Assets Acquired After Separation

Marital assets in the UK are divided equitably. This means that each spouse is awarded a fair share of the property, regardless of who acquired it during the marriage.

Marital assets refer to anything that was purchased during the marriage, regardless of whose name is on the title. This begs the question: what happens to assets acquired during separation? During a time when you’re not exactly together, but not legally divorced, either? This seems to be a grey area, but Austin Kemp Solicitors are here to guide you through this in-depth guide and help you understand what you’re entitled to.

What Does Separation Mean?

To divorce, you must be separated for a minimum of 12 months. This doesn’t necessarily mean that you have to live in different houses, but it does mean that you must not share the same bedroom or engage in any form of physical intimacy. You can still live under the same roof and be considered separated, as long as you’re not sharing the same bed.

If you have been living apart for 12 months or more, you can file for divorce on the grounds of separation. However, if you’ve only been separated for less than 12 months, you can still file for divorce on the grounds of adultery or unreasonable behaviour.

What Are The Types of Separation?

There are several types of separation, which we will outline below.

Trial Separation

This is when a couple decides to live apart for a set period, with the intention of reconciling at the end of the trial separation. This is often used as a way to take a break from each other and reassess the relationship. It’s important to note that a trial separation is not legally binding and does not count towards the 12-month separation requirement for divorce.

Permanent Separation

This is when a couple decides to live apart permanently and has no intention of reconciling. This can either be an informal agreement between the two of you, or it can be made legally binding through a separation agreement or divorce.

Legal Separation

This is when a couple decides to live apart and have the separation legally recognised by a court. A legal separation is usually filed by one spouse who does not want to divorce but wants the court to decide on spousal support, child custody, and property division.

What Exactly is a Separation Agreement?

A separation agreement is a written contract between a husband and wife that outlines their rights and responsibilities during and after the end of their marriage. It is also sometimes called a marital settlement agreement or property settlement agreement. A separation agreement can address any number of issues, including:

• How property will be divided
• How debts will be paid
• Who will be responsible for certain expenses
• Child custody and visitation arrangements
• Child support payments
• Spousal support payments

A separation agreement is a binding legal contract, so it is important to consult with an attorney before signing one. Once the agreement is signed, it can be very difficult to change.

Furthermore, if one spouse does not hold up their end of the agreement, the other spouse can take them to court to enforce the terms of the agreement. This is why it is so important to make sure that you understand all of the terms of the agreement before signing it.

Difference Between a Separation Agreement and a Divorce?

A separation agreement is a contract between a husband and wife that details how they will live apart. A divorce agreement is a court order that legally ends a marriage.

Separation agreements are used when couples want to live apart but don’t want to get divorced. They can be used to settle financial and property disputes, as well as custody and visitation arrangements.

Divorce agreements are used when couples want to end their marriage and get divorced. They can be used to settle financial and property disputes, as well as custody and visitation arrangements.

Separation agreements can be converted into divorce agreements if the couple decides to divorce in the future. In such instances, you need the help of professionals, so get in touch with Austin Kemp solicitors on 0333 311 0925.

What Should Be Included in a Separation Agreement?

Every separation agreement is different, as it should be tailored to the specific needs of the couple. However, there are some standard clauses that are often included in these agreements, such as:

• A clause stating that the agreement is voluntary and not the result of coercion or duress
• A clause stating that both parties have read and understand the agreement
• A clause stating that both parties have consulted with an attorney
• A clause stating that the agreement is binding and can be enforced in court
• A clause outlining how property will be divided
• A clause outlining how debts will be paid
• A clause outlining which spouse will be responsible for certain expenses
• A clause outlining child custody and visitation arrangements
• A clause outlining child support payments
• A clause outlining spousal support payments

What Happens to Property After a Separation?

During a separation, spouses are usually still legally married, which means that they are still subject to the rules of community property. This means that any property acquired during the marriage is presumed to be community property and will be divided evenly between the spouses in the event of a divorce.

However, there are some exceptions to this rule. For example, if one spouse inherits property during the separation, that property is usually considered to be separate property and will not be subject to community property rules.

Another exception has to do with commingling. This occurs when separate property is mixed with community property, making it difficult to determine which spouse owns what. For example, if one spouse uses their inheritance to pay off the mortgage on the family home, the home becomes commingled and may be subject to community property rules.

