AN EXPERT has revealed a sneaky tip for protecting your money from your ex which could transform your independent financial future.
As the new year might be a time for new beginnings, it also signals the start of the end for many couples with January 6 dubbed Divorce Day.
The first Monday of the year has been given this name as it’s believed to be the most popular day for couples to begin their divorce proceedings.
There have been roughly on average an unbelievable 116,572 divorces a year over the past two decades, according to the Office for National Statistics.
And one expert has given key advice that you should keep in mind if you are proceeding with a divorce this new year – protecting you and your cash from your ex.
MoneySuperMarket personal finance expert Kara Gammell has advised people to ensure they have protected their credit score if opting for a divorce.
She said that, despite changes to the legal status of a relationship not having an impact on someone’s score, it can have an effect if partners have financial agreements in both names.
Kara explained to Sky News: “For example, a mortgage, loan or bank account, your credit reports will be linked through what is known as financial association.”
She added that this means that if your ex has “missed payments, defaults or other negative information,” it could your impact your credit report – worryingly “even after you separate”.
The expert added that people should submit a request to be financially disassociated from their former partners when any shared finances or credit agreements come to an end.
This is to protect their long-term financial futures independently.
Georgina Chase, head of family law at Slater and Gordon, said that an unbelievable one in 10 couples find Christmas to be a period that could “make or break”.
She told Sky News‘ Wilfred Frost: “We do tend to see a surge in inquiries at this time, particularly today.
“I have many experiences of clients seeing me a year before they instruct because of the cost of living crisis and the pinch of legal fees… even though that they’re clear the marriage has ended.”
A change in law that permits for what’s called a “no-fault divorce” means – for the first time – a court doesn’t have to assign the blame to one person in the couple.
Instead, people can file for divorce together.
Georgina added: “That means that you are starting the divorce process in a more constructive manner.
“We saw a surge following its introduction of people applying for divorce.
“It is possible to divorce amicably.”
