In this podcast episode I take a financial look at the things you can do to make dealing with divorce an easier process to manage if you find yourself in this unfortunate position.
Since April 2022 a ‘no fault’ divorce came into effect in England and Wales. This finally removes a need for blame as a basis for divorce. The respondent to a divorce is also no longer able to contest it.
Seek legal and separate financial advice immediately. A Financial Consultant can consolidate all your finances so any legal decisions on advice can be taken with accurate information.
Cancel any financial commitments in joint names immediately including credit cards, joint accounts, loans and even overdrafts.
In England, Wales and Northern Ireland the total value of the pensions you have each built up is taken into account excluding the basic state pension. In Scotland only the pensions you have accrued during your marriage or civil partnership are applied.
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