How To Prepare For A Divorce

When walking down the aisle, no one ever imagines that their marriage will end in divorce. Therefore, when a marriage breaks down, many people find it difficult to think clearly. This is especially true for the party on the receiving end of a divorce petition.

If your spouse has announced they want a divorce or you have come to the conclusion that your marriage has run its course, being prepared for what comes next is essential, especially in (HNW – High Net Worth) divorce. To help you feel in control of the situation and ensure you are in a position to protect your best interests, below are our top five tips on preparing for a divorce.

Seek Legal Advice Early

Consulting with a Solicitor experienced in HNW divorce must be your first step. A Divorce Law Solicitor can help you understand your rights, the divorce process, and what you can expect in terms of outcomes. They can also guide you on gathering necessary documents and information, which can streamline proceedings. These include financial information such as:

• Details of all matrimonial assets, including properties, stocks and shares, business interests, bank accounts, pensions, and investments.
• A list of all debts, such as mortgages, loans, and credit cards.
• Information concerning joint and individual income and expenditure.
• Immediate and future financial needs, especially if children are involved.

Having a solid understanding of your current financial situation is crucial when discussing the divorce financial settlement, spousal maintenance, and child support arrangements.

You may also want to consider taking some or all of the below steps to protect certain assets.

• Review and possibly change your Will.
• Check the legal titles of any properties you own jointly. In England and Wales property can be held as ‘joint tenants’ or ‘tenants in common’. This can have implications on how the properties are divided upon divorce.
• Evaluate joint accounts. While closing them immediately may not be advisable, monitor them to ensure large sums are not being moved without your knowledge and consent.

Work out arrangements for your children

If you have children, their welfare will be a central concern. In England and Wales, the term ‘custody’ has been replaced by ‘Child Arrangement Orders’, which determine where the child will live, when a child spends time with each parent, and when and what other types of contact take place.

While courts will intervene if necessary, it is always better that parents try and agree on arrangements collaboratively, keeping the best interests of the child at heart of any decisions.

Consider where you will live whilst the divorce and financial settlement is being worked out

You and your spouse need to negotiate living arrangements. For instance, do you intend to remain in the marital home, seek alternative accommodation, or relocate to a different part of the country (or overseas). Planning ahead can alleviate some anxieties linked to transitions. This is even more crucial if you have children. They are likely to crave stability during this incredibly uncertain time.

When it comes to living arrangements and the seemingly endless decisions you will need to make over the next few months, If it is safe and possible, try to maintain open communication with your spouse. While emotions can run high, clear communication can help in clarifying misunderstandings, and potentially pave the way for amicable resolutions.

Document everything

Maintaining a detailed record of all interactions, decisions, financial transactions, and any other pertinent details can prove invaluable. Should disputes arise, having a comprehensive, dated account can provide clarity and support your position.

When it comes to resolving disputes, before applying for a Court Order regarding financial arrangements or child arrangements, both you and your spouse will need to attend a Mediation Information and Assessment Meeting (MIAM) unless circumstances render you exempt. Mediation can be a constructive avenue for couples to reach agreements without resorting to court proceedings This makes the divorce process less adversarial and stressful; therefore, if it is safe and constructive to do so, it is well worth considering.

Protect your mental health

Divorce is not just a legal process; it is an emotional journey. Prioritising you and your children’s mental health is essential. Seek out caring friends and family, consider joining a support group or seek professional counselling. A solid support network will provide a vital foundation for you to lean on, especially on challenging days.

Final thoughts

Divorce, by nature, marks an end but also a new beginning. Though the road might be filled with legal formalities and emotional upheavals, preparation can be an empowering tool. Remember, the ultimate goal is not simply to legally terminate your marriage, but to pave a path forward so you and your spouse can rebuild your lives separately.