Divorce can be an expensive business

If you do decide that you do wish to separate then you need to consider the financial aspects. How will you survive if you no longer have two salaries. Do you understand the cost implications of what you are about to undertake.

Some of the questions that you will now need to consider are as follows:

• How will you start to split what has been the family home?
• How do you start to split your assets?
• What will be a fair value?
• Can I access his / her pension benefits?
• What about debts? Who will get them?
• Do I need to pay towards my ex-partner?
• How can I still maintain my standard of living?
• Which assets do I need to take into consideration?

This and many more questions will need to be considered at some point. Also the emotional aspect of your ex partner will have a bearing on the situation as they may or may not be helpful in sorting out the situation.

Once again it is important that you take professional advice during the process. Pensions are now a major asset in a lot of divorces. Some pensions have specialist terms attached and you need to ensure that whatever you do, you understand the implications. Pension offset, pension haring and pension splitting are all options, but you need advice before choosing which is the option for you.

Bill Smith is a pension specialist who can help guide you through the financial implications of a divorce, especially when pensions are involved. Scots and English law have differences which need to be understood, especially when considering marital assets.

If you do find yourself in the situation contact us to see if we can help.