If you are unsure about how your property will be divided in the event of a divorce, talk to a professional solicitor at Austin Kemp Solicitors. Feel free to get in touch through mail@austinkemp.co.uk.

What Happens to Assets Acquired After a Separation if You Have a Separation Agreement?

In most cases, assets acquired after a separation agreement is signed are considered to be the property of the spouse who acquired them. This is because the separation agreement generally only covers assets that were acquired during the marriage.

However, there are some exceptions to this rule. For example, if one spouse uses joint property to purchase an asset after the separation agreement is signed, the other spouse may have a claim to that asset. Or, if one spouse receives an inheritance after the separation agreement is signed, the other spouse may be entitled to a portion of it.

It’s important to note that these exceptions are generally only applicable if the separation agreement specifically addresses them. For example, if the agreement states that all assets acquired after the date of separation will be considered the property of the spouse who acquired them, then the exceptions would not apply.

If you’re not sure whether or not your separation agreement covers assets acquired after the date of separation, you should consult with an experienced attorney. They can help you understand the terms of your agreement and what it means for your property rights.

What Happens When You Acquire Assets After Separation Without a Separation Agreement?

If you don’t have a separation agreement and you acquire assets after you are separated from your spouse, you may run into some problems.

For example, let’s say you buy a new car after you have separated from your spouse. You may think that since you purchased the car with your own money, it’s yours, and your spouse has no claim to it. However, if you don’t have a separation agreement in place, your spouse could argue that the car is marital property and should be divided between the two of you. The thing is, without a separation agreement, the court will decide how to divide your property, and they may not see things the way you do.

This is why it’s so important to have a separation agreement in place before you acquire any new assets after you are separated from your spouse. With an agreement in place, you can avoid these types of problems and make sure that your property is divided the way you want it to be.

If you’re going to acquire any assets after you are separated from your spouse, it’s best to do so with the guidance of an experienced family law attorney. An attorney can help you negotiate a separation agreement that will protect your interests and ensure that any assets you acquire after separation are yours and yours alone.

If You Start a Business After Separation, Will It Be Subject To Division?

After separation, you may start a business to get a fresh start. You may think your new business will be all yours, but that’s not always the case.

In the UK, any business you start after you are separated from your spouse may be considered marital property and subject to division in a divorce. This is because the courts may view the business as an asset that was acquired during the marriage.

However, there are some ways to protect your new business from being divided in a divorce. For example, you can include a provision in your separation agreement that states that any business you start after the agreement is signed will be considered your separate property. The thing is, even an LLC company or a sole proprietorship business is not protected from marital assets, so it may be subject to division.

If you’re thinking about starting a business after separation, it’s important to consult with an experienced family law attorney first. They can help you understand the laws and how they may impact your new business.

What Happens When One of the Spouses Hides Money or Assets During Separation?

If one of the spouses tries to hide money or assets during the separation, it can create a lot of problems. For example, let’s say that one spouse tries to hide money in a bank account that the other spouse doesn’t know about. This hidden account may be discovered during the divorce process, and any money in it may be subject to division.

Hiding assets during separation is considered fraud and can have serious consequences. The court may order you to pay a fine or even jail time if you’re caught hiding assets. Additionally, the court may order that any assets you tried to hide be divided between you and your spouse.

What Should You Do If You Catch Your Spouse Hiding Money from You?

The first step is always to try and resolve the issue without going to court. This could involve hiring a specialist forensic accountant to track down any hidden assets or engaging in mediation.

Get an Avoidance of Disposition Order

If your spouse has transferred assets to a third party, such as a friend or family member, in an attempt to keep them out of the divorce proceedings, you can apply for an Avoidance of Disposition Order. This order will put a hold on the disposal of assets until the financial aspects of the divorce have been resolved. If granted, your asset separation would continue as if the transfer never happened and your spouse still has that amount.

Get an Order for Non-Party Disclosure

A professional solicitor from Austin Kemps Solicitors can help you get a court order for non-party disclosure. This would require any third party to who your spouse has transferred assets, such as a company or bank, to provide details of those holdings.

Consider Getting a Search Order

If you believe your spouse is hiding assets at their home, you could apply to the court for a search order. This would give you permission to enter their property and search for any hidden assets.

A search order will only be granted in exceptional circumstances, and the court must be satisfied that there is good reason to believe assets are being hidden.

