Breaking up is hard to do, but with over 50% of marriages now ending in divorce, there is a chance that it could be you who is faced with the tough decisions of whether to stay or to go.
Deciding to break up with a short-term partner with whom you have no shared assets is a relatively easy process financially, but if you and your partner were married and shared a house, children, and an entire life together, then the stakes will be much higher.
Getting Your Breakup Right
It’s easier said than done, but one of the most important things you can do is try to remain amicable with your ex.
There are definitely times when that isn’t going to be a possibility, but if you can try to stay on good terms with your ex, you’ll find it a lot easier to come to agreements over your finances than if you need to go through solicitors for every correspondence.
Here are six things you should do financially after a breakup to make sure you’re in a better place moving forward.
Find A Solicitor
First thing’s first, you need to find a solicitor. Good solicitors can be hard to find, but you can ask around friends and family or do a simple Google search to see what pops up.
Simply search ‘divorce solicitors in central Cardiff’ or whatever your location, and you’ll find a lot of good options like Grant Stephens Family Law . Be sure the check out their reviews before you commit, you need to take your time in finding the best solicitor.
Decide Who Gets The House
If you and your ex-partner were living together in any form of cohabiting arrangement, you’d need to decide who gets the house.
This could be combined with a decision about who has custody of the children, as it’s best for the children to stay in the home with whatever parent is going to have the house, to limit further disruption in their lives.
Sort Out Custody Of The Children
Your children will suffer a lot less in your breakup if you can sort out a custody arrangement as quickly as possible.
Depending on the age of your children, they may not even realize what is going on, but if they’re older, they will need a bit of extra time to get used to the new way things will be working from now on.
Close Any Joint Accounts
If you’re able to remain amicable with your ex, then closing down joint accounts will be an easy enough process and should be completed in due course.
If things are rocky, it’s suggested that you close down your joint accounts as soon as possible to avoid any fraudulent activity from either party.
Work Out Who Owes What On Debts
Most couples have debts, be they student loans, cars, electronics, credit cards, etc.
Work out which debt is yours, which is your former partners, and which is a genuine joint debt and split it. This is something a solicitor can be really helpful with.
Limit Contact With Your Ex
Once you’ve instructed your solicitors, it is best to limit contact with your ex.
If you are remaining amicable, then just limit it to niceties, but if you can’t remain amicable, it’s best to let the solicitors handle things from now on.
