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The settling of financial matters on divorce is called financial remedies. The law in this area is very flexible to enable courts to achieve fairness depending on the individual circumstances of each case.
Because the court has a wide discretion in applying the law, it is better to avoid the uncertainty of a court hearing. With our help, most people are able to agree how their finances should be split without having to go to court. In this way, we help minimise both the emotional and financial stress of relationship breakdown. This can also help to minimise cost.
The starting point must always be disclosure of each person’s personal and business assets to ensure that everything is included in the ‘pot’ to be shared. Financial arrangements can be settled through a ‘clean break’, which ends the financial obligations between the couple if this is appropriate. Some form of maintenance payments may, however, be more suitable. These can be ongoing or for a fixed period of time. Even where there is a ‘clean break’ agreement, maintenance will still be payable for any dependent children.
Often a family’s main asset is the family home. Given that the needs of any children are the first consideration, it will be important to make sure that a suitable home is maintained for them. It may be that the family home can be sold with the proceeds divided between the couple (not necessarily in equal shares). The property could also be transferred to one spouse, the other receiving a greater share of other assets. A less common approach could allow one person to stay in the house with the other keeping an interest in the property, receiving their share when it is sold. This might be when the youngest child has finished full-time education.Businesses are often a particularly difficult and complicated area whether family businesses, farms or shareholdings.
Dealing with complex financial matters has long been acknowledged as one of Jones Myers’ areas of particular expertise.
Valuations are sometimes required and Jones Myers work closely with teams of forensic accountants when necessary. They can also assist in assessing any tax implications.The law has changed to allow a pension fund to be shared on divorce. Pension sharing will not be appropriate in all cases and, where it is an option, the fund will not always be divided equally. This is a complex area and one in which, once again, the team at Jones Myers has a specialist expertise.
Like all Resolution solicitors, Jones Myers will ensure that issues relating to children are dealt with separately from financial matters to ensure that finances do not prejudice arrangements for the children.