Divorce Finances: Advice for dividing your finances during divorce

Notice: This video is an introduction and is not intended to be comprehensive legal advice. It sets out the basic points and the main principles of the subject covered. It is a summary and is in no way a substitute for carefully considered legal advice. Please speak to a lawyer for advice on your specific circumstances.

Even in the best of circumstances, it can be difficult to discuss financial matters, so it’s not surprising that so many particularly struggle with the division of divorce finances. In this emotionally distressing process, it’s particularly important that you have the right legal advice and assistance – after all, the division of finances will have a direct impact on your circumstances moving forward.

That’s why we’re offering three important pieces of advice for divorcing spouses who are trying to determine how their finances should be divided.

Prepare your financial statement beforehand!
As part of the divorce process, both parties will be asked to provide detailed information of their financial circumstances. However, it is strongly advised that you complete your statement as soon as you can – even before proceedings have been initiated.

The reason for this is simple – the sooner you have documented information, the sooner you are prepared to negotiate a fair division of your assets.

Make sure you’re giving the full picture
When you’re detailing your finances, make sure you don’t provide incomplete information. Assets that you should disclose include:
Money in bank accounts
Owned property
Pensions
Shares
Other investments

This will save you potential issues later on, and will put in you a better situation for reaching an amicable agreement.

If possible, reach an agreement outside of court
In some circumstances, having the court determine the fairest way to divide a couple’s finances is unavoidable – but in most cases, it is not. We would advise that you aim to reach an agreement outside of court, which will often lead to a less acrimonious and stressful procedure.

Additionally, if you reach an amicable agreement, you can potentially apply for a consent order online, thanks to an initiative that Astle Paterson have helped to spearhead. An online consent order is much quicker and easier to apply for compared to the traditional paper method. Please feel free to contact us for more information.

If you need legal representation and assistance in dividing your divorce finances, Astle Paterson are ready to hear your enquiry. Our expert solicitors will give up-to-date, expert guidance to ease the divorce process.