Financial implications

[cuppateaahhh]

Hi
What are the financial implications of being separated?

The FMH was sold and split 50/50, we haven't discussed maintenance as I can support our child, we didn't share bank accounts, the only thing I can think of is pensions and life insurance? The pension we both have separately and are worth the same. Life insurance I pay for and seems to be a bonus for me if anything happens to him?!
Any advice?

hi &cuppateaahhh*. I'm guessing you are married? and you have amicably decided and sold the FMH and done the split yourself? If you are happy to leave pensions alone, you will need to divorce on the basis of a 'clean break' the clean break means that neither of you will have a claim in the future on either of your finances.

I would say however whether you can afford to support your child or not now, things may change, in any case your child is entitled to a contribution from his/her father and likewise he has a responsibility to contribute too. If you don't need the money now why not put it in a savings account for her/his university?

Hope this helps.

Hi bella1968 yes married not really discussed divorce yet but knew had to sell FMH and split 50/50, not discussed maintenance either - he's buying a house now and I'm renting until next year - is it best to get clean order done now?

assuming that you're going to file for divorce you would do that at the same time. If you are entitled to a windfall or inheritence it would protect him from claiming against it but likewise if you think he's going to get a windfall/inheritence you wouldn't be able to claim against that either. There would be no further claim to spousal maintenance either.

The Child Maintenance Service would deal with money for the children, the courts don't like to get involved.

Just don't leave anything to chance, make sure that you and the children are in the best possible financial position, that's really what I'm saying because you just don't know what's going to happen in the future, you both could not be friends, lose your job, lose any money to rehouse anything could happen. I'm not trying to put a dampener on things for you as you seem to have most of it all sorted between you which is really great, well done to both of you it's really nice to hear that it happens to some people when they split up and it can be amicable but don't sell yourself short, protect your future and additionally the children too.

hope that helps?