By Chris Ringham 25 Mar, 2019 0 Comments

How To Overcome The Financial Challenges Of Divorce

How to overcome the financial challenges of divorce

Although any sort of divorce proceedings will be accompanied by their own set of emotional and practical challenges, it will often be the financial issues that cause the greatest amount of tension on both sides. On the one hand, you may be worried about both the initial costs that are involved and then ensuring that any joint assets are distributed fairly. Alternatively, your biggest priority may be arranging a fair settlement that leaves you with a realistic ongoing income to live on. With some planning and consideration, you can overcome these factors with a sensible amount of co-operation between both parties.

New call-to-action

The Cost Of Divorce

In general terms, court fees from the initial proceedings right through to the Decree Absolute will be £550. On top of these, you must factor in your solicitor's fees for the total cost of the divorce. The more complex the case, the higher the overall legal charges could be, so it is important to give a clear and complete explanation of the situation to your solicitor at the outset.

If they know what to expect, they will be able to give you a realistic idea about the costs that will be involved. For this reason, Bowsers allows you to prepare for the cost of divorce with a flexible or a fixed fee structure, depending upon what will be most suitable.

For a full breakdown of how courts apply fees for divorce proceedings in the United Kingdom, you can check online on the government's official site.

How Joint Finances Will Be Settled

When all is said and done, it is generally in both parties' interests to come to an amicable agreement about divorce finances before it reaches the stage of having to be decided in court. Any agreement will still be overseen by solicitors on both sides to ensure that they are sustainable and legally binding, and a court will approve a 'Consent Order' to this effect for £50.

However, if no agreement can be reached and it has to be put before a court, the first step is for both parties to provide a 'full and frank' disclosure of their financial situation. Any omissions at this stage could result in lengthy delays and increased legal fees, which will not present your case before a judge in the best possible light. £255 is the standard court fee, and you may also be required to submit lengthy forms of evidence and attend multiple hearings. You should also remember that long, more protracted divorce proceedings will ultimately result in higher solicitor's fees, as explained above.

How Long The Financial Order Can Take

In the event that it is left to the court to come up with the overall financial settlement, this can take between nine and twelve months. One very important point to consider is that there is nothing stopping you coming to an amicable, court-free agreement, even after proceedings have started - this actually happens more often than you might think.

To find out more about how Bowsers can make your divorce proceedings as hassle-free as possible with a range of payment options, you can contact our Wisbech office on 01945 583194. Alternatively, we also have an office in March, and you can give them a call on 01354 652606.

What are the stages of divorce?  Download our Divorce Process Guide today!

6 Easy Ways First Time Buyers Can Improve Their Credit Score

By Chris Ringham 23 Aug, 2019 0 Comments

If you are looking to get on the housing ladder, having a good credit score rating can be a fundamental factor in securing a financial agreement ...

Continue reading

How Long Does A Decree Nisi Take Once Applied For?

By Chris Ringham 26 Jul, 2019 0 Comments

Although divorce is something that you hope never to go through, it cannot always be avoided. The problem for many people is that, if it does...

Continue reading

Should I Negotiate My Commercial Lease Renewal?

By Chris Ringham 25 Jul, 2019 0 Comments

Tenants of commercial properties often face turbulent times around their lease expiry date. Indeed, it is common practice for landlords to propose...

Continue reading

Fixed Rate VS. Variable Interest Rate Mortgages

By Chris Ringham 24 Jul, 2019 0 Comments

When you're browsing different types of mortgages, you've doubtless come up against many different kinds. The answer to the question "what are the...

Continue reading

Discrimination In The Workplace: 4 Steps To Taking Legal Action

By Chris Ringham 22 Jul, 2019 0 Comments

Feeling discriminated against in the workplace can be an overwhelming and unpleasant experience for employees and, left unchecked, can lead to...

Continue reading

Can I Get A Divorce Without My Spouse's Consent?

By Chris Ringham 21 Jul, 2019 0 Comments

There is no doubt that divorce is one of the most monumental things that some of us will experience in our lives. However, it can be the only...

Continue reading

Subscribe Here!

the-conveyancing-process-explained-guide

Recent Posts

New call-to-action