DIY DIVORCE WITHOUT GUIDANCE

IF YOU don’t own very much between you, there are no children, and you are on good terms, doing it yourself can save a fortune. You can draw up the forms, or get a low-cost legal service to do it for under £100 (plus about £500 in court fees).

However, you won’t get any advice, so if there are pensions, a property, significant savings and investments or children to consider, there’s a real risk of making an expensive mistake.

NEGLECTING THE PENSION

WHEN your spouse has been building up a pension for years, it could be worth as much as your family home, so don’t give up a share of it lightly.

It’s not always easy to tell what a pension is worth, but you should get a pension valuation as part of the financial disclosure, so if you don’t have one, ask for it.

If your partner has a big pension, it may be worth paying a financial adviser or accountant to check the numbers.

SPLITING PENSIONS WITHOUT HELP

THERE are three ways to split it: one person can keep it and trade it against other things you both hold; you can split the pension pot into two today; or you can agree to share it when it’s being paid out.

The right answer depends on your circumstances.

If, for example, you’re much younger than your partner and choose to split the income, payments may stop when they die – leaving you pensionless.

It can all get a bit complicated, so if one of you has a decent pension, it may be worth paying for advice.

TRYING TO HIDE THINGS

IF YOU don’t give your solicitor the full picture, you’ll waste a lot of time and money. If you lie to your ex about assets, you risk ending back in the divorce court – even after the deal is finalised – going through the whole expensive process again.

FAILING TO CUT TIES

DURING the process, any joint financial products will be frozen, and when you come to an agreement they will be closed. However, you may still need to cut ties on your credit record – to stop your ex from influencing your ability to borrow.

You’ll need to contact Equifax. co.uk, Experian.co.uk and Transunion.co.uk (formerly Callcredit) and complete a notice of dissociation.

NOT FINALISING THINGS

IT’S WORTH paying for an additional consent order, which stops either of you coming back for more after the marriage ends. In 2010 a lottery winner ended up giving his ex-wife millions of pounds from his win, despite the fact they had split up 10 years earlier. A consent order protects you both from this sort of claim.

RELAXING WHEN IT’S OVER

If you lie about your assets you risk ending up back in court doing the whole expensive thing again...

YOU need to start rebuilding as soon as you can – including paying into an emergency savings safety net and restoring your pension. Don’t forget insurance too.

If you’re relying on maintenance payments, you need to insure the life of the person paying them to protect your family.