Divorce & Separation
When you're going through a separation or divorce it can be very stressful & often means your financial situation is affected. In certain circumstances your contractual liabilities can become unmanageable when you separate your finances. It's therefore really important that you seek some help on you financial options before a legal settlement.
Conflict of Interests
When relationships break down, advice agencies are usually unable to advise both parties due to the potential for a conflict of interests. At Money Advice Hub, we make sure that we refer anyone that we can't help to another free debt advice agency to avoid conflicts happening.
Joint Debt Liability
Checking your Credit Rating
You may wish to remain in a joint tenancy property, if so, you’ll need to get permission from your landlord to transfer the tenancy into your name only. You might have problems doing this if there any rent arrears & you might need to negotiate terms with your landlord.
If you’ve got a joint mortgage, it will be difficult to remove your name from it. This is because the borrowing is usually based on joint income & joint liability. We recommend you refer to your legal representative, lender & an independent mortgage broker for financial options, let us know if you need help with this. We're able to recommend an independent mortgage broker if required.
Separation will usually affect your income & living arrangements. This might mean that your benefit entitlement changes. You can use the free Turn2Us benefits checker to find out what benefits you can claim & the amounts you’re likely to receive.