Apply for a Freezing Order

You could apply for a freezing order if you believe your spouse is about to move or sell assets to hide them from you. This would prevent them from disposing of any assets up to the value of the order. Freezing orders are usually only granted in exceptional circumstances, and the court will need to be satisfied there is good reason to believe assets are being hidden.

Can You Get an Ancillary Relief After Separation in the UK?

If you’re separating from your spouse, you may be wondering if you can still get an ancillary relief. This type of financial order can be made by the court to help one spouse during or after the divorce process.

Ancillary relief orders can be used to transfer property or assets from one spouse to another. They can also be used to make maintenance payments or to change the ownership of a property.

If you’re considering applying for an ancillary relief order, you should Speak to a professional solicitor from Austin Kemps Solicitors. They can help you understand the eligibility requirements and the process for applying.

Who Gets the Rights to Property Bought After Separation?

If you buy property after separation from your spouse, you may be surprised that the courts may not consider it your separate property. Many people think that if they separate the money from their paycheck and use it to buy a new car, house, or other assets, then that asset will be theirs alone. Unfortunately, this is not always the case. So, who gets the rights to property? The court may still consider the property to be marital property and, therefore, subject to equitable distribution.

This is because, in the UK, the law presumes that all property acquired during the marriage is marital property, regardless of how it is titled or whose name is on the deed.
The only way to overcome this presumption is to get a separation agreement where you specifically indicate that property acquired after separation is not subject to division.

In this case, Austin Kemps Solicitors can help. Get in touch by calling us on 0333 311 0925 or emailing us at mail@austinkemp.co.uk to find out more.

Should You Finally Get a Divorce to Protect Your Future Investments?

If there’s a possibility that any assets you acquire during separation may be considered marital property, should you get a divorce to protect your future assets?

It’s a difficult decision to make, and there are many factors to consider. You should speak to a professional solicitor from Austin Kemps Solicitors to get advice specific to your situation.

In general, however, it may be worth getting a divorce if:

• You’re planning on making significant investments or purchases during the separation
• You’re concerned that your spouse may try to hide assets from you
• You want to protect your future earnings and assets from being considered marital property

If you’re unsure whether getting a divorce is the right decision for you, speak to a professional solicitor to get advice about your situation.

What Are the Financial Implications of Getting a Divorce?

There are many financial implications of getting a divorce, including:

The division of assets: One of the biggest financial implications of divorce is the division of assets. This can be a very complex process, especially if there are significant assets involved. In some cases, it may be necessary to hire a forensic accountant to help value and divide assets fairly.

Alimony: Another big financial implication of divorce is alimony or spousal support. This is money that one spouse pays to the other to help them maintain their standard of living after the divorce. The amount and duration of alimony payments will be determined by a number of factors, including the length of the marriage, each spouse’s earning capacity, and the needs of any minor children.

Child support: If there are minor children from the marriage, one of the parents will usually be required to pay child support. The amount of child support will be based on a number of factors, including the income of both parents and the needs of the children.

Tax implications: There are also many tax implications of divorce. For example, if one spouse pays alimony to the other, the payments are tax deductible for the payer and taxable income for the recipient. Child support payments are not tax deductible or taxable.

Retirement benefits: Retirement benefits such as pensions and SIPPs must also be divided in a divorce. This can be a complex process, so it is important to consult with a qualified divorce attorney to make sure that the assets are divided fairly.

Who Gets to Pay for These Divorce Costs?

The cost of a divorce can be very expensive, depending on the complexity of the case and the number of assets to be divided. In some cases, each spouse may be responsible for their own attorney’s fees and other costs. In other cases, one spouse may be ordered to pay all or a portion of the other spouse’s fees and costs.

Contact Our Divorce Solicitors to Learn More About Protecting Assets Acquired During Separation

When it comes to assets acquired after separation, there are a few things you need to keep in mind. First and foremost, any property or assets that were obtained during the marriage are considered to be joint property and will be subject to division during divorce proceedings. Secondly, if you have remarried or are in a new relationship, your new spouse’s assets may also be considered in the division of assets.

Finally, it’s important to remember that asset division can be a complex process, and you should always consult with an experienced divorce attorney to ensure your rights are protected. Contact Austin Kemps Solicitors today to learn more about how we can help you protect your assets during divorce proceedings.

Call us today on 0333 311 0925 or email us at mail@austinkemp.co.uk to speak with one of our experienced divorce solicitors.