Resolving the Finances Amidst Lockdown & Beyond

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Bringing about a fair and workable financial settlement upon divorce or separation is often a stressful matter for our clients, and never more than when the assets involved are limited; the incomes are stretched and the liabilities are significant.

COVID-19 has created an added layer of financial uncertainty in several directions, including possible drops in property values,  job losses and business closures. Settlement terms which were agreed in January, as to the sale, re-mortgage or equity release from the former family home, may not hold water and need to be reviewed if the property value alters significantly. How do you secure a mortgage when your income-generating business has not been open for the last two months and may not open fully for another three months and that’s upon the basis that you plough non-existent funds into adaptations to create a socially distanced shop floor? Maintenance payments are met, at a struggle, or not at all, due to the paying party having been furloughed from work.

If you have any of these concerns or otherwise as to how to secure a settlement during this exceptional time, do please contact me and perhaps take advantage of the current complementary advice sessions by contacting us on 01903 229999 or by emailing us on info@bennett-griffin.co.uk.

By Jackie Mensah, Family Solicitor for Bennett Griffin

Disclaimer – Please note that this update is not intended to be exhaustive or be a substitute for legal advice. The application of the law in this area will often depend upon the specific facts and you are advised to seek specific advice on any given scenario.