Resolutions for the New Year

Whilst the New Year will be a happy time for most, for those contemplating a separation or divorce, 2019 may be a year of significant change and worry. Now we are settling into the New Year, our family team at Knights have considered a number of “resolutions” which could be useful to you:

1. Obtain expert family law advice before you make any decisions. It is important that you are clear on your legal position before you take any steps. It can often be reassuring to find out your rights, responsibilities and options in relation to arrangements for any children, the divorce process and financial matters. Once you are fully informed you can make more balanced decisions about the way forward.
2. Try to be as amicable as possible. Whilst this is can be a stressful time with emotions running high the more amicable you can be the smoother the legal process is likely to be and so less costly.
3. If you have children try to discuss as early as possible the arrangements for the children in light of your separation and agree with your spouse how you will discuss your separation with the children to try to minimise as much as possible the upset they may feel.
4. Think about your immediate financial arrangements in light of your separation. You will need to consider:

• Agreeing arrangements for paying bills and also payments between you. It is important that you and your spouse both have sufficient funds to meet day to day outgoings. It is key that things like monthly mortgage payments do not fall into arrears as this will have an impact on your ability to get a mortgage and ultimately buy a separate property in the future.
• Restricting your banking arrangements. You could set up a sole account and move your income into that account. You might need to remove your spouse’s access to your credit card/bank account so that they cannot unilaterally spend your income or incur debts in your name.
• Ownership of property. If a property is jointly owned you may wish to make changes to the terms of ownership. If a property is owned solely by your spouse you will need to protect your position in relation to that property.
• Preparing a new will in light of your separation. For example you may prefer to leave your estate on trust for your children rather than to your spouse. 
• Whether your spouse has assets in his sole name which he/she could move without your knowledge and putting in place some protection pending you agreeing a financial settlement. Be clear on the overall financial position. It is very important that you are clear about your own financial position and that of your spouse. We cannot advise fully on an overall settlement of financial matters between you without an open exchange of financial information so that everyone is aware of all assets (such as property, savings, investments and pensions), liabilities and income (from all sources not just salary but also dividends and other investment income). Disclosure should be given regardless of whether an account is held in joint names or in a spouse’s sole name. We can help you to deal with the financial disclosure process to ensure that a fair settlement is obtained.

5. Finally, be clear on the overall financial position. It is very important that you are clear about your own financial position and that of your spouse. We cannot advise fully on an overall settlement of financial matters between you without an open exchange of financial information so that everyone is aware of all assets (such as property, savings, investments and pensions), liabilities and income (from all sources not just salary but also dividends and other investment income). Disclosure should be given regardless of whether an account is held in joint names or in a spouse’s sole name. We can help you to deal with the financial disclosure process to ensure that a fair settlement is obtained.

At Knights we can reassure you and guide you through this process. Contact our family team for further assistance.