Property and Finances on Divorce
Issues relating to the division of the assets of the marriage or civil partnership, such as the family home, pensions, and ongoing financial arrangements such as maintenance, can be the most complex of any divorce or dissolution settlement.
The issues to be resolved when a couple divorce or dissolve their civil partnership usually include the following:
- What should happen to the family home? Should it be sold and, if so, how should the proceeds of sale be divided? Should it be transferred to one party or the other, or retained in joint names, and if so, upon what terms?
- What should happen to the contents of the family home?
- Who should pay the outgoings on the property pending any financial agreement or order?
- Whether maintenance should be paid by one of the couple to the other, and if so, how much?
- Whether maintenance should be paid for any children, and if so, how much?
- How should pensions be dealt with?
- How should any other available assets be dealt with?
Either of a couple who are married or in a civil partnership have the right to make financial claims against each other for any or all of the following:
- Maintenance (i.e. regular financial provision to be paid by income)
- Property adjustment (i.e. a transfer of a house from joint names into the sole name of one spouse or partner)
- Lump sum (i.e. a one off capital payment)
- Pension Sharing or Attachment Orders
It is fundamental in all cases that there should be a full disclosure of your respective financial circumstances. This will help ensure that any agreement entered into (or in default of any agreement, an order by the Court) is a fair one in all the circumstances.
We can provide constructive advice and assistance and strong representation. Our team regularly advise on complex financial and property matters for medium to high income households and matters involving substantial assets.