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When a relationship breaks down each party has a number of financial claims to arrive at the financial cost of the divorce and to reach a settlement.
Broken down, such financial claims are often for:
- a property, for example, the family home
- a lump sum of money
- transferring assets, for example, business shares and investments
Such financial claims can include any relevant children.
In deciding how to resolve the financial issues and arrive at a divorce settlement what is often needed is financial disclosure. This means that all of the relevant assets (including business interests), liabilities, income, outgoings and pension provision are disclosed with documents in support.
On occasions valuation evidence is needed. This commonly relates to the family home, any business, investments, pension and so on. Any relevant taxation or risk issues also need to be taken into account.
Once this financial disclosure is completed then the parties, with their advisers, can start to properly and sensibly negotiate a financial divorce settlement.
The divorce settlement factors that a court takes into account are, in summary, the:
- the welfare of any minor children
- income, earning capacity, assets and financial resources
- financial needs, obligations and responsibilities
- standard of living
- age of each party and the length of the marriage
- health of each party
- contributions (financial and non-financial)
- loss of certain rights
Our financial procedure flow chart provides further useful information.
We can advise and assist to make sure that there is full and relevant financial disclosure, the value of the assets (including business interests and pensions) is known and there is reasonable and sensible financial divorce settlement. Where court proceedings are necessary we will robustly deal with the case to ensure the best possible outcome minimising the divorce financial cost. Extra care needs to be taken where there is an international element to the case.
James Maguire is a Fellow of the International Academy of Matrimonial Lawyers.
For a consultation contact Maguire Family Law by telephone +44 (0) 1625 544650 or by email at firstname.lastname@example.org