Your local, award winning legal experts
Y w
DIVORCE AND FINANCES: HOW TO ENSURE THE PAST DOESN’T COME BACK TO HAUNT YOU…
When you want to move on with your life post-divorce, the last thing you need is unfinished business rearing its ugly head. If financial matters relating to your divorce are not fully and formally dealt with at the time, you will be living with a ticking time bomb that can detonate at any moment.
Divorce and financial matters upon a breakdown of a marriage are often interlinked. However, it comes as a surprise to many people that they are in fact entirely separate sets of proceedings. Financial issues do not automatically come into play upon the issuing of a divorce petition or upon the conclusion of a divorce when Decree Absolute is granted.
It is possible therefore, for a
couple to divorce and for financial matters to remain unresolved. That is the case even where the parties have discussed financial issues and agreed a division of assets, and even where that ‘agreement’ has been implemented. Situations can arise where the family home is sold, proceeds divided and people have moved on with their lives only to discover at some point in the future, that their ex-spouse has ‘live’ potential claims against them. This situation is stressful, costly and much more difficult to resolve at this later stage.
Avoiding such a nightmare scenario is simple. At the time of a divorce, financial matters should also be dealt with formally. Any agreement reached must be embodied in a court order that once approved by the Judge, becomes binding. This gives parties clarity and certainty, allowing people to concentrate on their future without fear of the past coming back to haunt them. In order to reach a fair and reasonable settlement it is important to:
1. Properly identify the assets
2. Calculate their actual value 3. Consider how they should be distributed between the parties
Identifying the assets takes place via a process known as ‘disclosure’. Each party lists all of their assets and liabilities and
provides supporting documentation which is then exchanged so that both parties and their legal representatives have a full picture of what is in the matrimonial pot.
If there are issues over property valuations, business or pension valuations, expert evidence can and should be sought. Once a value is agreed, settlement negotiations can begin.
Every case is different and will turn on its unique facts, however, the needs of the parties and any children will be the first consideration.
Once an agreement is reached, it is imperative that it is properly encapsulated into a court order known as a consent order. This must be carefully drafted by your solicitor and once signed by both parties, submitted to court for a judge’s approval. Once approved it becomes legally binding.
Where an agreement cannot be reached or where there are concerns or issues over disclosure, court proceedings can be issued. The family court is different to other court arenas, it’s designed to help facilitate discussions between the parties and to move matters towards agreement.
Should you have any concerns relating to an historical divorce, or if you would like advice upon your situation if you’re thinking about a divorce, please contact Lorna Tipple on 01562 820575.
With offices in Kidderminster, Worcester, Birmingham, Solihull, Halesowen, Sedgley and Stourport, Thursfields’ family solicitors can arrange to meet at the location most convenient to you.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is recommended that specific professional advice is obtained before acting on any of the information given.
Worcester 01905 730450 | Kidderminster 01562 820575 Stourport 01299 827517 | Halesowen | Sedgley | Solihull | Birmingham
www.thursfields.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172
