Being in your 40’s is the typical age when you are likely to divorce. The average for men is aged 46 and for women aged 43.

The reality is that divorce can be expensive as dividing assets means managing household costs on your own going forward and basically halving what assets you have with your spouse.

What should you do with the capital you receive? 

You need to invest your capital.

If you get a lump sum do not waste it on luxury goods but look at investing in a property. Speak to a financial adviser or your solicitor. Investments tend to out-perform cash long-term. You might prefer to invest in a property than rent long-term.

Do not litigate in court? 

Try not to drag out your divorce battle through the courts and look at reaching an amicable settlement through your solicitors who can help with mediation.

Do not buy a house like the one you had when you were married

Two incomes would have allowed you to afford a better home. On your own downsizing is more realistic due to the cost of borrowing and running a house solely.

Start by speaking to a mortgage lender and be realistic in what is affordable to you.

Return to work 

Many stay at home parents may prefer not to return to work but the reality is, it is a way to allow you to manage your costs and get some wealth back that you may have lost on divorce.

Pensions 

You solicitor will advise you of the importance of sharing pensions that accrued during your marriage. They should not be disregarded.

Court Order 

Make sure the division of assets is sorted in a binding divorce settlement organised by your solicitor.

Tax 

Consider the tax implications on pensions and Capital Gains Tax on property transfers. Get advice from your solicitor and financial adviser or accountant on the most tax- efficient way to proceed.

Divorce can be sorted in an amicable and reasonable way and spending money with an experienced solicitor who specialises in the financial aspects of divorce is the most cost-efficient way to deal with these matters.

Practical Tips on Divorce 

Getting a divorce can be an emotionally fraught time, not least in sorting out the practical and financial aspects of your separation. In particular, you will need to decide upon things like where you will both live, how you will both manage financially and who will have primary care of any children.

Below we provide five practical tips to help get you through the toughest times:

1. Assess your financial outgoings

When you first separate from your partner you will initially need to agree upon how you are going to meet any ongoing financial obligations, such as mortgage repayments and household bills. In many cases, where you are living separately, there may even be two sets of household expenditure to now consider.

Maintaining open lines of communication with your ex-partner can be crucial in reaching the best possible solution, especially when it comes to finances. In this way, at least in the short-term, you can hope to continue to meet all necessary outgoings from your combined income. Needless to say, this is preferable to incurring debts that neither of you may be able to discharge in the long-term.

You may also want to check if either of you are entitled to any state benefits, including a reduction in council tax by way a 25% single person’s allowance.

2. Discuss the division of assets

Equally, when deciding upon the division of matrimonial assets and income it is always better to keep this amicable, such that you can discuss and negotiate until a satisfactory solution is found for both parties.

In particular, when agreeing a premise upon which any assets and income will be split, you will both need to consider whether you would like to cut all financial ties and achieve a clean break, thereby protecting any wealth that you may acquire in the future, for example, through career progression or inheritance.

3. Agree on child arrangements and care

As with your joint finances, an interim arrangement will need to be put in place as to the care of any children involved. You will need to agree on where the child(ren) will live, as well as when and how often they will have contact with the non-resident parent.

It may be that you agree to a joint care arrangement, although the details of this arrangement will still need to be resolved, albeit if only on a temporary basis to begin with.

Unsurprisingly, it is not uncommon for divorcing parents to struggle to reach an agreement as to child contact, especially if the separation has been acrimonious.

In circumstances where an agreement cannot be reached, one or both parents may apply to the court for a child arrangements order. A child arrangements order is a court order stipulating who has primary care of the children, and the nature of any contact with the non-resident parent.

4. Make or revise your will

If you do not currently have a will you should consider creating one, not least because if you die intestate before your divorce is finalised, your spouse will stand to inherit the first £250,000 of your estate and half of the remaining estate, together with all of your personal property and belongings.

In the event that you already have a will you should consider revising this. For the majority of couples, their spouse is the main beneficiary under their will.

Further, most married couples own the matrimonial home as joints tenants rather than as tenants in common. As such, if one dies, their share of the property will automatically pass to the surviving spouse, not unless the joint tenancy is severed.

5. Seek specialist legal advice

Although it is not uncommon for couples to get divorced without retaining the services of a lawyer, it is always sensible, at the very least, to explore your options in relation to a number of legal issues, from pension sharing and property-related issues to wills and estate planning.

In particular, if agreement cannot be reached with your ex-partner in relation to the care arrangements for any children, you should always seek advice from a specialist in family law.

In many cases, by simply seeking the advice of an experienced solicitor you can feel reassured that you are taking positive steps towards achieving the best possible outcome for you and your family. You can also have the peace of mind that any negotiations can be formalised by way of a legally binding agreement so as to protect you for the future.

Your roadmap to a health divorce 

Sometimes divorce can be a shock. It can be a result of a specific event such as financial fraud, addiction or discovery of something such as an affair, where you feel you have no option but to leave a relationship. In the alternative it can be general drift, your marriage may have broken down slowly and drifted on until it was only a matter of time and that the end was inevitable.

There is not a quick resolution to the emotional impact of divorce. It is important to consider counselling and you need to with your emotions and try to take back emotional control.

You may need to seek help with your mental health. It is important to eat healthily and maintain exercise, and focus on taking care of yourself with support from close friends or family. It is important to avoid anxiety and you may need to speak to your doctor about your mental health.

It is equally important to get professional help when you feel ready to proceed and appoint a solicitor at Williamsons Solicitors to act for you. Once you have instructed a solicitor you can look forward to life after divorce and try agree on a settlement that will work for you and your family.

You can gradually move on to a new beginning. Divorce can be both a time of celebration and grief. Life can start again in a positive way. Divorce can be a process to be gone through on the way to a happier future.