Going through a divorce or separation can be one of the most challenging and emotionally distressing life events to experience.
We know that tensions can run high and that it can sometimes be difficult to control such emotions, particularly when it comes to discussing the financial implications of your separation.
It’s vitally important that, as you and your partner navigate this tough period, you work towards finding some common ground when it comes to discussing how you are going to divide your financial assets in the wake of your divorce.
In this article, we’ll look at some ways you and your partner can approach the conversation surrounding your finances as you work through your separation.
Open communication and transparency
We know that conversations like this are never easy, but you and your partner must make a conscious effort to allow each other the space to have an honest and open dialogue as you discuss your financial situation as you begin your divorce proceedings.
Many couples share bank and savings accounts once they get married, but this isn’t always the case. If you and your partner have financial assets that are in separate accounts, you need to be completely transparent about this when you come to discuss dividing your assets. Having a clear picture of what assets, or debts, you share as a couple will help you make informed financial decisions.
If you can, work with your partner to compile financial documentation such as bank statements, tax returns, investment portfolios, and any other documents you may find useful as you assess your current financial health and how best to divide these assets once you have separated.
Focus on fairness and compromise
Being able to compromise when it comes to discussing your finances in the wake of your separation can be tough, and we know that it can often be hard for couples to find a middle ground when emotions are running high. But being able to come to a fair and balanced agreement about your finances will help you come to a reasonable resolution.
You may need to come up with creative solutions when it comes to compromising, such as trading assets or agreeing to make staggered payments over time to achieve a fair outcome for all parties.
Seek professional guidance
If you and your partner are unsure about how to approach dividing up your financial assets in the wake of your separation, or you are finding it difficult to establish a middle ground, you could consider seeking the help of specialist divorce solicitors.
These professionals will be able to provide you with guidance to help you navigate such complex financial issues, and having a neutral third party present when you are in discussions about finances can facilitate more productive conversations and help reduce any potential conflict.
