Divorce Settlements

CFL officeIf parties separate, there needs to be some agreement or arrangement in place dealing with where and how they are both going to live. If there is a matrimonial home, you need to decide who will live there, or whether it will be sold and the sale proceeds used to purchase alternative accommodation for both parties.

There is absolutely no hard and fast rule about how the matrimonial assets are divided between the parties. You will need to seek specialist legal advice with regard to what may be appropriate for your particular situation.

At Cotswold Family Law, we take particular care to find the best possible solution for each case.  Since everyone is unique, each set of circumstances is individual. Every person will have their particular preference with regard to whether or not they want to stay in the matrimonial home, whether they wish to keep their pension. So, there is no one size fits all solution.

Assets have to be shared but, for instance the wife may prefer to stay in the home and the husband may feel particularly strongly about his pension. If we reach an arrangement collaboratively, then the particular preferences of both parties can be brought into the equation and, as far as possible, a solution arrived at which gives each party what they want, bearing in mind there has to be some division of the assets.

There is a presumption of equality. This does not necessarily mean a 50/50 division of assets but a division that is fair. So, for example, if one party earns a lot more than the other does, they will, generally speaking, have a greater mortgage capacity. As they will be able to borrow more, the other party needs to have more of the capital to purchase a similar property. The point being that both parties are enabled to buy or live in similar properties.

A financial settlement following the divorce has to deal with a number of issues:

  • where the parties are going to live
  • whether maintenance is appropriate for either party
  • will either party pay maintenance in respect of the children
  • will pensions be brought into account
  • are there any other assets that need to be dealt with such as an inheritance or a family business.

Obviously, if the parties are in business together or have farming assets, then matters can be a lot more complicated.

 

At Cotswold Family Law, we have recognised expertise in dealing with the financial aspects of a divorce. It is always important that you seek legal advice with regard to divorce settlements.

To discuss your individual circumstances, please contact us to book a consultation.

Next: Divorce Costs

 

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