Finances (previously known as Ancillary Relief) are one of the biggest issues facing separating couples during the divorce process and how you deal with your finances can have more of an impact on your future than buying a house!
The division of financial assets during divorce and separation can cause friction and it is essential that you obtain legal advice on financial matters as soon as possible.
Some initial steps you should consider are:
- Draw up a detailed list of your outgoings and incomings on a monthly basis to establish your financial position.
- Cancel all joint credit cards – you will be similarly liable for any expenditure incurred by the holder of the credit card.
- Ensure that all joint bank accounts require two signatures for any money to be withdrawn.
What Does Financial Relief Mean?
Financial relief proceedings are that part of the process which resolves any financial issues between the parties to the marriage. Disputes over “Financial relief” can be bitter and protracted. It is preferable that you reach an agreement between yourselves, going through the courts should be your last option. Not only is it more expensive and time consuming, it can create acrimonious feelings that could affect the long term relationships with your ex and your children.