Bear It In Mind – Making Good Decisions Following Separation
How married couples deal with the finances following a separation can vary from one person to the next. Some people just want to move on and deal with things as quickly as they can and others choose to leave things for a while for one reason or another.
Either way, our family lawyers at Onions & Davies Solicitors can support and advise you through this experience and will do so in a way that suits you.
When the time comes for a party to consider divorce and separating marital assets there are many factors to consider.
Before the parties can divorce in England & Wales, they need to have been married for at least a year.
Resolving the finances can be a process that neither party necessarily wants to engage in but is a process that will become necessary even if there are no assets to separate. Until the finances are resolved by Consent Order, future matrimonial claims can be lodged even after divorce.
The courts take a number of factors into consideration when dividing matrimonial assets and these are known as the ‘section 25 factors’. The length of the marriage and the ages, resources and contributions of the respective parties will be relevant, as well as whether there are children of the family to consider.
Matrimonial assets include pensions, property, savings etc. The division can include inheritance money, which is often a sore subject, but one that needs taking into consideration in the appropriate circumstances.
The assets of either party at the point of separation are relevant and can form part of the ‘matrimonial pot’. Any asset that is obtained by either party following separation will need to be disclosed during the course of either proceedings or negotiations. When proceedings have been issued the Court, require there be full and frank disclosure of your financial position. Full and Frank financial disclosure on a voluntary basis is also advised where matters are not litigated.
The division of the assets can, of course, be done by agreement between the parties and it is recommended that any agreement reached is with the benefit of financial disclosure.
Our family lawyers at Onions and Davies Solicitors can provide the support, advice and assistance necessary to guide you through achieving financial remedy on divorce. Please contact Sharon for any further information on 01630 652405