When a couple split up, be it a partnership, or in my example here, getting a divorce, emotions run high! There can be various reasons for the couple splitting up and getting a divorce, and some of those reasons can bring out some of the worst in us.
And with emotions running so high, it can be difficult to think straight, and sort all the matters out that need to be sorted.
You toss children in the mix, not literally, and it can become even more complex.
When you think back to when you fell in love and all the emotions and feelings that went with that time, getting a divorce can bring emotions back to that level, and in some instances higher.
Just as when you get married it is a legal matter, you are entering into a contract with the person you love, and to exit that contract it also is a legal matter through the courts.
Divorce in the UK has not changed much, although there are some new “Fast-Track” divorces now. If there are no children involved, both parties agree to the split, a divorce can now be filed online, and granted online. It still takes the same time frame, but the costs are reduced, and it is easier to file online than to complete the paperwork and take it down to the courts.
While getting a divorce through the courts may not be expensive, a few hundred pounds, and in some instances it can be free, there are other financial matters to consider, and can bring about some financial hardships.
The Cost Of Running Two Households
One of the first things that needs to be addressed and considered is with splitting up, you are no longer living together, so you will now have the expense of maintaining two households. Which for some may not be an issue. However, if you were a single income family, this will be a problem.
Even two income families can find that now each person having to fund and afford their own home, a financial burden.
If there are children from a relationship and one person is ordered to pay child maintenance, this can put a huge dent in their finances.
Yes, we love our kids, and yes, we would do anything for them, but doing everything and giving is easier when you are living with them; and not supporting your own household; as mentioned before.
And as we will discuss next, child maintenance and any arrears, cannot be included in any insolvency proceedings, such as bankruptcy.
The Debts – Who Pays What?
In addition to now running 2 households, the couple may have various bills and debts that are outstanding and need to be paid.
I am not going to discuss property and assets here, as that is a whole new realm of questions and complications, as assets need to be split, as do any debts.
The main things here are this:
- Any debts in just the one person’s name are their debt, and they are still responsible for that debt/account.
- Any debts or accounts in both names, are still the responsibility of both people, regardless of how they decide to pay these, or one person agrees to pay the debt.
This is where the grey area may come in, as in a divorce both parties agree one of them is to pay a jointly held loan. If the person who is supposed to pay the loan does not pay the loan, the arrears and default affects both of their credit files, as it is a jointly held debt.
As you can see, divorce and splitting up a partnership is not easy emotionally and also financially. That is why in some instances if the love is still there, counselling is a good way to try and keep the relationship intact.