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Financial Matters

Inheritance and Divorce

In the Courts of England and Wales, there is usually a 50/50 split in assets for each spouse.

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In the Courts of England and Wales, there is usually a 50/50 split in assets for each spouse. Before finalising financial claims within the divorce process, both sides are expected to get a full evaluation of all of their property, including cars, houses, pension funds, loans, debts, etc. But, when the divorce settlement includes an inheritance, that’s when the real problem begins. Here is how inheritance and divorce are connected.

How Can Austin Kemp’s Divorce Solicitors Help You?

Dealing with inheritance and divorce is always more complicated and may require specialist advice. At Austin Kemp Solicitors, we can help couples by explaining the practical and legal realities of their problem. Our experts are skilled negotiators that have the right expertise and knowledge to support everyone involved.

Our high-net divorce expertise

High Net Worth

We deal with many high-net-worth individuals with all levels of complicated assets. Not all family lawyers are equal and are best suited to deal with your case. At Austin Kemp, we know that protecting your assets is key. We’re here to secure your future and help keep what you deserve.

Complex Finances

Financial matters can be very complex. From pensions, multiple assets and investments, to real estate. Our in-house team of financial experts can help you navigate uncertainty and help you get your fair share.

Business Interests

Whether you are a business owner, or your spouse is. We can either protect, or help you get your fair share. Whatever stands in your way, we can help.

International Divorce

We’ve helped clients with complicated assets around the globe. From property, to multiple business interests. In our vast experience, we’ve helped work on over £1 billion worth of assets.

bob

High Net Worth

We deal with many high-net-worth individuals with all levels of complicated assets. Not all family lawyers are equal and are best suited to deal with your case. At Austin Kemp, we know that protecting your assets is key. We’re here to secure your future and help keep what you deserve.

bob

Complex Finances

Financial matters can be very complex. From pensions, multiple assets and investments, to real estate. Our in-house team of financial experts can help you navigate uncertainty and help you get your fair share.

bob

Business Interests

Whether you are a business owner, or your spouse is. We can either protect, or help you get your fair share. Whatever stands in your way, we can help.

bob

International Divorce

We’ve helped clients with complicated assets around the globe. From property, to multiple business interests. In our vast experience, we’ve helped work on over £1 billion worth of assets.

Talk to us now on 0333 311 0925

Request a Callback Live Chat

Inheritance and Divorce in Family Law UK: What You Need to Know

Inheritance can take different forms, for example, assets (i.e. vehicle, jewellery or house) or money. If you were to receive an inheritance in the future or if you have already received it, it may not be automatically included when couples split their assets during divorce proceedings in England and Wales.

However, you might have to take it into account based on different circumstances. When you do need to negotiate your assets, a solicitor will divide them into two categories: (1)

– Non-matrimonial – This includes property and cash that you’ve gained from a source outside the marriage.
– Matrimonial – This includes property and cash you or your former spouse gained during your marriage.

A non-matrimonial asset, like inheritance, could be excluded from the financial settlement. However, that may not be the case if the inheritance goes into the matrimonial pot. The matrimonial home is considered a joint asset, regardless of who paid for it. Any inheritances invested into the family home, often become jointly owned.

If you inherited a property before you got married, it could also fall into the category of a matrimonial asset. This will vary based on a number of factors, such as the size of the inheritance, the financial needs of both partners, the needs of the family, such as children, and the duration of the marriage.
If you received an inheritance while you were married, there is a high chance that the court will consider it a matrimonial asset.
An inheritance obtained shortly before the end of the marriage has lower odds of being considered a matrimonial asset, depending on the family’s future financial needs. The only way to know for sure if your assets are deemed matrimonial is to talk to a specialist finance and divorce solicitor. (2)

Want to get a rough estimate of what happens to your finances after divorce? Our divorce calculator can help.

Does a spouse automatically inherit everything?

Any asset that is jointly owned will automatically pass to the surviving spouse unless you write a Will. This can help you exclude your spouse from inheriting everything after you die and allocate those assets to someone else, like children or other family members. If both partners are living while they are signing the divorce, the assets are usually split in half.

Any inheritance you will receive in the future is not often taken into account when you are divorcing. However, this may not be the case if the person giving that inheritance is anticipated to die in the foreseeable future and the amount they will leave you is of significant value.

How to Protect Your Assets

If you share a family home or a business, it is important to minimise the risks of divorce. You can separate your marital and business finances to decrease the odds of your spouse taking your assets after divorce. The options below can help.

