What financial matters need to be considered when going through a divorce?

What financial matters need to be considered when going through a divorce?

What financial matters need to be considered when going through a divorce?
Divorce, as well as being a very painful process, can cause a great deal of financial angst and worry too. Dealing with financial matters during a divorce is definitely one of the hardest parts of the process. It is therefore advisable for both parties to try and reach an amicable agreement about how they will handle finance issues with their soon to be ex-partner to ensure that everyone is satisfied with the outcome and that process is as smooth and pain-free as possible.
In most divorces, there are certain issues that couples will worry about. For example, if you are homeowners then you will need to think about whether to sell the house or whether one of you will still continue to live in it. Divorcing couples with children will need to think about maintenance, what it entails, how much needs to paid and how long should it be paid for. Savings and pensions also need to be resolved. Naturally, both parties will be keen to find a way through the divorce process without facing significant costs.
Arranging a fair financial settlement
It’s important for both parties to do their research and find out more about the latest legislation that affects divorce. You will need to think about what a fair financial divorce settlement looks like to you and then discuss this with your former partner to see if they agree. The more complicated your particular situation is, the more help you might need and, of course, this will potentially impact on the legal bills you have to pay. It is possible to sort out your finances without the help of legal professionals, but when there is a dispute over finances, it makes sense to have divorce law specialists to turn to so that you know exactly what your legal rights are.
Will mediation help?
In many divorces, a mediator may be able to help you come to an agreement about finances and children. However, If the split between you and your partner has been particularly acrimonious and you are not on good terms, then mediation may not be the best option. Mediation may be wrong if domestic violence has taken place or if your partner is behaving in a threatening, uncooperative or intimidating manner towards you.
Please note that in England and Wales, you need to be aware that you will be expected to attend at least one mediation session to see if it is appropriate for you before any applications to the court over money and child-related issues are made.
How a family lawyer will help
A family lawyer will help you in numerous ways during the divorce process. They will assist you with complex documentation, help to implement any agreements made between you and your former partner, and negotiate with their solicitor .If communication with your ex-partner has completely broken down, then the help of a solicitor is crucial to help you reach the right resolution for you.
A family lawyer will also enable both parties to feel completely involved in negotiations and bring in external partners to assist with any complex financial matters. For example, Accountants can be consulted to help you value assets like businesses and to advise whether assets are being hidden or if values are being deliberately underestimated.
For more advice about which financial matters need to be considered during a divorce, please contact HS Lawyers today and we will work closely with you to help you get the best outcome.