How to ease the financial pain of getting divorced

JANUARY is often a time when divorce lawyers see a jump in enquiries, perhaps due to tensions brewing over Christmas, or people seeing the new year as a fresh start.

And according to research from Aviva, couples typically spend £14,561 on legal and lifestyle costs when they divorce or separate. But there may be ways to take some of the financial pain out of the process. Here are some tips: Have an emergency budget. This will help with damage limitation to your finances.

It’s incredibly common to start running up debts after a split, because you are dividing the same income between two households – while at the same time paying for what can be an expensive process.

It makes sense to draw up an emergency budget to cut your expenses as much as possible during these first difficult months.

Consider freezing accounts. You’ll need to make decisions on joint financial arrangements for the short-term. Banks can freeze the assets in joint accounts, or make arrangements so that you both have to agree to any money being withdrawn.

Don’t forget pensions. In many cases, it’s one of the largest assets built up during the marriage. You may have a few options as to how to split it.

Revisit your overall position. After a divorce you may need to revisit your longer term savings and investments too. You may need to rebuild your portfolio or your pension, and re-think your plans for retirement.