Getting your finances in order for the divorce process
How are finances divided up during a divorce? How can you best prepare for this process?
The current cost-of-living crisis means we all have to tighten our belts a bit further. However, there are a particular group of women who experience anxiety and concern about their finances for another reason altogether.
Women who are considering or currently going through the divorce process may understandably be feeling stressed and frightened about the financial implications of divorce and could even be tempted to stay in an unhappy marriage purely for financial security.
However, this often leads to resentment and tension, and not just between partners, but can affect children living at home, and can have a lasting and often damaging effect on one’s mental health.
Because of this, it's more important than ever to plan carefully for your immediate and long-term financial security before reaching a final settlement.
I was delighted recently to speak with Neil Russell, Head of Family at Seddons Law Firm. Neil offered reassurance on the divorce process, and guidance on how to cope and plan for financial security during and after your divorce - especially in this current economic climate.
As an experienced family law expert, Neil advises on all aspects of relationship breakdown, including divorce, children, and finances. His clients come from all walks of life, from stay-at-home parents to captains of industry, high-profile celebrities and owners of family businesses.
He is recognised in Legal 500 as being "one of the 'go to' men in the London matrimonial world" and regularly appears on LBC Radio on the Family Legal Hour.
The last couple of times Neil and I spoke, we talked about the actual divorce process, and we also looked at the different sorts of financial forms that people need to consider.
There are a lot of women who may have been considering divorce for a while now or are currently in the process. Some may be stalling or putting it off altogether because they're understandably scared about their financial futures.
Many women have relied on their partners to take the lead when it comes to finances, and we hear often from vulnerable women who just don't know where to start.
Neil talked us through the first steps for anyone considering divorce and gave advice on a range of concerns, including general finances, property, pensions, and retirement. He also explained various factors which determine the distribution of assets and recent changes in legislation which allow for a no-fault divorce.
We discussed menopause and its impact on relationships, and touched on how to work efficiently with your divorce lawyer to avoid inflating your legal costs unnecessarily.
If you want to get in touch with Neil or Seddons Law Firm, you can find his listing in our specialist’s directory or email us at hello@lattelounge.co.uk and we can put you in touch.
For anyone that's reading, especially if you’re only just considering divorce or separation right now, it probably feels overwhelming and incredibly frightening and there's an awful lot to consider. In our last interview, we looked at creating a detailed future budget and would urge people to read the past articles below.
How are finances divided up during a divorce? How can you best prepare for this process?
Have you recently separated from your partner? Here's how to arrange financial support after you separate.
This is a guide to how to get a divorce, written by family lawyer Neil Russell. Find out the divorce process & the steps you'll need to take.
Going to court can be a minefield for most. Family lawyer, Shahzea Tahir explains a bit about how the courts can help, if necessary.
Find out how getting a divorce or separation, doesn’t have to be a daunting and scary task. Divorce sounds scary but it doesn't have to be.
Tips to help you decide if divorce is the right option for you. This divorce thing is not for the fainthearted.
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