Financial Steps When Going Through Divorce
Divorce can be a very difficult time. This makes it all the more challenging to agree a mutually agreeable financial arrangement. We cover the essential financial actions to take when going through a divorce in the UK.
1. Review Personal Finances Thoroughly
Before making any division of assets or financial agreements, comprehensively catalogue all existing assets and liabilities:
- Tally all savings in current accounts, ISAs, pensions, investments, etc. for both spouses.
- Itemise jointly owned property, vehicles, valuables along with outstanding mortgages or loans against them.
- Calculate personal incomes from employment, benefits, investments, business ventures, etc.
- List all debts like credit cards, overdrafts and personal loans – held individually and jointly.
Having a complete financial picture will save time, professional fees and stress. Be transparent and honest when disclosing all de