For very many couples divorce is a sad outcome, emotionally and financially. However, there are many things you can do to make the process easier should this unfortunate situation occur.
KEY TAKEAWAYS
- Since April 2022 a ‘no fault' divorce came into effect in England and Wales. This finally removes a need for blame as a basis for divorce. The respondent to a divorce is also no longer able to contest it.
- Seek legal and separate financial advice immediately. A Financial Consultant can consolidate all your finances so any legal decisions on advice can be taken with accurate information.
- Cancel any financial commitments in joint names immediately including credit cards, joint accounts, loans and even overdrafts.
- In England, Wales and Northern Ireland the total value of the pensions you have each built up is taken into account excluding the basic state pension. In Scotland only the pensions you have accrued during your marriage or civil partnership are applied.
BEST MOMENTS
‘Keeping a level head to negotiate a fair financial settlement is absolutely vital.'
‘You will need to draw up a list of assets that are first and second homes, pension pots, investments, value of any businesses etc, etc.'
‘Normally anything built up before you were married or after your date of separation does not count.'
VALUABLE RESOURCES
Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth
Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth
ABOUT THE HOST
Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.
“Live For Today, Invest For Tomorrow”
CONTACT
Tony's official website: https://ttwealth.co.uk/
Facebook: https://www.facebook.com/TonyThomas.IFA/
LinkedIn: https://www.linkedin.com/in/tonythomas2/
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