Finances On Marriage Breakdown

When a marriage or civil partnership breaks down, some of the most difficult and complicated issues are those concerning finances, both in the short and long-term

It is important to remember that every case is different and therefore vital that you get advice from a family solicitor who specialises in resolution of financial matters. Though similar circumstances can exist in some cases, the outcome is often very different.

Antonia Love at Farleys Solicitors gives her advice in relation to securing the best financial outcome following a relationship breakdown.

“Make the most out of your first meeting with your solicitor. Try to gather together as much documentation in relation to your finances as possible. For example, it is important to know whether your family home is owned by one or both of you, the amount outstanding on any mortgage, the value of any other assets, including pensions and the extent of any debts. Furthermore, gather together any information you have in relation to any business you own.”

“Consider limiting any credit cards, bills and joint bank or building society accounts. That could include liaising with your bank in order to ensure that no withdrawals are made from an account without both signatures, to protect savings and investments.”

“Many cases are resolved by agreement, however for this to happen and be approved by the court, you are obliged to provide full details on your financial position by disclosing information about your income, capital, pension and any debts. Hiding assets could have devastating repercussions and may lead to your case being re-opened so that the settlement can be re-assessed.”

Farleys’ family law financial experts ensure that the court’s wide-ranging powers are used to get the right outcome for you regarding income, capital (by way of lump sum provision), changing rights in properties, or pensions.

In making a decision, the court considers a number of factors including:
• Income, earning capacity, property and other financial resources both now and in the near future
• Financial needs, obligations and responsibilities both now and in the near future
• Family’s standard of living
• Age and the length of your marriage
• Health, including any physical or mental disability
• Contributions towards the family’s welfare
• Conduct of each person, although this is usually disregarded
• Loss of any benefit (particularly pensions) which may be lost on divorce

Remember, the first consideration is always given to the welfare of any child under 18 years of age.
A balancing exercise is then carried out. There are no presumptions in relation to each person’s entitlement. The court will try to achieve an outcome of fairness.

Many people try to achieve a financial clean break following the breakdown of their marriage. It is important to consider whether this can be done either now or in the reasonably near future and whether this is right for you.

In relation to maintenance for children, the court can generally only deal with maintenance for a child both of you, as the child’s parents agree and if not, the child maintenance service will help.

As every family is different, at Farleys we provide solutions to the difficulties you face. Our bespoke case management meetings allow you to have expert advice on your financial situation following a relationship breakdown at a fixed fee of £250 inclusive of VAT to ensure you obtain the best possible outcome.

Farleys has offices on Winckley Square in Preston and across the north west
For more information please visit: www.farleys.com or call 01254 368040

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