You're near the end of the divorce process. The protracted and stressful negotiations or the amicable discussions have been concluded and a financial settlement agreed with your nearly ex-spouse. Hopefully it is all fair and reasonable for both of you.
But maybe you feel like the flesh has been stripped from your back without anesthetic. If you have taken advice from a good IFA during this process then you are much more likely to have a good outcome.
Either way it's a done deal. The key thing now is to make the best of the situation and make your settlement work as hard as possible to give the best long term financial outcome.
The issue of the Decree Absolute is usually conditional on satisfactory conclusion of the financial settlement; this will usually require financial action to be taken. So it's vital to get the right advice on how to do this. Remember your divorce lawyer is a qualified legal expert, not a financial expert.
To ensure that correct, prudent and cost-effective action is taken you need a finance expert, an Independent Financial Adviser (IFA). It won't cost you anything to have an initial meeting with an IFA in your local area right now.
He or she will be able to explain the appropriate financial options and how they may be implemented quickly and efficiently. Sometimes this can involve major and sometimes complex financial adjustments to implement the settlement and to safeguard your financial future. This is not something it is wise to undertake without expert advice.
Typically you may need to do the following:
Increase the mortgage on the former marital home to pay off your ex-spouse.
Find the right mortgage to buy a new home.
Handle the pension transfer resulting from a pension sharing order.
Find an appropriate long-term investment for any cash gained from a financial settlement.
Replace Life Assurance policies or adjust the beneficiaries to be your children rather than your ex-spouse.
This work is best done by a financial expert, an IFA. This is especially true if there are tricky tax implications which need to be taken into account. However stressful the divorce has been take the right advice to make the sure the final financial hurdles are as problem free as they can be.
And finally, don't forget as soon as you are divorced you will need to write (or rewrite) your will to ensure that in your new life after divorce you leave your worldly goods to those you intended and nobody else!