Saturday 6th January 2024 • Promotional Content
Financial & Legal Resolutions New Year, New You 5
Divorce and separation: three things you need to know
Even without clouds on the horizon, it’s still important to plan responsibly to protect your family and finances
emotionally and financially draining experiences, and one that few predict they will have to go through. It is vital that even during the most blissful period of your relationship, you consider the implications of what separating could mean for you and your family. Tese three points will help you better protect yourself and make an extremely difficult time that bit more manageable.
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1. Common law marriage is a myth Tere is a common misconception that if a couple have been together for a long period, they will gain the status of being ‘married’ and the legal protection that offers. Tis is false. If your home is owned in the sole
name of your partner, unless you can prove that you have a financial interest in it, then you are likely to have to leave the property and will not be entitled to a share of its value. You may also only be entitled to basic child maintenance, even if your partner has always been the higher earner and provided financial support while you were together. How do you protect yourself?
As difficult as it is, it’s important that you and your partner have frank discussions about what would happen in the event of your separation. If you have children together, you need to consider how you would be able to house yourself and the children if you were to separate. If you can reach an agreement on this, then it can be recorded in a cohabitation agreement, which will provide clarity to both
t’s no wonder that divorce is listed in the top five most stressful life events — it can be one of the most
parties, avoid disputes on separation, and provide reassurance to the more financially vulnerable partner.
2. Protect your assets When you are married, the starting point without any agreement in place will be that matrimonial assets are shared equally between you, even if one of you has contributed more. Tis can include the home, even if you are the sole owner. Te best way to protect your assets on divorce is to have a pre- or post-nuptial agreement, which sets out how the finances will be dealt with in the event of a separation. Even if you are already married, it is not too late to get one.
3. Navigating the process If you do decide to separate, you should not rush into any decisions. It is often tempting to leave the home, but before doing so, you should take specialist legal advice as there can be various practical and financial impli- cations that need to be considered. Mediation is a good first step to
consider, as it provides a neutral envi- ronment, with a trained professional, for you to have practical discussions about arrangements for the children and/or finances. Although the divorce process has
become more straightforward since the changes in the law to allow ‘no fault divorce’, you should not ignore the need to deal with financial issues properly. Te online divorce process does not deal with the finan- cial issues, which is often the most important aspect of the divorce, and this is where specialist legal advice is needed.
Jessica Palmer is a specialist family law solicitor, she set up and now heads the Family Law department in our three north London offices, Hampstead, Highgate and Crouch End. E:
jpalmer@streathers.co.uk T: 020 7317 7224
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