Divorce and separation do not only affect relationships but finances as well. The truth is, many couples did not recognize the financial consequences when ending their marriage. Without any expectation, you shouldn’t be with someone just for money sake. However, understanding the impact on your finances that you might be facing if in case you call for a quit is a must.
Any joint debts will have a joint and several liability. So, if any of you cannot meet debt payments for your joint debts, one will have to pay for the entire amount.
On the contrary, if the debts are not in joint names, you can secure a notice of disassociation. This allows you to be disconnected with matters concerning finances, which may affect your credit file. You may have to reach out to the credit reference agencies who can disassociate your name from your ex-partner’s credit file.
How Divorce or Separation Housing and Income?
If you and your partner are renting the same property, you have to request your landlord to transfer the tenancy agreement under your name. In the case of a joint mortgage, you need to seek legal advice considering it involves legal matters.
Moreover, if in case you parted ways, leaving you the only adult in the household or property, you can seek qualifying for a 25% council tax discount. You must try to check means where you can save money as divorce or separation is likely to change your financial circumstances. This can alter your benefit entitlement and possibly other sources of income.
How Divorce or Separation Affects Your Children?
Help and Advice with Divorce
You can get impartial divorce advice from an independent organization in the UK called Divorce Aid.
Separation, as you thought of it, can greatly affect the overall aspect of your household income. This can reduce income making it hard for you to manage bills month after month when you failed to save for the rainy days.
Available Help during Tough Times
You can always count on us if you’re struggling with your household bills and debt each month. Our debt experts can lead you towards controlling your debt and attaining financial freedom despite all odds. You can use our free debt advice tool or call us on 0800 193 1024.