When you divorce, a process called financial disclosure takes place. This is where each person’s financial assets, debts and income is assessed, and differences and commitments are taken into account for the purposes of calculating the split of finances. If there is a nuptial agreement in place, this too should be taken into account.
Both parties must provide full financial disclosure of their personal and business assets, as well as pensions and also debts before entering financial negotiations and agreeing on a divorce financial settlement. Financial items to be scrutinised might include:
If you are married and wish to separate formally from your spouse/partner, you can enter into a separation agreement. As solicitors we can explain to you when this may be preferable over a final court order. As solicitor’s we will help you to draft the agreement between you that sets out how you would divide your assets upon separation. The agreement can also outline maintenance payments agreed to support one person and/or any children and even who the children will live with, and how often they will see the other parent.
If you are unmarried and have been living with your partner and you have decided to split, your joint finances can be independently assessed by a solicitor on your behalf and negotiated to ensure that you each receive out of the relationship a fair reflection of assets and wealth and what each other is entitled to. Many couples who cohabit have joint mortgages, joint bank accounts, assets bought between them, and each pays a share of household bills.
Sometimes, if you have co-habited, you may be able to make a claim under Schedule 1 of the Children Act. This is to provide a home for a child of the relationship, until they reach 18. This is not very widely used, but is available in the right circumstances.
Our Family Law team is expert and experienced in all legal aspects of family life and relationships.
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If you do need to talk through your personal relationship circumstances with someone who’s completely independent and unbiased, please do talk to us. We’re here to help and advise you and help you through the personal problems you face. You can rely on our experience, expertise and emotional support to put you on the right course of action, a path that’s totally right for your situation.
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