Going through a divorce is one of the most stressful events a person can go through. The Office for National Statistics reported that 103,816 divorces were granted in England and Wales in 2023.
It can feel overwhelming trying to manage the financial and emotional aspects of the decision to divorce, including the impact on children. Below are some practical solutions to help you navigate your divorce throughout each stage.
Before
Before you start proceedings, it’s important to prepare for what’s to come – emotionally and financially. Following these steps will help:
1. Build a circle of trusted people around you
Surrounding yourself with friends and family is an excellent first step, but don’t overlook professional support. A counsellor can provide unbiased emotional support, and a wealth manager of your own will help you navigate the tricky financial considerations.
2. Get the information and documents required
It’s important to pull together any legal and financial documentation. You’ll need your marriage or civil partnership certificate to help you fill in the details on the divorce or dissolution application. You and your partner only need to make one application between you. You can send a joint application (both of you together) or a sole application (just you or your partner).
During – these tips will help you take care of yourself during the process:
According to Citizens Advice, a divorce or dissolution will take at least six months to finalise. These tips are designed to help you take care of yourself throughout this process:
3. Practice self-care
Take time to grieve your relationship and process your emotions. For you, this may mean reading a book, volunteering, meditating, exercising to reduce stress or practicing affirmations to stay positive.
4. Think clearly and fairly
Do your best to create stability for any children involved. Think beyond which assets you want to retain and consider what you can maintain as well. For example, if you want to stay in the family home, add the maintenance to your budget so you can make this happen.
5. Update your beneficiaries
Even after your divorce is finalised, your soon-to-be ex-spouse could be entitled to your assets if they’re listed as a beneficiary. Be sure you make changes official on insurance and death-in-service policies and retirement accounts once you’ve made that decision.
After
Once the divorce is finalised, it’s important to start anew:
6. Consider tax consequences
You’ll need to consider the Income Tax implications of any income-generating assets transferred as part of the divorce settlement.
7. Detail co-parenting responsibilities
Divorce takes a toll on both parents and their children. The hardest part of the divorce process is often the first few months of separation. Being a mature, responsible co-parent requires you to put your children’s needs ahead of your own.
