Separation and divorce: planning for the future

Following a separation or divorce, you may find your life and finances have completely changed. Now is the time to think about plans for the future.

After a relationship ends, it’s likely your income, assets and debts will all have changed considerably, so it’s a good time to review your finances and plan for what comes next.

Reassess your finances

After a separation, you may find yourself managing your own finances for the first time in several years. If you don’t already have a budget plan in place, now is a good time to start. Review all your new monthly incomings and outgoings, including payments, expenses and any child maintenance.

Also make sure you update any payments with your new circumstances. You might find your Council Tax payments reduce after your partner moves out, or that your energy bills go down.

Communicating with your former partner

Where it’s possible, constructive communication can continue to be helpful after separation. It’s possible you’ll need to make major decisions together in the future, for example selling large assets or financially supporting a child through university. Being able to talk to each other amicably now and in the future can save a lot of time and money. The more you can agree together, the less need there will be for solicitors to negotiate on your behalf.

Your next steps

Setting new goals

When you are ready and feel you are in control of your financial life, think about what you want for your personal life. Perhaps there’s a career change you’d like to work towards, or you want to buy your own car, or take up a new interest? Include those ambitions in your budget plan and set goals to achieve them.

If you want to get a better understanding of your financial situation, then you could benefit from a free personal financial review.

Further help and support

The Money Advice Service has a downloadable spreadsheet you can use to help understand your financial situation.

If you’re worried about your finances, you can speak to the Citizens Advice Bureau for free advice.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

Telephone calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service.