Divorce proceedings spike

Whether you believe in a 'divorce day' or not, there's no denying that this time of year does traditionally see a spike in divorces and separations. If you're considering divorce, it can be an emotionally fraught time. But it's important to think about the practicalities as well.

Law firm Irwin Mitchell say divorces are traditionally up 25% in January compared to an average month and one in five married couples are considering separating from their partners after staying together over the festive period.

Co-op Legal Services also reckons there'll be a 332% surge in divorce inquiries in January. Their research said a quarter of divorced adults said divorce was already on the cards, but they held off until after family celebrations to make announcements.

Divorce on the cards?

If divorce or dissolution of a civil partnership is something you want to do, division of money and assets is important, especially if you have children.

The first thing to do, if you can bear it, is talk about money. There is no straightforward rule about whether you'll be better off getting professional help about your divorce. But, break-ups are more prone to become acrimonious, lengthy or expensive if you cannot agree how to split your finances.

Do be aware that what you think is 'fair' and what is fair in the eyes of the law may be two different things. And, although it may be tempting, don't make a short-term decision that may actually put you – and your ex-partner – in a worse position in the long-term.

How to sort out your finances in the event of a divorce or dissolution

However you decide to deal with your finances, it is smart to get an idea of your financial situation, to work out what you have, what you owe, and how you may split assets and finances.

Our divorce and money calculator gives you a brilliant starting point for sorting out your finances

This article is provided by the Money Advice Service.