We understand that when a relationship breaks down there will be a great deal of worry and anxiety. We know that your main concerns are your home, offering stability for your children and ensuring that the transition into two households is as straightforward as possible.
We have prepared a practical guide to separation of thing you need to consider when separating, so you are prepared for the changes. We also aim to provide you with the best practical and legal advice, so we can to help you come to a financial solution which is best for you and your family.
When you separate dealing with financial matters can be overwhelming at times. We are here to help you negotiate your way through the legal process, listening to your needs and concerns and helping you reach an agreement that is as individual as you and your family.
How does the law consider when looking at a couples finances?
The law considers a number of factors when deciding how to share out the marital assets (these include, capital, assets, pensions and property) so that it is fair to both parties. We all have a different idea of what is fair, however, the court will firstly consider the children of the family and then try to see that both parties’ needs are met. What this means is that the court will try to ensure that both parties can meet their housing and outgoings first, before considering anything else. The court will also take into consideration the age of the parties, their earning capacity, disabilities, health and any other factors which the court considers is important. If there are enough marital assets and capital to rehouse both parties and enough capital then the court can consider sharing the marital assets equally. However, this depends on numerous factors, such as the length of the marriage, assets owned by the parties prior to marriage and sometimes inherited wealth and family businesses.
The law does not discriminate between the bread winner/higher earner and the home maker/child carer. The law considers that both parties’ contribution to the marriage whether financial or otherwise are equal. Therefore just because one party earned all the money during the marriage and has the pension provision, it does not mean that the other party should not have any benefit from those savings, investments or pensions, as those assets were accumulated during marriage.
We have addressed the types of orders a court can make on separation, although not all will be applicable depending on your financial circumstances:
Maintenance or periodical payment order
When a marriage or civil partnership breakdown, it is important to consider the income needs of the couple. Depending on your circumstances, there may be a need for one partner to support the other financially in the short or longer term. This need for income is separate to any need to provide maintenance for any Child of the family.
Please click here to read more FAQ's on financial provision or visit our useful information section below.
