The beginning of the new year is often a time for reflection which can result in people desiring a fresh start. For some people this fresh start involves the decision to separate from their partner. Divorce can be a difficult process, especially when children are involved, and there are many things that need considering. In this blog we will touch on how to navigate two critical considerations: child arrangements and splitting finances.
Child Arrangements
Making decisions regarding where your child will live and how much time they will spend with each parent can be difficult. To facilitate this decision process, it can help to consider the following points:
- Make sure you prioritize your child’s wellbeing: Divorce can be an overwhelming and confusing time for children, so it is important that when making decisions about child arrangement, your children’s emotional and physical wellbeing is your primary concern and that efforts are made to try to maintain as much normalcy and routine for your children as possible.
- Maintain respectful and open communication with your spouse: It is important that you and your spouse maintain frequent and respectful contact with each other. Plans can change and emergencies can happen, so keeping up with communication is vital. It is also important to discuss how the parent who will not be living with the child will maintain communication.
- Create a parenting plan: Creating a parenting plan is an effective way to ensure that both parents are on the same page, and it can be referred to whenever it is needed. This can be done by the parents themselves, or with legal help.
Splitting Finances
Decisions regarding splitting finances and the division of assets can also be overwhelming and emotionally distressing during the divorce process.
It is important to come to an agreement on how you and your spouse will divide the following assets:
- Pensions
- Savings and investments
- Debts
- Insurance
- Property e.g. family home
- Vehicles and personal belongings such as jewellery
- Business interests
It is also vital to think about your future financial needs and goals for the upcoming year, and planning how you will achieve these. Here are some things to consider:
- Spousal support and child support
- Adjusting your budget to reflect your new financial position
- Update your will and lasting powers of attorney. (See our previous blogs to find out more about setting up wills and lasting powers of attorney).
Conclusion
Navigating finances and child arrangements after a divorce can be challenging, especially if agreements cannot be reached between spouses. If you need legal advice, please don’t hesitate to contact our Divorce and Family Law solicitors Victoria Richardson at Victoria.richardson@mchaleandco.co.uk and Lindsey Britland at Lindsey.britland@mchaleandco.co.uk