If you are nearing the end of your divorce or are recently divorced, you might be wondering what happens next.
Whilst the more emotional and stressful parts of the separation process may be over and agreements have been reached, it is important not to overlook some other ‘life admin’ as you start your new life after divorce.
When you are married to someone, particularly if the marriage lasted for many years, your lives can become intricately intertwined. There will be a fair amount of unravelling to do to ensure you are legally protected, as well as ensuring that you are more easily able to move on.
Our Divorce Specialists at Lamb Brooks share several things you need to consider after your divorce has been settled.
Enforcing Your Financial Consent Order
This is arguably one of the most important areas for you to address immediately after your divorce is finalised and your Solicitor will urge you to ensure that you address your financial severance from your partner. A financial consent order is a document that clearly sets out how your assets and finances will be divided along with any ongoing arrangements.
A large number of orders involving pension shares often go unimplemented because the receiving party does not know how to go about this. If you are on the receiving end of a pension sharing order, then it is wise to take independent financial advice on your options.
Selling or Transferring Property
Now that you have reached an agreement on how your property will be addressed after your separation, it is important to promptly action any transfers of equity, re-mortgages or property sales. Leaving this too long could negatively impact either or both sides. It is worth remembering that the property market can rise and fall and mortgage offers will vary and expire after a certain period of time.
If any of the properties are second homes, then you may also need to take tax advice from an accountant, if you have not done so already, in case any capital gains tax arises.
Update Your Will
If you made a will before you got divorced it is worth addressing any changes that need to be made swiftly. Most people tend to name their spouse as their executor and / or their main beneficiary which, of course, would no longer be your preference once you have parted ways. Whilst the divorce may override certain parts of your will, eg the appointment of your former spouse as an executor of your estate, it is much safer to appoint a new executor and to clarify your wishes. It would be advisable to consider re-writing your will as you may find that many of your former plans or wishes have changed since it was written when you were a married couple.
Update your Lasting Power of Attorney (LPA)
Similarly, if your ex-spouse is your chosen attorney, you would be best to change this. Even though the divorce could terminate your spouse’s appointment automatically, you would be left without a chosen Power of Attorney in place.
Address Anything in Joint Names
When you live together as a couple, many of your utilities, car finances, insurances and suppliers could be in joint names or in your spouse’s name. It is a good idea to make a list of all the different companies you use or make a note every time mail comes through your door, so that you can gradually change over the names into just your control. There are some utilities where they will only speak to the named person on the account, so it is sensible to address this to avoid any issues in the future if you are looking to make changes or cancel any subscriptions or suppliers that you have.
Change your Email Accounts and Passwords
If you are concerned about your privacy and want to make a clean break, it might be worth considering changing your password on your email accounts, online banking or any subscription services that you use that could be logged into by your partner. Nowadays many couples share Amazon Prime accounts, television services such as Netflix or Disney+ or even social media accounts and photo storage apps. It might be worthwhile discussing how you will move forward fairly.
Update your Address
If you have moved since your separation and your partner has remained in the property, ensure that you have updated your address in all the relevant places. Whilst some separated couples remain civil, it may be easier to avoid situations where important mail, packages or personal items are sent to the wrong address. It is often wise to set up a post re-direction with the Royal Mail if you have moved home to make sure your mail reaches you safely and promptly.
Getting Legal Advice
Lamb Brooks is full-service law firm, meaning that we can advise on many areas of the law to help you move forward after divorce. Whether you need assistance with your residential property, want to tie up your personal affairs or need further advice on your finances or children following a separation.
To speak to someone today for trusted and practical legal advice, please call 01256 84488 or email enquiries@lambbrooks.com. Alternatively, if you are browsing our website outside of office hours, you are welcome to talk to our online chat assistant (who is a real person) to provide them with your contact details and a convenient time to call back.Other blogs you may be interested in:
Now I'm Divorced...What Next?
Introducing a New Partner to Your Children
7 Ways to Thrive After Divorce
How to Sell Your Home: Attracting a Buyer