Save time, energy and money by considering the principals for financial separation before the details bog you down.
What is financial separation?
Financial separation is agreeing with your ex how to split your property or financial assets. This can be one of the hardest parts of the divorce or separation process. Few of us have enough money to comfortably share things out without sacrifices in lifestyle and this can be very hard to accept, especially if the separation isn’t your decision. Here are some tips to help you get your head around what you need to think about:
1. Agree on the principles together
Agreeing on the principles of how you want to divide things can keep you focused on the bigger picture. Additionally, it allows more creativity in the way you sort out your finances – that’s usually good for everyone.
2. Record what you’ve both got and what you both owe
It’s impossible to split everything fairly if you don’t know what you’ve got and what you owe. amicable’s free app allows you to collate, record and agree on the values of each asset and debt as well as helping you agree on the financial principles for how you will divide your finances post separation or divorce. If you’re at the beginning of figuring things out, I’d recommend giving the app a go to help you structure your thoughts and start planning with your ex.
3. Making your agreements legally binding
You may want to make your financial agreements legally binding, this is called a Consent Order. It includes details on how you are going to divide up your assets such as money, property, savings and investments.It can also include arrangements for maintenance payments, including child maintenance. Both you and your ex-partner have to agree to the order by signing the consent order. If you do not have a consent order you risk leaving yourself open to claims against you by your ex in the future.
It can also include arrangements for maintenance payments, including child maintenance. Both you and your ex-partner have to agree to the order by signing the consent order. If you don’t have a consent order you risk leaving yourself open to claims against you by your ex in the future.
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