How to salvage your finances after a split

There's a lot to navigate money-wise when a couple parts ways. An expert gives VICKY SHAW the lowdown

- VICKY SHAW

A RELATIONSHIP break-up or divorce can knock many areas of your life - including your finances.

But while it takes time to mend a broken heart, there may be some practical steps you can put in place that will at least help support you on the money front.

"One of the most common concerns to an individual going through a divorce is how they will manage financially following the separation," says Ben Evans, a family law solicitor at Co-op Legal Services.

"Recent research commissioned by Co-op Legal Services revealed that nearly a quarter (21%) of people admitted to delaying divorce proceedings due to the detrimental impact it would have on their finances.

"However, nearly nearly two-thirds (63%) of people who delayed their divorce due to monetary reasons wish they hadn't, due to the impact it had on their life and those around them." For those considering a divorce, Ben adds: "Before you progress any further, it's important that you are certain this is the right move for you, and that there is no possibility of a resolution between you and your spouse.

"Marriage counselling is often a popular recommendation, and some couples even attempt to have a holiday together to see if there is a chance of reconnecting.