Life After Divorce

If you are at the start of what looks like a separation or divorce, you may be feeling stressed and anxious. There are all sorts of things to consider: how you will survive financially, where you will live and what the future will hold. These are all normal concerns. The aim of this guide is to help you identify the main problem areas and provide you with a checklist to help you resolve the problems.

How will I survive financially?

  1. Prepare a Schedule of income and outgoings to see how much you need each week/month to live on and any shortfall.
  2. Check what benefits and tax credits you are entitled to. To help you work out how much you could claim, please visit Entitled To on www.entitledto.co.uk and use their simple calculator to make sure you are not missing out on any entitlements. The site is free and no personal information is required.
  3. If you are now the only adult in your household, contact your local council to obtain a 25% reduction of your Council Tax bill.
  4. Work out what you might have to pay or be entitled to receive in child maintenance. To work out child maintenance please use the Child Maintenance Calculator on the Child Support Agency website on https://secureonline.dwp.gov.uk/csa/v2/en/calculate-maintenance.asp
  5. If you have a pension, find out how much your pension is worth by asking your pension provider to provide you with a CETV (“Cash Equivalent Transfer Value”) of your pension.
  6. Contact your bank to inform them of the separation/divorce and open up a separate bank account, if applicable.

Where will I live?

  1. Ask an estate agent to value your property in the event it needs to be sold.
  2. Find out how much you owe on your mortgage.
  3. If you have an endowment policy, find out what it is worth, both if you cash it in now, and what it will pay when it matures.
  4. Decide how long you need to stay in the property before it can be sold and how much it would cost you to remain in the property.
  5. If a property needs to be sold, find out how much it would cost you to rehouse yourself (and any children) and obtain a selection of properties you would be interested in buying.
  6. Investigate the maximum you could raise by getting a new mortgage.
  7. Consider what is available to rent.

Future prospects

  1. If you have only been working part-time or not working, consider what you would need to do to get back into the job market or to increase your hours.
  2. If you are looking for a change of career, what training and qualifications will you need?
  3. What expenses will you incur in planning a change of career?
  4. Budget and plan for any changes in career.