The most expensive part of divorce or dissolution is sorting out your finances. You’ll also need to consider some legal matters – for example, mediation or your will.
Money and property
If you and your partner agree about how to divide your money and property, you can avoid going to court. The MoneyHelper has a useful divorce and money calculator to help you work out your finances. You can also download Advice Now’s guide to sorting out your finances.
Your pension may be one of your most important assets after your home. The rules about what happens after dissolution or divorce are quite complicated so it’s a good idea to get legal advice. You can find legal specialists through the Law Society.
If the divorce or dissolution becomes bitter, you may need to act quickly to protect your rights to your home (if you own one) and finances. You’ll need to tell your mortgage lender that you and your partner are no longer together if you have a mortgage.
Find more information about the financial implications of divorce or dissolution through MoneyHelper.
A mediator can help you come to an agreement. If your divorce or dissolution involves children or a financial settlement, you have to attend at least one mediation information and assessment meeting before applying for a court ruling. Mediation is usually cheaper than going to court and you may be able to get help with costs, such as legal aid. You can get more information from the Family Mediation Council.
Wills and life insurance
You may also need to change your will. Once your divorce or dissolution is finalised, any money or property left to your former spouse or partner won’t go to them (unless your will says otherwise) but the rest of your will is still valid. Until then, your will is valid so you may want to consider making an interim will.
You’ll also need to work out whether you have enough life insurance or if you need to get some. You can’t divide a joint life insurance policy.
Power of attorney
If you have a lasting power of attorney (LPA) and appointed your partner, they won’t be able to act as your attorney if you divorce, unless the LPA says they can continue. If you appointed more than one attorney – for example, your partner and someone else – the other person can continue to be your attorney, as long as the LPA states they can make decisions on their own or jointly. Otherwise, you’ll need to create a new LPA. Contact our Helpline for more advice.