When facing divorce, one of the most significant concerns is ensuring that your assets are protected and that your future is secure. During a divorce, both parties must reach an agreement regarding the division of their finances whether held jointly or individually. The greater the value and complexity of those assets, the more challenging it can become to reach this agreement.
Various assets can be considered in divorce
During a divorce, various assets may be considered, ranging from properties, savings, pensions, and businesses. This can vary from shares in companies, ISAs, personal businesses, commercial properties and inherited wealth. The identification, valuation and division of these assets can become increasingly complex as their value and number increase.
For many individuals aged over 45 years, one of their largest assets is their pension. This is often the key to many people’s future financial security although, without legal advice, pensions can be overlooked or minimised. The concept of sharing money from your pension may raise concern, but it is important that you are informed of the various ways in which pensions can be valued and divided. This is when legal advice is invaluable.
The importance of maintaining wealth during divorce
As we reach midlife, the importance of maintaining wealth and financial security increases, along with securing a good standard of living. For many families, there is also the consideration of children and ensuring they are financially provided for. These considerations often need specialist legal guidance when reaching a financial agreement.
It is a myth that entitlement is based solely on financial contribution or ownership. In reality, several factors are considered including each party’s contributions to the home, the upbringing of children and various family circumstances. Although the Court will often initially look at the division of assets arising from a divorce as being an equal divide between the parties, this division can be adjusted when necessary to achieve a fair outcome dependant on the facts and circumstances of the case.
Navigating complex assets during a divorce can be made easier with support and legal advice. It is always recommended that legal advice is sought in advance of any important decisions regarding assets.
Separation of unmarried partners, although treated differently by the Court, also involves an often complex process of dividing assets. When looking at separation, entitlement works differently and can affect how the relevant assets are divided between parties.
Is financial disclosure necessary?
Often within a divorce or separation, financial disclosure is recommended. This involves both parties fully documenting and evidencing their financial situation and exchanging this information with the other party. Each party is then given an opportunity to produce a questionnaire surrounding the disclosed information and request any necessary clarification. This is then followed by the parties responding to these questionnaires. This process allows each party to have a full understanding of each other’s financial situation and aids in reaching a fair agreement.
At Higgins Miller Solicitors, our experienced family law team can provide advice tailored to your circumstances, helping you achieve the best possible outcome. Our team specialise in both divorce and separation and have vast experience dealing with complex and high value cases. Our solicitors are knowledgeable at negotiation between parties and can help you every step of the way towards securing your future.
Whether you are considering divorce or separation, commencing financial proceedings or already engaged in proceedings, obtaining early legal advice can make a significant difference to the outcome of your case. At Higgins Miller Solicitors, our experienced family law team can help you understand your position and work towards a fair and secure financial settlement