We have previously shared insights on staying on the right financial track during divorce, particularly if you have not had to deal with managing practicalities such as tax, standing orders, direct debits during your marriage.

Our tips included vital areas such as Financial Disclosure, how concealing assets can incur stiff penalties - and why pensions are vital to include in financial settlements.

In this article we look at key areas when planning your finances post-divorce.

Obtain a formal Financial Order

Once a financial settlement is agreed, it is almost always best for the terms agreed to be made final and binding in a Court Order. This legally binding document details the main assets owned by divorcing couples and sets out the financial arrangements agreed between them. The terms of an order are binding and can be enforced through the courts if there are any problems putting those terms into effect.

It is important to understand that the divorce process itself does not dismiss financial claims which  can be pursued many years after the divorce has been finalised, provided the person bringing the application has not remarried. It is vital to have this conversation when separating.

Avoid exceeding your budget 

I am not a financial adviser, but these are some pointers which might be useful to think about:

Spousal Maintenance and Child Maintenance 

Spousal maintenance will usually be paid for a period of time to enable you to adjust to financial independence or when your financial needs are reduced, for example if you are unable to work through illness.

Spousal maintenance will stop if you remarry or enter into a civil partnership or if either of you dies. It could also be affected if you meet a new partner and move in together

Plan for when child maintenance child maintenance terminates. Child maintenance is payable for children under sixteen and youngsters under twenty who are still in full time education.

Consider Financial Planning  

Obtaining financial advice during settlement negotiations can be helpful. Many financial advisers use cashflow modelling, which examines how different settlement options might pan out in the future. In processes such as collaborative practice or mediation, it is quite common to bring a financial adviser into the process as a neutral to help the discussions. Further financial advice can then be taken on an individual basis when settlement terms are clear.

Jones Myers works with tried and tested financial advisers who we can recommend to our valued clients. Financial advice pre-divorce and post-divorce can help you to stay on the right financial track as  you embark on the next phase of their lives.

This article was originally commissioned for, and published in, The Divorce Magazine.

For queries on pensions in divorce or any aspect of family law, call 0113 246 0055 (Leeds) 01423 276104 (Harrogate), 01904 202550 (York). Visit www.jonesmyers.co.uk, email [email protected] or tweet @helpwithdivorce

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By Jones Myers Partner, Nicki Mitchell – Mediator and Collaborative Family Lawyer