Separation - The importance of focusing on your finances
Marital or partner separation is always an emotional time regardless of how amicable it is. And the financial separation aspect can be extremely stressful for everyone involved particularly when it involves the family home. If you’re also self-employed financial separation can be complex and even more so when one party wants to leave a business.
Dealing with financial separation in a timely and professional manner is really important in achieving the best outcome for everyone involved. Unfortunately, where emotion exists this can be quite difficult to achieve, and this is where using a mortgage and finance professional can assist greatly.
Having assisted many couples over the years with their loans during separation and having been through it myself, I understand the importance that getting the financial side right plays in the overall outcome. Too often during separation people delay sorting out their finances. Sometimes its unavoidable and other times it just gets put in the too hard basket. But delaying can lead to really poor outcomes for everyone, particularly if there is already a loan involved. Financial commitments such as loan payments and credit cards unless they are maintained run the risk of damaging or ruining your credit score and this can have negative implications for a long time to come, often well after both parties have moved on from the relationship.
At a time when financial pressures are usually heightened it is useful to know that a mortgage and finance professional, in most cases, is not paid by you direct, they are paid by the bank or lender when the loan is completed. In cases where the cost is to be paid by you then usually this can be included in the loan.
There are so many things during separation that require energy and focus, particularly if there are children involved, so using a professional to provide the right solutions and take a lot of the effort out of organising or re-organising your finances makes sense.