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The two big money cases of Miller and McFarlane hit the headlines recently, providing new guidelines for Divorce settlements. Sadly, most of the facts of those cases do not relate to the ordinary man or woman in the Street, as few of us having millions of pounds to divide up. However, the principles trickle down and do have a bearing on most couples who are trying to sort out their finances.
The most important consideration in any Divorce settlement is the welfare of any children. After that, the starting point is to divide the assets equally between the parties, even after a short marriage. The Court will strive to achieve fairness by looking at all the circumstances of the case, which may top the scales in favour of one party.
After both party's housing and financial needs have been met, the Court will look at each party's contribution to the marriage, which may include pre- marriage assets, inherited wealth or family businesses.
The "big money cases" recognise that the contribution of a stay-at-home mum or dad is as valid as the contribution of the main breadwinner. The stay-at-home parent may even be entitled to an enhanced settlement if they have given up a career for the family. Conduct such as adultery or unreasonable behaviour will have no bearing on the financial settlement unless it was so exceptional that it would be unfair to ignore it.
There is now a greater need for a pre-nuptial agreement, particularly for those individuals seeking to protect their pre-marriage assets or marrying for the second time. Although not legally binding, pre-nuptial agreements provide the Court with persuasive evidence of the couple's original intentions as to splitting assets in the event of a Divorce.
Remember?..Divorce can be stressful, tiring, and above all, a costly process. Have you considered Mediation?
Mediation can be a more affordable process. In Mediation, the couple is helped to reach their own decisions concerning separation, Divorce, children, financial and property matters. Our Family Team at Bennett Griffin LLP has its own experienced Family Mediator.
The law is changing, and you require progressive and pro-active Solicitors to fight your particular corner. Do you have assets or finances which were acquired prior to your marriage breakdown, and you now wish to preserve them? Are you scared of losing a lifetime's work because you married in haste? Perhaps you are the stay-at-home parent who has sacrificed years of potential earnings to care for your partner or children?
So whether it is a question of who gets the private parking space at Harrods or, more likely, the savings account worth about £2,000, you need advice.
Whoever you are the successful Family Team at Bennett Griffin can offer you that expert advice and support.
Whatever you are going through, we will help you find the way forward.
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