Divorce. Why do you need to be aware of your finances?

Woman with hat thinking about Divorce

It is only natural that after being with someone for a while that your finances become entwined. You will be surprised by how many financial products and agreements you will share with your ex-partner. These agreements may be in the form of a mortgage, credit card, car loan or even everyday utility bills. You need to be aware off all these commitments when you are considering a divorce.

Your credit report will list the details of the financial agreements you have. These reports are produced by companies called “credit reference agencies”.

They record your financial information on how well you manage credit and make your payments. The main companies are-

They will each hold a file on you, called a credit report or credit file, although the information recorded about you might differ between companies. Furthermore, all credit reference agencies have a legal obligation to provide you with a copy of your credit report for £2. However, you can get a free report through our website with Experian.

Why should you review your credit report?

Reviewing your credit report will help to protect your credit score from unexpected payments on the part of your former partner.

You will need to build up your own, independent score and improve your rating if needed to ensure that you don’t get turned down for any future loans. This is especially important if you are planning to take over the mortgage on the family home.

How can you improve your credit report?

If you have a low credit rating, these are some of the key steps that will help you improve your credit score:

  • Register on the electoral roll.
  • Check for mistakes on your file and get them amended.
  • Pay your bills on time.
  • Check for fraudulent activity.
  • Reduce your levels of existing debt if you can.

How we can help you with your divorce.

Going through a divorce is never easy! We are a firm of experienced Independent Financial Advisers (IFA’s). This means that the advice we offer is unbiased. We will look at all the financial options that are available to you from the “whole of market”.

We will start by reviewing your existing financial position. With the help of cash flow modelling tools, we will show what your financial situation would be going forward. It is important that you are aware of this before agreeing to any financial settlement. If you feel that this would benefit you then why not contact us for a discussion. This initial, “getting to know you” meeting is at our cost and without obligation.

Meetings can also be arranged at your home, place of work or one of our offices at a time that is convenient for you. Why not arrange a meeting today? We have offices located at-call back logo for divorce

Also, our financial planners live and make use of meeting rooms in-

Finally, the information contained in this article is for information purposes only and does not constitute advice. No action should be taken based on this information alone.

2020-02-19T15:50:38+00:00 February 6th, 2020|News|