In times of economic hardship, as now, it is important that you ensure you are catered for financially. When money is tight, financial self-preservation kicks in and people become increasingly aware of how to save money, cut back on expenditure, and preserve the money you have. This kind of self-preservation kicks in even more strongly when you are going through a divorce.
Post-Nuptial Agreements
If you are still married, and have not yet decided to divorce, it is still possible to enter into a post-nuptial agreement. These are much like pre-nuptial agreements, which enable you to decide who gets what before you get married, but are legally binding documents that are entered into during your marriage and enforceable if you divorce.
This means that, in the event that you divorce, you and your partner already know exactly where you stand and you both end up with what you had agreed. With all agreements that are intended to be legally binding, you must be utterly honest about what you have and how much money you have got. If not, the court may not enforce it. If you are both honest, the agreement will be binding – even if the resulting effect is different to that which a court would have reached of its own volition.
Divorce
To protect your assets it is vital that you seek proper legal advice on the various ways of separating. Each couple’s situation is different and what is right for you may be different to other people you know. There are always pros and cons to deciding to sort everything out quickly, or deciding to wait for a while. For example, if you stay married you could get some benefit from your spouse’s pension for the period of time while you stay married. If you divorce you would automatically lose this entitlement. If you are the breadwinner, you may want a quick divorce to limit your liability to your former partner once you are no longer together.
Your situation may be slightly different. ask a question below ↓ and our editorial team will reply with our advice.
Collaborative Divorces
One of the most stressful elements of divorce is when it becomes bitter, sniping and emotionally exhausting. One of the ways in which you may be able to preserve your wealth is to consider the collaborative approach to a divorce. This style of divorce has been going for many years across the Atlantic, and is often depicted in popular US TV sitcoms. With collaborative law, you sit across the table with your lawyer, your ex spouse, and your ex spouse’s lawyer and decide who gets what. This enables a non-aggressive, dignified way to end your marriage and decides what happens with your joint assets. It also helps you to focus on what is important to each of you as individuals, in a safe and non-confrontational environment, and saves on court and legal costs.
Although collaborative law is not for everyone, it can be a way of ensuring that you maintain some control over the separation as well as being able to have a better chance at maintaining contact with your friends, other members of the family and children. If you are considering divorce and are keen to ensure that you safeguard yourself financially as well as maintaining your sanity, you should always consider the collaborative approach before resorting to court.
We have no children, the house is in my name and there are still 10 years on the mortgage. I do not have any debt (apart from mortgage) I do not have any savings.
He has a very good job, has been saving for a while (ks) and could easily afford a house and repayments and he will be financially ok, he also has a good pension due in later years.
Although he is paying towards bills at the moment, I would just about be able to afford to live on my own if he left. I have quite a low paid job.
I have heard of spousal maintenance and of the partner with a higher income supporting the other ect... I actually don't really want that, but I want to make sure I don't end up losing out! If I am forced to sell my house, I simply wont be able to buy another, nor be able to pay rent, as I have managed to keep the mortgage repayments quite low. Also I wouldn't be able to raise any money to buy him out (as I wont have any spare money each month)
We don't have much stuff in the house but I am quite happy for him to have half of it, after-all I can only drink 1 cup of tea at a time and sit on one chair :)
I intend on getting advice but I don't even know what to ask, and cant afford to sit in a solicitors racking up the £££ as I waffle
I am scared to make him move out, or even bring up the subject, but I need to move on as it breaks my heart every day living like this.
Help appreciated x
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