Magazine - Money

In the past year, the recession has put families under more financial pressure than ever. And, if you’re going through a break-up or trying to manage as a single parent, chances are you’ll have more money worries than most. One of the most important things to get sorted out as soon as possible is an effective child maintenance arrangement.

There is no definitive time-scale as yet, mainly as the changes haven't yet been approved by Parliament. There is currently a pilot scheme running, whereby any new cases where there are four or more children living with the PWC will be subject to the new changes. All other new cases will be dealt with under the existing 2003 rules.

Surviving divorce is tough, going forward with financial independence and peace of mind is even tougher! However, an innovative company has just launched a new insurance product which will take away that insecurity.

Although official figures released last year show that the national divorce rate is at its lowest level since 1981, it is still an event familiar to many thousands of Brits and one that may be a daunting prospect for thousands more.

Happy First Birthday to Wikizine and to us as well over at The Media Marketing Co, as we also turned a year old this summer. As with Wikizine, we immediately hit a ‘sweet spot’ and have likewise seen a lot of growth and change in the year since we started - all of it for the good.

The benefits system provides practical help and financial support if you are unemployed and looking for work. It also provides you with additional income when your earnings are low, if you are bringing up children, are retired, care for someone, are ill or have a disability.

Flora Maudsley-Barton is a Chartered Financial Planner. This month, she gives us the benefit of her experience in financial rebuilding after divorce.

The Baroness makes some good points about not splitting everything 50/50 after only a short marriage when no children are involved.  But what she doesn't do is seem to place any financial value on the parent who 'chooses' to stay at home.  This 'choice' is normally made by BOTH parents, and for good reason.

Divorce is a costly business not just emotionally and the cost of legal help - but in the months and years after when couples have to look after children from two separate homes and the available income has to stretch hard. The divorced are one of the most vulnerable groups when it comes to going broke.

By spending a few hours looking out your income and outgoings it is possible to not only live within your means but to save money as well. For anyone wishing to downsize their lifestyle control of their budget is a must!

Setting a realistic budget at outset will help to control costs and save you time and stress later when you may struggle to balance conflicting obligations. The process of separation and divorce can take many months and in some cases, years to complete.

Our Benefits Expert, Lionel Roberts, gives advice on how to find out what you’re entitled to and how to make a claim.