Resolving finances upon divorce
Whilst it is difficult enough coming to terms with the end of a relationship, one of the most worrying parts is the financial consequences on the breakup.
We recognise that you will need clear advice about your entitlement, preferably at an early stage. We will advise you on what steps you can take to protect your position, and ensure you come out of the case in the best shape possible. To do that you will need an experienced solicitor who not only knows the law but is good tactically at working out the best way of achieving your aims.
We also know you are likely to be worried about the cost and will want clear guidance on how much the proceedings will cost. We never forget that we are spending your money when costs are incurred and with any work we do, we must bear that in mind.
If possible we will try and negotiate an agreement for you. That is usually for the best as it will mean costs can be kept down but most importantly it means you regain some control as to what happen, whereas if the matter ends up being decided by a Judge you lose control.
However, there are cases that have to be dealt with by the court and again you need a solicitor who can advise you through the court process and is confident to go into court and represent you.
There are various types of financial order that can be applied for that include, in appropriate cases, the following:
- Maintenance, including interim maintenance. Interim maintenance is what may be payable up until the final decision is made, and can in appropriate cases include maintenance on account of costs to help a party pay their legal fees;
- Lump sum order;
- Property adjustment order; which includes a transfer of a property from one party to another; from joint names into one party’s sole name or an order for sale of a property;
- Pension attachments orders which leaves the pension with the holder but the other party can be given an interest, when the member retires; or
- Pension sharing orders which allow a party to take a percentage of the money that has accrued in the holder’s pension and invest it in a scheme of their own.
- Legal Fees – In certain circumstances a court can make an order that money be paid from one party to another to help them fund the case.
The courts have very considerable power to force people to make full disclosure of their financial circumstances to ensure that proceedings are dealt with fairly.
We have particular experience in dealing with partnerships, shareholdings in companies and interests in family trusts.