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30.06.2016

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Your guide to Divorce and Finances

Divorce and finances – how are they decided?

The Mail Online featured an article about a number of women who had lost their home and were left with little money after their late-life divorce. According to the Office of National Statistics, divorce rates among the over 60’s has risen over recent decades.

Between yourselves

You and your spouse can discuss your divorce and finances and come to an agreement without any outside intervention. However, it’s always a good idea to get legal advice, especially if your assets are particularly complex or some are outside of the UK.

 

Mediation

A mediator – an independent third party – can help to further discussions between you and your spouse with the aim of reaching an agreement about your finances. Again, it’s advisable to speak to a specialist solicitor about your situation to make sure that you fully understand your rights.

 

Collaborative Law

Collaborative law where both you and your spouse, together with your respective solicitors, will meet and discuss what should happen to your finances. If you’d rather not meet with your spouse, you can get your solicitor to negotiate on your behalf instead.

 

Court proceedings

If you can’t reach an agreement any other way, you can let the court decide what should happen to your finances. Depending on the complexity of your case, this could be a long and costly process. However, this is sometimes the only option left. You could also consider something called Arbitration, where you pay a professional to decide your finances for you. This can work out costing less than going to court and also has the added benefit of your agreement being kept completely private, particularly attractive if you are a high net worth individual or a celebrity.

 

Is it going to be a 50/50 split?

Every case differs and it is rarely that simple. For example, if one of you is going to be the main carer for the children then you may need a larger percentage so you can house the children. If you have a prenuptial or post-nuptial agreement the court should look at taking this into account, too. The court will also take into account how long you’ve been married.

divorce and finances

 

Will I get maintenance?

This is again decided on a case by case basis. When deciding this, the court will look at income and outgoings for each person and any shortfalls that appear. Maintenance could be awarded for a short period or indefinitely.

 

Will I have to sell my house?

Whether or not the house will have to be sold as part of the divorce settlement will depend on a number of factors, including whether it’s affordable for one person to keep, what’s best for the children and how much of the capital is tied up in it.

Getting legal advice as soon as possible can help you to understand your rights and what might be the potential outcome of your divorce settlement. It can also help you to feel more in control in what can be a particularly emotional and turbulent time.

 

How can our expert divorce solicitors help you with your divorce and finances?

Our expert family law solicitors can help you with a range of legal issues relating to divorce and finances, including:

 

Contact our expert divorce solicitors for divorce and finances advice

For more information call our divorce solicitors on 0845 862 5001 or email mail@austinkemp.co.uk.

Our expert family law solicitors offer a nationwide service. We have client meeting office facilities available, in order to have face-to-face client meetings / conferences as and when required in:

Leeds Office: Princes Exchange, Princes Square, Leeds, LS1 4BY

Wakefield Office: Market Walk, Wakefield, WF1 1QR

Halifax Office: Old Lane, Halifax, HX3 5WP

Huddersfield Office: Northumberland Street Huddersfield, HD1 1RL

Coventry Office: Warwick Road, Coventry, CV1 2DY

Canary Wharf Office: 25 Canada Square, Canary Wharf, London, E14 5LB

Please contact us for more details.

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0845 862 5001 or email us today.

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