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Divorce is a difficult process for any couple, emotionally and financially. It can be a long and complicated period with many factors to consider. One of the most important is how finances are divided. When couples get divorced, they must decide how to divide their joint assets, debts, and investments in order to ensure that both parties receive a fair settlement. In this blog post, we will explore some of the financial implications of divorce so that you can make informed decisions when dividing your finances in a divorce.

Division of Assets & Debts

When it comes to dividing assets and debts in a divorce, the court will usually take into consideration the length of marriage, each partner's income level, and other factors such as whether there were any prenuptial agreements in place. The starting point is to divide assets and debts equally between the two parties, then taking into consideration several factors governed by the leading legislation for divorce, the matrimonial causes act 1973 section 25. As an example, if one spouse has racked up credit card debt during the marriage then they may have to retain that debt even after the divorce is finalised, instead of the debt being shared between both parties. However, if the debt that has occurred with co-signatures of both parties, such as house mortgages and car loans then both parties could be responsible for repaying said debt after the divorce. It is imperative that you receive good support and guidance throughout the divorce to ensure your best interests.

Spousal Maintenance

Another important factor to consider when getting divorced is spousal maintenance payments. This is money paid from one spouse to another for maintenance or support following a divorce or separation. Spousal maintenance is paid by one spouse to another before the final dissolution of the marriage.           

In most cases, spousal maintenance is paid until either party remarries or until certain conditions have been met such as reaching an agreed upon amount or date. Spousal maintenance can be ordered by the court, but they are not always necessary. It’s possible for couples to come up with their own agreement regarding maintenance outside of court proceedings. Again, having the support and guidance of experts in this field can seriously help aid you during your divorce and to ensure all agreements reached are legally binding. Call us on 0800 803 0813 to discuss your situation further.

Conclusion

Divorce has many financial implications that should be considered when filing any financial application. Understanding how assets and debts are divided, spousal maintenance can help make navigating through the complex process easier. By doing your research beforehand, you can ensure that you receive an equitable settlement which will benefit both parties involved. Ultimately, having these details settled upfront can help provide peace of mind throughout this stressful period in your life. At Quickie Divorce will ensure any agreement reached is fully legally binding while providing full support throughout via our Clean Break Financial Order package.