There are some common mistakes made during divorce when it comes to finances.
-
Thinking that paying for the most expensive lawyer will get you the best outcome
It is important to find a good divorce lawyer, but that does not mean that they have to be the most expensive.
You need to ensure you get value for the money you spend. Look for track record and experience on which to base your decision. Also, look at the options available such as fixed fee packages and pay as you go advice so you pay for the advice you need most, when you need it.
-
Failing to consider out of court options
Divorce does not mean an inevitable court battle.
It is possible to settle things in a more amicable way.
Family mediation keeps the interest of your whole family at the heart of discussions, and research suggests it often takes less time and costs less than court based proceedings.
-
Keeping the marital home you can’t afford
The emotional attachment to the marital home can be emotionally and financially destructive.
If you give up everything else to keep the family home, this can have serious consequences on your financial security in the future.
-
Not breaking all financial ties
Once you have made the decision to separate and divorce, it is important that you cut financial ties with your partner if possible.
Keeping joint loans and credit cards can have consequences in the future as you are both liable for the whole debt.
Also, if you have any joint savings accounts, you should close these and split the assets.
Samantha Lee, expert family law and divorce lawyer at Swain & Co Solicitors says, “It is important that you speak to a lawyer to discuss the options open to you and your family.”
“We understand that the cost of divorce is often a very daunting prospect, and that is why we offer you a free initial consultation to discuss the options available, and we offer fixed fee packages, pay as you go legal advice and there is our family mediation service to consider.”
The important thing is to get legal advice when facing divorce and separation.
If you need advice and assistance with regards to separation and divorce, Samantha and our family law team are here to help you and your family through this difficult time.
Initial consultation is free, so call Samantha for free on 0800 298 6479