Were you going through separation or divorce before the corona lockdown and are now worried about money?
There has been lots of change here in the UK (and around the world) in the last few weeks; many businesses have had to close their doors, some temporarily but unfortunately some permanently; many individuals can’t work during the lockdown and so income may have stopped or be greatly reduced. It’s a difficult time.
Here is my advice:
- Have sensible discussions with your ex about money. One or both of you may be facing difficulties with your income at the moment. Agree how the family finances will be managed at the moment.
- Investigate financial support available from the government. Here is the link to find out what you might be entitled to.
- Ensure the family’s expenses are being met to avoid going into debt. If there isn’t enough money from income at the moment, you may need to consider using savings to help pay bills. It’s important to keep the household ticking over.
- See if you can save money but reviewing your spending. Are there any unnecessary monthly expenses that could be stopped? Are any companies you normally pay suspending payments are the moment- e.g. gym membership?
- Avoid over-spending. Keep a close eye on the whole family?s spending at the moment. Whilst we’re all at home during the lockdown, there are still things to spend money on, online. Be careful. It all adds up.
- If you had got to the stage in your legal case of collecting financial information or had started negotiations for a financial settlement, I recommend you speak to your solicitor. Values of assets may well have changed in the present economic climate and you’ll need up to date legal advice as to how best to approach progressing your case.
- You may already be divorced and are worried about receiving your financial settlement or ongoing maintenance. Communicate with your ex about any concerns you have and if you are unable to resolve things, speak to your solicitor for legal advice about your options. Solicitors and the courts are still working through the corona crisis.
- It’s possible to spend less money than usual at the moment. Apart from household bills, most people?s main expense is food. None of us are going to restaurants, cinemas etc. or booking holidays. There may be less money coming in but hopefully less money going out too.
- With sensible discussions with your ex and careful decisions, you can get through this difficult time.
Please note: I have other blogs to read in this series – Corona Crisis.
If you have found the tips in this blog useful then you’ll find lots more in my eBooks, which you can purchase and download today.
If you’d like to work with me 1:1, for help preparing for your divorce/or support during or after the divorce process, please get in touch to find out how I can help.
Why I became a divorce consultant.