Resolving Financial Issues
When a couple separate and/or divorce financial issues are normally extremely important. Where is each party going to live? How are their income needs going to be met? How are the family assets going to be divided?
In the immediate aftermath of separation there are often urgent interim financial issues to be resolved, particularly how the day to day living expenses of both parties are going to be met. Sometimes it is essential to take steps to ensure that matrimonial assets are preserved and safeguarded. We will provide you with practical and legal advice and guidance during this difficult period.
Turning to long term solutions, there have been many misleading headlines recently in the national press. On divorce the law does not provide for an automatic entitlement or fixed percentage division of matrimonial assets or income. Instead the courts have considerable discretion to achieve a fair result, taking account of all the circumstances of the case. The first consideration is always the financial needs of any children. Then a number of factors are taken into account, including the resources available, the length of the marriage, the ages of the parties, any particular needs or responsibilities and the contributions they each have made, not only financial but also looking after the home and caring for the family. Thus, while equality will normally be the starting point, it will not necessarily be the finishing point.
Once we are satisfied that all the assets have been disclosed and properly valued, and we have discussed with you in detail what your priorities are, we will advise you on the weight to be given to the various factors in the circumstances of your case. We will discuss with you the range of possible outcomes available to you, so that you can make sensible and informed decisions.
We also believe that it is very important to resolve financial issues in a cost effective way. After all, the legal costs of disagreement have to be met out of the "pot" of matrimonial assets available for the parties to share The costs of protracted litigation can be high and the emotional wear and tear on the parties very damaging. We do everything possible to help our clients reach a speedy, amicable and fair agreement on financial issues.
