Money Box Live: The Cost of Splitting Up

This week marks two years since the historic reform in family law, known as the 'no fault divorce', was introduced. It was aimed at reducing conflict during separations and meant that couples could divorce without the need to apportion blame for the breakdown of their marriage. This change led to a surge in new applications at the time. Divorce itself hits the bank balance with annual incomes falling by an average of £9,700 in the year after separation, according to Legal & General. From living together to sharing bills, sharing debts and sharing accounts, the financial implications can be significant. In this Money Box episode we're looking at how to separate your finances after a split, and if you are breaking up, at what point should you make up a financial plan?Felicity Hannah is joined by Gary Rycroft, Senior Partner at Joseph A Jones, and Sarah Coles, Head of Personal Finance at Hargreaves Lansdown. Presenter: Felicity Hannah Producer: Amber Mehmood Editor: Sarah Rogers(This episode was first broadcast on the 8th May 2024).