 |
| The financial settlement is not part of the divorce itself. In many cases it is something that can be worked out by the parties involved, on the advice of their lawyers, without going to court. If a financial settlement can be agreed in this way there will be huge savings in time and legal fees. Contact one of our family law specialists on 01789 267377 or email us with your circumstances. Read Divorce, sorting out the finances for more on this subject. |
|
| What counts as a matrimonial asset? |
|
| |
- The house, and any other house or property owned by either or both parties.
- All savings and investments including PEPS, ISAs, deposit accounts, Premium Bonds
and stocks and shares.
- The value of the family business.
- The occupational pension funds of both parties.
- Any especially valuable goods, such as antiques and classic cars.
|
|
| |
As mentioned above, the source of any particular asset is not relevant. So, for instance, if one party inherits a house from a parent during the course of the marriage then its value must be taken into account. This does not mean that all assets are automatically divided on a 50/50 basis, for there are many factors which the party's lawyers will take into account, in exactly the same way that a Court would. |
|
| |
It is common these days for the home to be in the name of only one party, usually because they owned the house at the time of the marriage. This can be a problem if on separation your partner decides they are going to sell the house quickly and potentially deny you access to your share of the equity in the house. If you fear that this might happen you need to act quickly - call us on 01789 267377 or email Woolley & Co.
These would include the length of the marriage, the ages and earning capacities of the parties, the parties' individual financial and housing needs and any relevant health problems or disabilities.
|
|
| |
For a fixed fee consultation go to our advice section to book an initial telephone or email consultation. |
|
| Children and the Family Home |
|
| |
It is usual to try to keep the children settled in the family home however account needs to be taken of the housing needs of both parents and the fact that these days as children tend to spend time with each parent therefore each parent needs accommodation suitable for the children to stay in.
In the event of the children remaining in the family home with one parent that parent will need to show that they can cover the costs of remaining in the property. |
|
| |
It is important to find out about Child Support and benefits available such as Family Tax Credits. All of this will depend upon the age and needs of the children and the family's financial means. |
|
| |
It is important to get early advice on this point and to remember that there are no set rules every family is different. |
|
| |
Read our article 'Unmarried fathers paternity rights' |
|
| |
For a fixed fee consultation go to our advice section to book an initial telephone or email consultation. |
|
| Pensions on Divorce |
|
| |
A pension can be one of the most valuable matrimonial assets. On the breakdown of a marriage the other spouse has a claim on the pension as a matrimonial asset and this could have a major impact on both parties. The paying party’s future pension can be substantially reduced.
There are three methods of dealing with pensions on divorce, the first is offsetting which very basically leaves the pension as it is and the other spouse is compensated from remaining assets.
The second method is a ‘pension attachment’. This can have implications for the spouse in that they are reliant on the former spouse continuing to contribute and they would have to wait until that spouse retired before receiving the benefit.
The third method is a ‘pension sharing order’. This removes a percentage from the paying spouse’s scheme into a scheme on behalf of the receiving spouse.
Pensions are a complicated issue and it is imperative that you receive competent legal advice on the best method of dealing with your pension on divorce to ensure that your future is protected.
|
| |
|
| |
For advice book an initial telephone consultation here. |