Being familiar with the basics, as well as your rights, can help to ensure that you receive what you are rightfully entitled to!