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When divorcing or separating, the arrangements in relation to property and finance is often the most difficult aspects to agree. The complexities of a couples financial position can vary, and our experienced divorce lawyers can advise on all manner of situations on how best to proceed with the division of assets.
In very many cases the main or only asset of the marriage is the marital home, which is usually subject to a mortgage. Often, in one party has already left the martial home, the immediate concern on separation may be – who’s going to pay the bills? We can advise you on all aspects and what to do if urgent action needs to be taken to obtain financial assistance or to protect assets.
If there is to be a discussion about who is to stay in the marital home the starting point will be to agree the market value of the property, often by obtaining market appraisals from local agents. It may also be necessary to explore your maximum borrowing capacity, to find out if there is going to be any chance of taking over the existing mortgage and perhaps adding to it.
If it is not possible for one party to take on the mortgage by themselves, or agreement cannot be reached, the matrimonial home will need to be sold and the proceeds divided between the couple.
This may sound daunting, but we can guide you through this process every step of the way, providing both practical and legal advice to ensure you never feel overwhelmed.
Divorce: Mediation or Court?
If it proves difficult to make progress with these discussions and negotiations, mediation is recommended. A mediator is a trained individual who provides independent support to help couples reach agreement. Using a mediator to help reach agreement over the financial settlement of the divorce can often achieve good results and be more cost effective than going to court.
An application to the Divorce Court for a Financial Order is to be seen as a last resort but sometimes it is plainly necessary, and, in these cases, it is usually a good idea to get on with it. It’s important to remember that the Court will always look at the whole financial picture and will put the welfare of any children first.
Financial Remedy Proceedings typically take 6 – 8 months to resolve but sometimes quite a lot longer.
Dividing assets when divorcing
Typically, after the matrimonial home, the next largest financial asset is pensions. Pensions are invariably a very important component in considering a financial settlement. A valuation of a pension for divorce purposes, called a Cash Equivalent Value, will be needed for this purpose. The older you are, and the longer the marriage has lasted, the more likely it is that pensions will be relevant.
Pensions are not all the same – Public Sector Final Salary and Funded Schemes as opposed to Defined Contribution Money Purchase Scheme can vary wildly. The structures of some pension funds can be complex, and it is not unusual to require a report/professional opinion from a Pensions On Divorce Expert (PODE).
Get in touch with us if you need expert legal advice from our professional and experienced team of solicitors.
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