Finances on Divorce and Separation

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Finances on Divorce

Getting divorced can generate high levels of uncertainty and financial stress, as it impacts on all areas of your life, from living arrangements to assets and pensions. Separating your finances and reaching an agreement could take some time, and this is where we can advise and guide you through the process.

We have extensive experience in dealing with the financial consequences of relationship breakdowns and as a result, can quickly and impartially ascertain what could be considered fair and reasonable to help you make informed and realistic decisions when negotiating a financial settlement. We believe in adopting a common-sense and realistic approach to achieve a speedy and cost-effective resolution of financial issues.

A financial settlement is a legally binding decision on how you and your partner will divide your assets and wealth when your marriage ends. It can cover a range of financial issues such as lump-sum payments, property ownership, regular maintenance payments to help with living expenses or children, or a share of your partner’s pension payments.

Finances on Separation

When a marriage begins to breakdown there are a number of different ways to handle the problem. Many couples will enter into a period of separation before they consider a divorce, and indeed most divorces are based on couples having been separated for at least 2 years prior to the filing of their divorce petition. Some people don’t feel ready for a divorce yet or have religions reasons for not wanting to take that step. Others just feel that before entering into a divorce, they will separate on a trial basis, as a good way to resolve any outstanding conflicts and to know exactly what the position is in relation to their property, assets, income, liabilities as well as their children whilst moving on with their life.

If you do plan to get separated, it is advised to enter into a formal written separation agreement also known as a Deed of Separation. A deed of Separation can be legally enforced if it is drawn up correctly and it can be referred to later during financial settlement on divorce as a basis for a financial order. We can help draw up a tailor-made Deed of Separation for you to agree and record the future arrangements and to see a way forward after your separation.

Finances for Unmarried Couples

Cohabitants and unmarried couples are treated differently to married couples, and unlike divorce proceedings, there are no formal proceedings to be instigated at the end of their relationship. It does not matter whether you have been cohabiting for months, years or even decades – cohabitees have considerably fewer rights arising from their relationships. Instead, they just need to try and reach an agreement in relation to the future of any joint property or assets and what will happen in relation to any children of the relationship.

A Deed of Separation is helpful for cohabitants and unmarried couples, as it allows the couple to record the future arrangements in writing and to see a way forward after their separation. However, if agreement cannot be reached about property whether or not it is in joint names an application can be made to the court under the provisions of the Trust for Land and Appointment of Trustees Act (TOLATA). This is a very complex application that requires expert advice and assistance. We can help with this application or negotiations arising from such applications.

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