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Enter into a post-nuptial or pre-nuptial agreement

A pre-nup is one of the most reliable ways of protecting your assets in case you want to end your marriage. Spouses can sign an agreement that will clearly state what the ex-spouse would be entitled to after the divorce.

Although these agreements are not yet legally binding in the UK, if they are properly arranged, they can come in handy and carry weight when making decisions in court. The agreements could also be used as proof in case of conflicts or misunderstandings.

Negotiate a fair settlement

Try collaborative law or mediation to find the middle ground. Options such as these can help you find solutions to different situations and protect your finances such as business interests, pensions, pre-marital assets etc. Our team at Austin Kemp Solicitors can help you overcome various obstacles.

What Happens to the House?

Both spouses have the legal right to their marital home. The way UK divorce law works means that every case is different. Also, there are many factors that can affect the division of the home. Some of the most common options include:

  • Agreeing to a 50/50 split. – Partners can agree to split the equity equally. This is a popular choice among couples who want to gain some assets.
  • Buying out the house. – Partners decide to buy out the house from their ex and remain in the house. This typically needs a new mortgage.
  • One partner stays in the house until specific criteria are met. – For example, the child turns 18, when the house will be sold.
  • One partner stays in the house, while the other receives compensation. – The other partner can retain a stake in the property according to a previously agreed sum or financial order or can have more of another asset in return for not getting a share of the house.

The Financial Impact

When it comes to divorce, inheritance, and money, the entire process can take a heavy toll on your finances. The more you spend paying for court and legal fees, the longer you stall the problem, and the expenses just keep piling up.

Most of the time, the joint accounts and properties can be divided with a simple 50/50 split. However, in many cases, the problem is a lot more complicated than that. Couples planning to end their marriage should re-assess their incomes, expenses, and retirement plans.

To defray some of the costs, try to communicate with your ex and find applicable solutions to split everything equally. If both parties work together, they can save a ton of money. But, if you can’t settle matters peacefully, seek advice from financial divorce experts. Check out our website at www.austinkemp.co.uk or book an appointment today. Our team is always at your disposal.

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Empathy

We know that getting a divorce divides your world into two. We're here to guide you through the uncertainty and emotional rollercoaster. One step at a time.

First Class Service

Choose Austin Kemp and you'll get a premium service in all areas. We aren't the cheapest out there, but what we are is the best solution to help you get what you deserve.

Impeccable Advice

Our advice and strategy is second to none. Not all law firms are created equal. Because we're specialists, our depth of knowledge is often the edge that makes the difference.

Challenging Thinking

We work with you to get what you deserve. We don't mean that it's going to be easy – but we're here to support you every part of the journey.

Industry Leading Professionals

We have A-players at every level. We employ the best of the best, and that's why our clients choose us. Because getting the right solicitor can mean your future takes a different path.

The Right Fit

We'll make sure you have a solicitor that fits your case type. If you want a certain approach to your case – we'll make sure your solicitor has the right style for you.

Empathy

We know that getting a divorce divides your world into two. We're here to guide you through the uncertainty and emotional rollercoaster. One step at a time.

Talk to us now on 0333 311 0925

Request a Callback Live Chat

A helping hand when things get tough

Austin Kemp handled my divorce efficiently and pleasantly, with a consistent contact person, making it all convenient online. Their straightforward online payment system was a necessary evil, but I'd use them again if needed.

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Tracey Field

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Referred by an online service, I chose Austin Kemp for divorce and financial settlement with my ex-wife. Emma's assistance was invaluable; I paid for a guidance check on the consent order before submission. Court process went smoothly, and I'm content with the outcome.

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Malcolm Springett

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Throughout the process, Emma guided me, addressing any issues promptly. No complaints—consent and pension sharing orders approved swiftly after submission, indicating accurate document preparation.

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Stuart Dunkley

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Austin Kemp's team deserves only praise. Highly knowledgeable and passionate about client support, they saved the day. Tenacious advocates, they stood by me till the end. I highly recommend them—no need to take chances with other firms!

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Andrea Taylor

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Alex Clarke, 'The Saviour,' actively handled my case, ensuring clear communication and understanding throughout. He promptly responded to calls and emails, investing time even before any formal agreement. His integrity convinced me he was the right choice to represent me. When it comes to issues concerning children, contact Alex Clarke—'The Saviour.'

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