Divorce is not just an emotional journey—it’s a financial one too. Without proper planning, you could find yourself in a difficult financial position post-divorce.
The good news? You don’t always need a lawyer to protect your financial interests. With the right knowledge and strategy, you can navigate asset division, pensions, and savings while setting yourself up for a stable future.
At Divorce Without Lawyers, we provide the tools and support to help you make informed financial decisions without expensive legal fees.
Below, we share essential steps to safeguard your financial well-being during and after your divorce.
Step 1: Get a Clear Picture of Your Finances
Before negotiating a settlement, you need a full understanding of your financial situation. Start by listing:
Your income sources (salary, benefits, investments, rental income, etc.).
Bank accounts (individual and joint savings, current accounts, ISAs).
Property ownership and mortgages.
Pension funds and entitlements.
Debts (credit cards, loans, outstanding bills).
Using a Form E the financial disclosure form required in England, helps structure this process.
Step 2: Understand How Assets Are Divided
The Courts will aim for fairness, not necessarily a 50/50 split. The division considers factors like:
Each spouse’s financial needs and responsibilities.
The length of the marriage.
Contributions made (financial and non-financial, such as childcare).
Future earning potential.
Key Asset Considerations:
Property: One party may buy out the other, or the home may be sold and the proceeds divided.
ensions: Pensions can be split using a Pension Sharing Order or offset against other assets.
Savings & Investments: These can be divided or reallocated as part of a settlement.
Debts: Debts (both sole debts and joint family debts) will be taken into consideration and must be factored into any final settlement.
Step 3: Budget for Post-Divorce Life
Your financial landscape will change post-divorce, so planning ahead is crucial. Here’s how to create a realistic budget:
Calculate Your New Expenses
Housing (rent/mortgage, utilities, council tax).
Living costs (food, transport, childcare, healthcare).
Insurance (home, car, health, life insurance adjustments).
Savings goals (emergency fund, retirement, children’s education).
Adjust Your Income
Consider whether exploring career growth opportunities can maximise your earnings. This will not be possible for everyone, but knowing your options is always worth knowing.
Check for benefits or tax credits you may be entitled to post-divorce. At Divorce Without Lawyers, we use a fantastic resource called Entitledto. You can check your entitlement by clicking this link
Consider side income sources like freelancing or renting out space. Again, this may not be possible for everyone, but if you have the option, it can be a useful stopgap.
Prioritise Financial Independence
Open your own bank accounts if you haven’t already.
Update your will and financial policies to reflect your new status.
Avoid unnecessary debt—stick to a budget and build an emergency fund as soon as you are able.
Step 4: Negotiate Smartly and Avoid Costly Mistakes
Since you’re not using a lawyer, negotiation skills are key. Here are tips to strengthen your position:
Stay Logical: Focus on financial facts, not emotions.
Know Your Rights: Research financial settlements. It is often worth booking an hour with a lawyer to review this so you have clear, personalised advice.
Use Mediation: A professional mediator can help resolve disputes fairly and efficiently.
Formalise Agreements: Make your settlement legally binding with a Consent Order, which you can submit to the court for approval.
Final Thoughts: Take Control of Your Financial Future
Divorce doesn’t have to leave you financially vulnerable. You can secure a stable financial future without expensive legal fees with careful planning, informed decisions, and the right resources.
For more guidance join our free Facebook group for expert advice and community support: Click Here.
By taking charge of your financial well-being now, you’ll set yourself up for a more secure and confident future post-divorce.
If you would like to book a one-off Pay As You Go legal advice session, then you can do so by using this link
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For more help with divorce proceedings without lawyers, visit our Facebook group and take control of your case today.
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