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Borrowing

It may be sensible not to take out any further loans until the financial agreements have been finalised, unless you have no other option. For information on dealing with your home, see Living arrangements.

If you need to take out a loan, make sure you get the best type of borrowing for you - loans made clear. Make sure you understand how and when any loans will be repaid and that you can afford the repayments, especially if interest rates change. When you apply for a credit card, personal loan or other borrowing, the lender will normally use credit scoring to decide whether to lend to you and at what rate of interest. Each lender uses its own credit scoring system but, typically, you will get points according to your age, marital status, how long you have lived in your current home, employment status, earnings and so on. Separation and divorce are just one of the situations that can adversely affect your credit score. For more information see Moneymadeclear.

Speak to a solicitor if you are worried that your spouse or civil partner is taking out unnecessary loans which could affect any final settlement.

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