Finding the best way forward to resolve your financial issues in a divorce or separation
Settling financial issues can be the cause of serious disagreements during a divorce or separation. Financial settlements can be complex, especially if there are numerous assets involved. Yet separation and divorce finances don’t have to be a bone of contention. Pragmatic and intelligent legal advice can help you reach an arrangement that’s acceptable to both of you, calmly and effectively.
If you’re just starting a new relationship, it could be a good time to arrange your financial affairs, so it’s easier to settle any financial disputes if they occur later. The best way to achieve this is to get legal advice on a pre-nuptial agreement or cohabitation agreement.
If you have been issued with a divorce petition unexpectedly, or you believe that your partner is separating finances before divorce proceedings are issued in an attempt to hide or dispose of assets, you need to seek legal advice immediately to make sure your interests are protected. Sorting finances after divorce proceedings have been finalised can be difficult, so it’s always advised to start seeking professional advice as soon as you are sure that the relationship is ending.
Financial claims for unmarried couples
The law regarding unmarried couples is very different to that for married couples. No matter how long you’ve lived together, your rights and obligations to each other in a relationship breakdown are limited. If there are children involved, there may be additional financial claims made on their behalf, as well as special rules relating to the family home.
We can explain your rights and obligations, including how they’re affected if you have a family, and help you move on to find a resolution.
Financial claims for children
Making sure your children are financially secure for the future will be one of the most important aspects of your separation or divorce. There are several financial claims that can be made on their behalf, including ensuring suitable property arrangements, paying or receiving maintenance and how to handle lump sums.
The solutions will depend on your specific situation, so it’s best to get comprehensive, personal legal advice. We will listen, make sure we understand and then use our extensive legal expertise to help find effective and acceptable answers.
Other financial considerations
There are other financial aspects that we can help you resolve if you’re divorcing or separating, such as property, pension sharing, family wealth and whether one or both of you have a business or are both involved in the same business. Separating finances in divorce or separation may not always be straightforward but having legal assistance to look after your best interests can make a significant difference to the outcome.
Many of our clients are company directors and professionals with significant business assets, and we have established an impressive reputation for handling divorces involving company assets and family businesses. There’s more information about what is involved and how we can help, on our business and divorce page.
How are finances split in a divorce?
There is no simple answer to how finances are split in a divorce, as there are many factors that have to be taken into account, as well as the individual circumstances of the couple or family. Every marriage and divorce is different, so the settlement that the couple come to will be different in every case. If there is a pre-nuptial agreement in place (also known as a prenup or prenuptial agreement), this can make things easier to agree on, but UK courts have the discretion to disregard this document if they deem it unfair towards any children of the marriage.
Our experienced family law team can help you with practical and expert advice on the financial aspects of your divorce; we’ll be with you every step of the way.
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Sarah French | 20.01.2020
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