One of the most contested matters of a divorce often relates to finances. For some couples, a divorce can put one or both partners at risk for financial damage. It may also leave a few unresolved matters that must be taken to court to be dealt with. In this article, we will look at how divorce effects finances. We will tell you about the process in court, how we can help, and more.
What if Finances Are an Issue?
If finances are an issue in a divorce, chances are, one or both parties know it will be an issue. There are several forms that a judge and/or lawyer can look at to determine just how financially stable one or both partners are, given their current lifestyle. Keep in mind that the decision to bring these matters into court is typically dependant upon whether an agreement can be made between parties. Read more about divorce and finances in the UK here.
When Finances May Be an Issue…
When might the court feel that there is enough of an issue to bring financial matters of a divorce into court? It may be when financial claims are made by one or more partners for any of the following:
- Properties, such as any home, building, material possessions, or land you may own
- Support for any children of the family
- Businesses owned by one (or both) of the partners
- A windfall or large sum of money
- Pensions of the partners
- Business shares or investments that the couple may own
Keep in mind that financial issues, when brought to court, can result in protracting your case. Nonetheless, if finances are an issue, a lawyer or solicitor may be consulted. This could be costly but the absence of sound legal advice could result in greater losses in the long run. Work with your solicitor. Limiting the amount they have to do will keep your costs down. Gather all the information you can in the first instance.
Stage 1: Obtain the financial information
This step allows all cards to be placed on the table, allowing all parties to hold sound foundations to begin negotiations. Such considerations may include property and business evaluations, as well as pension reports and other owned assets.
Stage 2: Reach an Agreement
At this stage your solicitor would aim to negotiate an agreement for splitting all acknowledged assets, typically through either correspondence or roundtable meetings. The aim of this is to create a consent order which can then be submitted to the courts to record the terms of the financial settlement.
Though the majority of cases can be dealt with on a voluntary basis, occasionally cases will need to proceed to court, potentially resulting in three types of hearings:
- First direction support
- Financial dispute resolution meeting
- Final hearing
Click here to learn more about the financial procedure.
What Does the Court Consider?
During this process, the court will be on the lookout for various factors to do with finances. Some of the more common ones include things like:
- How children are being cared for
- How each partner is used to living (standard of living)
- Current finances and budgets of each partner
- How long you were married
- How old you both are
- How healthy you both are
- Loss of rights (if there are any)
- How each party has behaved during their lifetime/proceedings
- Contributions of each party in question
How We Can Help
Quite a few forms and lots of paperwork are needed during a financial portion of a divorce. However, legal counsel can help you to prepare this paperwork in a timely manner. When you must appear in court, your representation can also help to assure that you get to have your say as far as finances (or any other matter in the divorce) goes. Solicitors also help to negotiate any sort of settlement that may be offered to you, or help you to think about any sort of settlement that you may be willing to make. Also keep in mind that a very good lawyer may be able to help you forgo any and all financial proceedings in court related to your divorce in the first place. If your divorce is not taking place in the UK, or has started elsewhere, we highly recommend consulting a professional about the financial aspects.
Let Us Help Today
Are you in the middle of a divorce and need matrimonial advice? Want someone to help you expedite your proceedings? Need someone who can help you to answer your questions, or who can sit down at the table at your side to negotiate? If you answered yes to any of these questions, give us a call today. We can help with UK divorces with or without financial hearings or issues. We can also help clients who may be in need of advice due to an international divorce proceeding by putting them into contact with our specialists. Even if you are just now in the beginning stages of filing divorce paperwork, we can still help. Just give us a call today. We are a firm that has been trusted for years to help clients of all ages (and financial status) successfully file for divorce.