What Happens To My Money When I Get Divorced?
Money and marriage. In most circumstances the most devastating cost of any divorce is its effect on the family but divorce can also have serious financial damage. Your income may be affected, you could find yourself leaving the marriage with serious debt along with a dint in your credit score.
But, it doesn’t have to be quite so scary if you know how to protect yourself. MG legal’s team of family lawyers in Lancaster, can help make divorce a little less expensive and hopefully a lot less painful.
What are your financial obligations when getting divorced?
Child Support payments are calculated by the Child Support Agency; you can check what you should be paying, here, you should be sure to check the calculator whenever your circumstances change.
Consider your budget
If you are expecting to receive child support the payments may be necessary to cover your day to day living expenses, but if you are able to cover your bills with your current income then you have to decide how you will allocate the Child Support money received. For example, you may decide to create a savings account for the children or create an emergency cushion.
Beyond that you will need to consider how to budget with just one wage coming in. Write a list of all incomings and outgoings, check what you can afford.
What will happen to my house when I get divorced?
The ex-matrimonial home can be an emotive subject. Not only is it usually the largest financial burden on a couple, it may also be the place your children were born and grew up in. After the children, the home usually forms a major part of the divorce discussions.
Ensure the mortgage payments are kept up. If the property is not registered with the Land Registry you may wish to consider changing this, our Property Solicitors in Lancaster can help with this, that way the Property cannot be sold or re-mortgaged or transferred.
If there are no children are involved in the divorce then the Court will usually seek to divide assets equally. Ideally, there will be enough money for one party to buy the other out or after the house is sold there will be enough money for each party to by a new home.
The Court will encourage an agreement with your partner and only make an agreement for you if cannot agree.
If there are children involved, then the primary consideration will be their welfare. In many cases the mother will be awarded residency of her children, so she is likely to stay in the family home. In some cases the father will retain a stake in the property so that the property can be sold when the children are older.