One of the first things you’ll need to do is to work out your assets. This is essential in order for a divorce settlement can be agreed – which outlines how assets and money will be split, and who gets what following the divorce.

This is where for many people it becomes very complicated, but you don’t have to do it alone.

The advice and guidance of a trained divorce solicitor can be essential, especially if your financial affairs are complex. You should absolutely seek legal advice if any of the following apply:

• You own a business, and/or you own a business jointly with your ex-partner
• One party doesn’t agree to the divorce and is contesting it
• One party has a disability or medical problem which affects their ability to work and earn an income
• One party has given up work to raise children and run the household, which also affects their ability to earn money.
• One party has considerably more wealth or assets than the other.

If any of the above apply to you, this could be a sign that dividing up assets and other financial matters could be complicated.

Calculating your assets – advice for working it out yourself

While legal advice is absolutely recommended in most divorces, there are also tools and tips you can use to make it easier to work out your assets yourself.

One of the best tools is the Money Advice Service’s divorce and money calculator. This is very useful for people who have very straightforward financial arrangements and who expect a reasonably amicable divorce where both parties agree. You’ll need to have a few essential figures to hand – including the value of your property and assets, the amount remaining on your mortgage and details of outstanding debts. With this information, you can get a good picture of your financial situation and ways in which assets may be split.

Whether using a tool, calculating assets yourself or using legal advice – or a combination of the three – it’s important to bear the following in mind:

• Always, always be honest about your finances. Don’t try to hide assets, as the courts will always find you out.
• Avoid ‘punishing’ your former spouse when negotiating your financial settlement. This is counter-productive and will only slow the process down, as well as creating more animosity between you.
• Try to find areas of agreement and compromise with your ex when it comes to splitting assets. This will make it so much easier later on.
• Stick to your current financial commitments while the divorce is proceeding. You should make payments you previously agreed to, avoid freezing any join accounts or running up debts.
• Get your paperwork in order. Take the time to hunt down and organise all of the documentation relating to your assets (i.e. bank statements, property deeds) as it’ll make things easier for your divorce solicitor – and save you money on legal fees.

If financial issues are making your divorce more of a headache than you expected, get in touch with Wirral divorce lawyer Tracey Miller Family Law for expert advice.