Are you a Preston or a Chantelle?

Celebrity couple Preston and Chantelle may have only lasted five minutes as a married couple – well, ten months – but splitting up will be the same for them as it is for thousands of couples facing separation.

According to MoneyExpert.com over 140,000 couples get divorced every year and collectively they could have as much as £32.2 billion worth of assets haggle over.

Big Brother star Chantelle and Ordinary Boys singer Preston have a £1m property by the sea and are reported to have made over £2m between them since meeting in front of the nation on Celebrity Big Brother. So the ‘soul searching’ is probably just beginning.

In fact property is the one major asset most divorcing couples will have to split up – it accounts for around 35% of married couples’ wealth.

Divorce can result in huge emotional turmoil and can be made all the worse by increased financial pressures following separation. Here are some tips to help you through:

Five ‘key considerations’ for divorcing couples:

1. You will have to close joint bank accounts and set up new accounts in your own name. This may prove difficult in the early stages of separation as proof of address is often required and one partner will have left the marital home.

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2. Keep an eye on your credit rating as your partner’s credit history may be held on your file for a significant period after the separation and could affect any applications for credit. Click through to CreditExpert and see your credit report free for 30 days.

3. Remortgage and loan applications are not now judged on joint salary income and may take into account any maintenance payments. If you need to rent a property until the divorce is finalised, your credit rating could suffer as tenants frequently find that they are not offered as large a loan as homeowners.

4. Cancel your joint credit and debit cards to avoid arguments at a later stage.

5. Renew your PIN numbers.

If you need to set up a new Credit Card ensure you get one that fits your needs!

If you have a balance you need to transfer to an interest free card – compare the latest 0% Balance transfer cards:

Provider Introductory rate* & period Typical APR (variable)
Barclaycard Platinum 0% / 13 months 14.9%
Virgin Money 0% / 13 months 15.9%
Halifax One 0% / 12 months 15.9%

* Balance transfer fees apply – see MoneyExpert.com for details

If you are using your card for new purchases – compare 0% Purchase Cards:

Provider Introductory rate & period Typical APR (variable)
Halifax One 0% / 12 months 15.9%
Citibank Platinum 0% / 11 months 16.9%
Barclaycard Platinum 0% / 10 months 14.9%

Click through to MoneyExpert for money saving hints

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