Financial Implications & Financial Matters In Divorce

Dawn Baker - Play video
Dawn Baker - Play video

Arranging financial matters in a divorce or civil partnership dissolution is often one of the most stressful aspects as you worry about the future while dealing with the breakdown of your relationship. At Forbes Solicitors, our team of divorce and family lawyers are experts in the financial matters surrounding divorce and will work to alleviate some of the stress by getting you the best possible settlement to keep your future – and that of any children – secure.

It is wise to acquire a court order in order to secure yourself against a future claim for financial support from your spouse. Unless a legally binding agreement is in place, you or your spouse could make a claim even years down the line. This means that even if you reach an agreement with your spouse through mediation (or even just by yourselves) you should have a solicitor look at it to advise you of the financial implications and to convert it into an order that is enforceable by the courts. This protects you should your former spouse renege on agreements at a later date and/or make a future financial claim.

Financial matters in divorce can cover:

  • Income
  • Property owned
  • Mortgages
  • Bank accounts held
  • Savings accounts held
  • Business assets
  • Child maintenance costs including school fees
  • Pensions
  • Endowment policies
  • Shares
  • Insurance policies
  • Debts

When assessing how these assets should be divided and/or distributed fairly, the court will take into account several factors, the most important of which is the welfare of any children under 18. The other factors include:

  • The income, property and other financial assets of each spouse which they have now and are likely to have in the future. This includes earning capacity, which particularly comes into effect when ne partner took time out of work to look after children and now may not have a full earning capacity.
  • The financial needs of each partner as well as their financial responsibilities and obligations both now and in the future.
  • The family's standard of living prior to the marriage breakdown.
  • Each spouse's age as well as the length of the marriage.
  • Whether or not either party has a physical or mental disability.
  • What contributions each spouse has made towards the welfare of the family.
  • The value of any benefit (such as pensions) which either spouse will lose because of the divorce.

On taking all of the above factors into account, the court will come up with what it sees as the fairest settlement, which will not necessarily be a 50/50 split. This could be a 'one off' payment of capital, a periodic (usually monthly) maintenance payment or a combination of the two. The court can even make an interim maintenance order so that you are supported financially until a permanent settlement is reached.

The court would be unlikely to take into account the behaviour of either party as its role is not to judge or punish. Behaviour would only be examined in extreme circumstances such as, for instance, a case where one partner injured the other and so reduced their earning capacity.

If you are going through the emotional trauma of a divorce, the expert team of divorce and family law solicitors at Forbes can help you through the process and ensure you reach a settlement that's fair to you and your family. Whether you want legal advice with mediation, a collaboratively trained lawyer or someone to represent you and your interests in court, contact us today on Freephone 0800 689 1058 or fill in our online form and we will call you.

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Family/Divorce

20 Aug 2015

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