Drawing up a detailed list of your outgoings and incomings on a monthly basis is one of the first steps required by a solicitor in order to establish your financial position.
Your budgetary list will help solicitors determine how much you and your partner are worth, and it will be used in any negotiations relating to your divorce or separation.
What if There Isn’t Enough Money to Support Two Households?
By drawing up a list, you may identify a shortfall that has or could result in debt problems.
To resolve debt issues you should always begin with looking at ways of increasing your income, for example:
- Could you increase your hours at work?
- Are you claiming all the benefits you are entitled to?
- If you are living on your own, have you applied for a reduction in your council tax?
- Could you take a mortgage ‘holiday’?
- Could you change your mortgage to interest only?
- Have you checked your tax codes?
A court order for temporary periodical payments called ‘Maintenance Pending Suit’ can be applied for if your divorce is going to take time, or if your ex is unable to financially support themselves during the divorce process.
Many people do not claim benefits to which they are entitled because they wrongly assume they cannot claim anything. It is always worth checking your entitlements to make sure you are receiving everything to which you are entitled and your local Citizens Advice Bureau will be able to help.