Finances

It is important that you understand the options available to you when reaching a financial agreement and, as with everything, seeking advice as early as possible is vital to protect your position.

Typically, the main assets built up during a marriage will be:

the value of the family home,
pensions
savings
investments
any family business/es.

Our Family Law team have extensive experience of dealing with a variety of financial settlements including:

high value cases
family businesses
agricultural property and land.

In these examples forensic accountants and tax experts may be required to assist in the valuations and/or to understand company accounts.

Property and financial issues can often be dealt with at the same time as divorce proceedings. Please be aware that they have to be dealt with separately from the divorce and the Decree Absolute does not dismiss the financial claims the parties have against each other.

We will, of course, keep you appraised of the factors that will be taken into account when reaching a settlement.

The aim of the Court is to achieve fairness between the parties and the Court has to consider an equal division of assets built up during the marriage unless:

the marriage was of short duration or
the assets are insufficient to satisfy capital needs.

Spouses, and former spouses, have the right to make financial claims against each other by applying to the Court for orders. They can be for any or all of the following:

Maintenance i.e. income payments;
Adjustment of property ownership i.e. transfer of a house from joint to sole names;
Lump sum i.e. capital payments;
Pension sharing orders.
Division of joint debts
Financial provision for children

We will need a summary of your financial position in order that we can prepare a schedule of assets and liabilities on your behalf.

In line with the Family Law Protocol, we encourage negotiation by way of mediation.

If an agreement is reached, this is formalised in an agreement known as a Consent Order. This will be sealed by the Court and will dismiss any future claims.

If negotiations fail, or become bogged down, Court proceedings will be necessary. This avoids open ended negotiations. However, matters can still be settled even if these proceedings are ongoing.