Sorting Finances During Separation and Divorce

Welcome to our resource page dedicated to helping you navigate the often complex and challenging terrain of sorting finances during separation and divorce in Hampshire and the Isle of Wight. We understand that financial matters are a significant aspect of this process, and we’re here to provide information, guidance, and resources to assist you in making informed decisions.

Understanding Financial Considerations

The organisations below can provide you with an overview of the key financial considerations during separation and divorce. From asset division to spousal support and child maintenance, gain insights into the various aspects that may impact your financial situation.

Legal Guidance on Finances

Access information on the legal aspects of sorting finances, including the role of solicitors, mediation, and financial orders. Learn about your rights and responsibilities, and get guidance on how to protect your financial interests during this transition.

Creating a Financial Plan

Developing a clear financial plan is crucial. The organisations below can help with budgeting, financial planning, and understanding your new financial situation. We provide practical advice on managing debts, assets, and preparing for the financial implications of post-divorce life.

Child Support and Maintenance

If you have children, understanding child support and maintenance is essential. Learn about the legal framework, calculating child maintenance, and ensuring that the financial well-being of your children is adequately addressed.

Property and Asset Division

Navigate the complexities of property and asset division with practical guidance on how to approach this aspect of the process. Understand your rights regarding the family home, other properties, and the division of assets accumulated during the marriage.

Financial Assistance and Benefits

Explore information on available financial assistance and benefits. Whether it’s understanding eligibility for government support or accessing local resources, There is information to help you access the financial assistance you may be entitled to.

Dealing with Debt

Separation often involves addressing shared debts. Gain insights into managing and dividing debts responsibly. Learn about strategies for dealing with joint financial obligations and protecting your credit during this period.

Professional Financial Advice

Consider the benefits of seeking professional financial advice. Understand how financial advisors can assist you in making informed decisions about investments, pensions, and planning for your financial future.

Resources for Sorting Finances after Separation

Connect with local community resources that offer financial counseling, workshops, and support services. These resources can provide additional guidance and assistance as you navigate the financial aspects of separation and divorce.

Sorting finances during separation and divorce requires careful consideration and planning. Remember, seeking professional advice and utilising available resources can empower you to make informed decisions and achieve financial stability as you move forward.

Citizens Advice

Citizens Advice is a national federation of local independent charities that can provide information and advice to help empower you to make decisions with all the information you need. Find out more at https://www.citizensadvice.org.uk/family/

Resolution

Resolution is a community of family justice professionals who work with families and individuals to resolve issues in a constructive way. Find out more at https://resolution.org.uk

Family Mediation Council

Family mediation is a process in which an independent, professionally trained mediator helps you work out arrangements for children and finances following separation. Choosing a mediator from the FMC Register guarantees that a mediator is appropriately trained, follows the FMC’s Code of Practice, maintains professional practice by carrying out appropriate professional development activities, and are supported by a supervisor (known as a Professional Practice Consultant). Find a local mediator at https://www.familymediationcouncil.org.uk/find-local-mediator/

Money Helper

MoneyHelper brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise. Visit https://www.moneyhelper.org.uk/

Child Maintenence Calculator

If you would like to calculate how much child maintenance you may have to pay or receive based on how many children you each have, the number of nights that they reside with each of you, and then the salary of the person with whom the children reside the fewest nights, then you can use the Government’s online calculator to give you an indicative calculation for what that Child Maintenence amount might be. It doesn’t send any of your details to the DWP or Child Maintenance Service but simply provides a calculation to help you initiate the conversations with each other (or with the CMS) about how much you believe the CMS should be. Calculate child maintenance at https://www.gov.uk/calculate-child-maintenance