Break-ups, divorces and finances explained

Staff at Bingham-Woods Independent Financial Advisers, Spalding.  Photo by Tim Wilson.
Staff at Bingham-Woods Independent Financial Advisers, Spalding. Photo by Tim Wilson.

It’s never easy to deal with the stress caused by the end of a relationship.

But while a break-up can have a major emotional impact, you should also think about how it could affect your finances.

Money Matters by Scott Woods of Bingham-Woods Independent Financial Advisers, Spalding.

Money Matters by Scott Woods of Bingham-Woods Independent Financial Advisers, Spalding.

If you and your partner have ended your relationship, you’re probably suffering from sleepless nights, stress and anxiety. But if you’re going through a tough time, remember that you’re not alone.

Official data has shown that 42 per cent, an average of 13 divorces each hour, took place in England and Wales during 2012, highlighting just how common break-ups are.

As well as dealing with the emotional side of a split, there are some key issues you’ll need to consider when it comes to your finances.

Research has shown that people don’t like to discuss money matters with their partner.

Despite this, it’s vital that couples talk openly and honestly following a break-up so they can decide on how to untangle money and belongings.

Good communication is essential, so don’t shy away from tough conversations.

After spending years with your partner, you may have built up substantial savings together or managed your money through a joint account.

If this is the case, talk to your partner about how you can begin to separate your finances.

Divorces and break-ups are emotionally draining for everyone involved, but it’s important to consider the implications of not talking about these taboos.

You and your partner will also have to carefully consider who will take responsibility for any children following a split and how they can be financially supported in the future.

Along with finances, you will also need to decide on how other assets such as property will be divided after a break-up.

If no amicable solution can be found, you may need to seek legal advice in this area.