Often one of the biggest worries is how the finances will be dealt with when a marriage breaks down. The problems can seem overwhelming to start with and coming to see us to take advice early on is so important.
Urgent decisions may need to be made about the amount of day to day living expenses that should be paid by one party to the other. Also what should happen to the home? Should one or other leave? Should it be put on the market for sale? Getting the answer wrong at the start on these sort of issues can have long term adverse effects.
The Rules
Surprisingly there is no book of rules and indeed very little written guidance as to how matters should be dealt with. This is why it is so important to take advice so that we can guide you as to what you are entitled to expect and how matters should be approached.
Because everybody’s circumstances are so different it is dangerous to follow what might have happened to a friend of yours and important to get advice on your own particular situation.
Equal Division?
It is a common misconception that on divorce everything should be split 50/50. This may well be the starting point in a long marriage, but there are many reasons why that is departed from.
The parties’ needs are especially important when there are children and can result in a significantly different division of the assets.
Reasons for departure from an equal division also include the shortness of the marriage, the contributions parties have brought in and the existence of what is called “non-matrimonial assets”.
There is also the issue of how different assets can be compared. Is the money in a house the same as the money in a pension fund? How about the value of a business interest – or a recent or future inheritance?
Then there is the question of maintenance payments (the amount that one party may have to pay the other on a monthly basis from their income). Assessing when maintenance is payable, how much maintenance should be paid and for how long it should be paid for can all be a very difficult issues.
Your Financial Future
For many people, how the finances are dealt with on divorce will have far reaching effects on their standard of living for the rest of their lives. This is why it is so important that you come to see us to take our expert advise as soon as possible. Resolving the finances following divorce is an aspect we specialise in and we will be happy to explain what is involved and act on your behalf to ensure your interests are protected.
