Understanding your financial situation in divorce

When you are looking to start divorce proceedings often the first thing that people want to talk about is financial matters and how they get resolved and what is going to happen to assets you have both built up together as a family unit.

So what do Solicitors look at and how we get to a point where we can advise you on the decision of what is available to you both?

The law in this country when couples divorce is set out in the Matrimonial Causes Act 1973 which sets out what to consider when dividing assets and income. We can look at the length of the marriage; the ages of you and your ex-spouse; whether or not there are children of the relationship; the contributions you make and a variety of other factors. There is a common belief that the matrimonial assets are simply divided equally when a couple divorce. It's easy to see why when the objective of the family court is to try and achieve an outcome which is 'fair' to both parties. That is not always the case however and so it is important to look at all the factors that the law allows us to.

There are a lot of times we get questions about pre-marriage assets and inheritance. This is often the case when one party is the higher earner or has brought more money into a marriage.

First and foremost, we will always look to meet the needs of each party and how that is going to work. These vary from case to case and unfortunately there is no strict rule as to what "needs" amount to. It is something that you should consider carefully with a specialist lawyer who can give you correct advice as each person's financial situation and needs are different.

We will also look at pensions that you and your ex spouse may have. These can often be shared between the parties or you can offset those against other assets. Expert advice should always be sought from lawyers and specialist pension advisers about pension schemes. These are often the most valuable asset after the family home and the division of pensions can be complex and needs careful planning.

At DPM Legal our family lawyers can offer you a wealth of experience in assessing your financial situation and giving you options as to how to resolve the financial situation. We can also talk about who gets the cat (or the hamster) if you want to.

We offer a free initial appointment for 30-45 minutes to talk about divorce and financial matters and for you to get a better understanding of your options.

Although every effort has been made to ensure that the information provided in this article is accurate and correct, the information provided does not constitute any form of advice, recommendation or opinion. DPM Legal Services Limited accepts no liability for any loss or damage, howsoever caused, as a result of any reliance on any information provided.