Finances

More often than not, as a result of relationship breakdown, there will be financial issues that will need to be resolved between the parties before the marriage can be laid to rest. For the large majority, the future of the matrimonial home will need to be reviewed and the division of any other assets and property of the marriage.

The division of all the assets is governed primarily by the Matrimonial Causes Act 1973 (as amended). The act sets out relevant factors that need to be taken into consideration when endeavouring to reach a decision as to who should have what. The main considerations will be the needs of each party to the marriage and the resources available to meet those needs. For example, a mother with young children living with her who is unable to work or works only part-time, will have the need not only for suitable accommodation but also will have to be able to survive on a daily basis. Such a person is likely to need a large majority of the available resources, depending of course on the parties circumstances. There other factors that will also be taken into consideration, for example, the contributions of each party to the marital assets. This would be relevant, if for example, one party owned a property prior to the marriage which was sold and the proceeds invested into the marital home.

Throughout the divorce process, we will, if appropriate, encourage an amicable solution to the division of the assets. If this cannot be achieved then a formal application to the court to deal with the issue may become necessary. Even if you find yourself in this situation, there is still every opportunity to reach an agreed solution.

It should also be mentioned that even if you reach an amicable solution with your former husband or wife, it is still essential that you are legally advised upon that agreement. Many people believe that they have saved money by reaching what they believe to be a fair agreement but they may discover in the long terms that it is not as fair or appropriate as they originally thought. Furthermore, it is very important that legal advise is sought because any agreement should be approved by the court as part of the divorce process. If you fail to do this, then you run the risk of a claim later on in the future, particularly if you find yourself doing well and your former partner having fallen on difficult times. This is particularly important if there are children involved in the situation.

As recognised specialists in the area of family law, we can assist you in dealing with all aspects of the financial fallout that inevitably occurs on relationship breakdown. Legal advice on the financial issues, sought at the right time could end up saving you money in the long term and will always be money well spent.