Sorting Out Your Finances
When you separate you will likely be concerned about where you will live and how you will divide the assets of the marriage.
The court will give first consideration to the welfare of any children of the family and will consider the resources available and how they can be distributed.
The court will then consider the specific matters to which the court is to have regard called the section 25 factors as follows:
- The income, earning capacity, property, and other financial resources that each of the parties to the marriage has or is likely to have in the foreseeable future
- The financial needs, obligations, and responsibilities that each of the parties has or is likely to have in the foreseeable future
- The standard of living enjoyed by the family
- The age of each party to the marriage and the duration of the marriage
- Any physical or mental disability of either party
- The contribution that each of the parties has made
- The conduct of the parties
- The value to each of the parties of any benefit, which by reason of the divorce, that party will lose the chance of acquiring
We can help most separating couples to reach an agreement about the financial issues without going to court. If an agreement can be reached it can be incorporated into a court order called a consent order. Once approved by the court the consent order is binding and enforceable.
Where couples are not able to reach agreement it may be necessary to issue financial remedy proceedings, but most of those couples still manage to agree eventually so that the judge does not have to decide the case for them and they can remain in control of the outcome for themselves.
Practical tips to get your finances in order:
- Get together your financial disclosure including values of properties, bank and building society accounts, investments, policies, liabilities, pensions, income, personal possessions, business interests, trust income, shares, and any other assets.
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Obtain a mortgage capacity report to consider what you will likely be able to borrow so that you can consider your income and capital needs. A mortgage advisor or independent financial advisor will be able to help you with this.
- Obtain three market appraisals of any properties that you own or have an interest in to see if agreement can be reached about the value. Most local estate agents will be able to assist you with this.
Find estate agents and letting agents in the UK (rightmove.co.uk)
- Consider if you are eligible for any benefits such as child benefit or universal credit.
Claim Child Benefit: How to claim.
Universal Credit: How to claim.
- Check child maintenance that might be payable to you or by you in respect of any children.
Calculate your child maintenance.
- Apply for a single person discount on council tax
Apply for a Council Tax discount.
Why Choose A Resolution Member
The family team at Myerson are all members of Resolution, an organisation of family law professionals across England and Wales committed to working in a non-confrontational way and putting the needs of any children first.
Resolution has members who are lawyers, barristers, financial advisers, and family therapists. All members sign up to a Code of Practice which means that we will:
- Reduce or manage any conflict and confrontation
- Support families to put the best interests of any children first
- Act with honesty, integrity, and objectivity
- Help clients understand and manage the long term financial and emotional consequences of decisions
- Listen to and treat everyone with respect and without judgement
Members of our family team at Myerson have Resolution accredited status which means that they are recognised experts in a particular field of family law.
Nichola Bright has achieved specialist status in respect of finances and children matters and Sarah Whitelegge has achieved specialist status in respect of children matters and domestic violence.
We work with financial advisers and mediators who are members of Resolution. This means that they also respect the Code of Practice when working to resolve your issues.
How We Can Help
There are over 90,000 divorces each year according to the Office of National Statistics.
We understand that dealing with a divorce or separation is a very stressful time. Emotions can run high and the changes can be overwhelming.
The focus of Resolution’s good divorce week is to show separating couples how to manage a split in a non-confrontational and constructive manner putting the best interests of any children first.
Each day this week we will be sharing information about the process of divorce, the alternatives to court and how you can sort out the arrangements for the children, money, and the family home.
If you need to get in touch with us, then feel free to call us on 0161 941 4000 or get in touch via email.