Who gets what after a divorce?

Divorce is a difficult time for all involved. Separating as a couple or splitting up the family can cause huge emotional turmoil, and comes with a host of other challenges such as re-orientating your lifestyle.

On top of this, you have to work out how to divide shared finances during a divorce. So who gets what after a divorce?

The financial challenges of divorce

Did you know that divorce doesn’t automatically end the financial commitment of a married couple? You’re actually responsible for severing financial ties separately. Without an agreement formalised in a court order, your ex-partner could make a claim on your funds at any time.

Your shared finances is likely to be a complex portfolio of property, savings, investments, and other assets such as business profits and family heirlooms. Be aware that it also includes any debts. This can make it complicated to ensure a fair divide.

When children are involved, it’s more challenging still. Adequate accommodation and child maintenance money for the primary carer must be arranged. This can be done independently, but it’s advisable to use a family lawyer with expert knowledge to put in place an official legal agreement.

4 tips for splitting finances during a divorce

As you can see, splitting finances during a divorce is difficult to navigate – especially if you’re not on speaking terms with your ex-partner. Here are four tips that will help to keep the process smooth:

Get full financial disclosure

It’s vital for you to have total visibility on your matrimonial assets. Full financial disclosure will enable you to determine a fair settlement amount, and save you from any surprises such as hidden loans further down the line.

Look out for any finances that are non-marital and don’t need to be shared, such as gifts and non-essential debts accrued after your separation.

Prioritise child welfare

Children are always seen as the most important factor in a divorce. Prioritise child welfare in your financial agreement just as you would the other arrangements.

This might include letting the primary parent remain in the marital home to ensure consistency and quality care for the children, or going above and beyond standard child maintenance fees.

Create an agreement

Once you have looked through the shared finances and considered child welfare, create an agreement. This should set out exactly how the assets will be divided and the repayment arrangements for any outstanding debt.

Especially if you are not on amicable terms with your ex-partner, utilise the services of a legal professional to help ensure fairness at this stage.

Communicate openly

Finally, as difficult as it can be, do your best to communicate openly and honestly with your ex-partner. For your mental wellbeing, it’s best to avoid a drawn-out legal battle over finances.