Finances and Divorce
Divorce and finance are in inextricably linked whereby each party may have a number of financial claims on the other. Broken down such financial claims are often for;
- A property, for example, the family home
- A lump sum of money
- Transferring assets, for example, business shares and investments
Such financial claims can include any relevant children.
- Property including the family home, a holiday home or a rental property,
- A lump sum - this could be offset against a business owned jointly or by one party, shares, savings or other investments.
In considering a suitable settlement a variety of factors need to be considered including:
- The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would, in the opinion of the Court, be reasonable to expect a party to the marriage to take steps to acquire;
- The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
- The standard of living enjoyed by the family before the breakdown of the marriage;
- The age of each party to the marriage and the duration of the marriage;
- Any physical or mental disability of either of the parties to the marriage;
- The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;
- The conduct of each of the parties, if that conduct is such that it would, in the opinion of the Court, be inequitable to disregard it;
- In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring (e.g. a right to your husband’s pensions).
Parties are expected to disclose their respective financial positions by going through the ‘financial disclosure’ process. Once all the ‘cards are on the table’ and with the help of legal advisors, it is hoped that a financial settlement can be agreed. Quite often further evidence is required to assist in this process for example obtaining a valuation of the family home, a business and pension. In the event an amicable agreement is not possible, Court procedings may become necessary in the form of a Financial Remedy application.
Call our team today on 0161 927 3118 to arrange your first appointment.