PROMOTION Financial entitlement on divorce Adrienne Baker from Forbes Solicitors offers her advice on keeping your finances safe during a divorce pon facing the realities of a marriage breakdown, our family team find that clients main concerns are that of the and start to collate your financial information. You are under a duty to provide each other with 'full and frank disclosure Your legal representative will beable to provide you with an extensive list of what will be required based upon your individual circumstances. HOW DO THE COURTS DECIDE WHAT IS A FAIR SETTLEMENT? It is a common misconception that all matrimonial assets are to be split matrimonial finances. Whether you are the party wanting to protect assets or the party in a more vulnerable financial position, you will want to know what a financial agreement on a 50/50 basis. It is not a rule but it is generally used as a starting point The courts aim is to divide assets in a way that is fair. S.25 of the Matrimonial Causes Act 1973 provides the court with a list of factors to consider in every individual case. The wellare of any children will be considered first and WHAT ASSETS WILL will look like for you. What you will be entitled to will depend on the complexity of the case and is not always a straightforward answer, Below are answers to questions you may have considered if you are contemplating a divorce: BE CONSIDERED? All assets that you own whether individually or jointly (with each other or another person), will form part of the 'matrimonial pot: These foremost and then the following Your income and earning capacity Your needs (eg where are they going to live) Standard of living throughout the marriage Your ages and duration of marriage Any disability Contributions Conduct of each party assets will then be broken down into 'matrimonial' and 'non-matrimonial Matrimonial assets are the financial WHAT IS A FINANCIAL assets built up during the course of the marriage l.e. the family home. SETTLEMENT? An agreement designed to fairly separate your finances upon the breakdown of the marriage. If an agreement can be reached within divorce proceedings, a Consent Order recording the agreement could be sent to the court for a judge's approval. If the judge deems the agreement fair, the order becomes a legally binding document. The benefit of a court order means your ex would not be able to make any further financial daims against you in the future. Non-matrimonial assets are financial assets which were acquired before or after the marriage, but while such assets can be treated differently to matrimonial assets this does not necessarily exclude them from any financial settlement. No matter what the value is of the overall matrimonial assets, configuring how they should be divided can become complex and stressful for all involved. Itis advisable to seek the guidance of a family law specialist. WHAT IF WE CANNOT REACH AGREEMENT? If you are finding it difficult to discuss or agree any settlement with your spouse, you may benefit from some legal assistance and/or attending To discuss this with a family law specialist, contact Adrienne Baker, Solicitor by email adrienne.bakere forbessolicitors.co.uk or call 01254 580 000. HOW TO PREPARE FOR A FINANCIAL SETTLEMENT mediation. Another alternative is to You should atempt to get your finances in order at the earliest opportunity, have discussions about how any financial obligations will continae to be paid seek the court's assistance. For most people it is a requirement to at least attempt mediation before issuing Together forbes court proceedings. forbessolicitors. Ofices in Accrington, Blackbum, Central Lancashiro, Loods, Manchester and Preston www.forbessolicitors.co.uk PROMOTION Financial entitlement on divorce Adrienne Baker from Forbes Solicitors offers her advice on keeping your finances safe during a divorce pon facing the realities of a marriage breakdown, our family team find that clients main concerns are that of the and start to collate your financial information. You are under a duty to provide each other with 'full and frank disclosure Your legal representative will beable to provide you with an extensive list of what will be required based upon your individual circumstances. HOW DO THE COURTS DECIDE WHAT IS A FAIR SETTLEMENT? It is a common misconception that all matrimonial assets are to be split matrimonial finances. Whether you are the party wanting to protect assets or the party in a more vulnerable financial position, you will want to know what a financial agreement on a 50/50 basis. It is not a rule but it is generally used as a starting point The courts aim is to divide assets in a way that is fair. S.25 of the Matrimonial Causes Act 1973 provides the court with a list of factors to consider in every individual case. The wellare of any children will be considered first and WHAT ASSETS WILL will look like for you. What you will be entitled to will depend on the complexity of the case and is not always a straightforward answer, Below are answers to questions you may have considered if you are contemplating a divorce: BE CONSIDERED? All assets that you own whether individually or jointly (with each other or another person), will form part of the 'matrimonial pot: These foremost and then the following Your income and earning capacity Your needs (eg where are they going to live) Standard of living throughout the marriage Your ages and duration of marriage Any disability Contributions Conduct of each party assets will then be broken down into 'matrimonial' and 'non-matrimonial Matrimonial assets are the financial WHAT IS A FINANCIAL assets built up during the course of the marriage l.e. the family home. SETTLEMENT? An agreement designed to fairly separate your finances upon the breakdown of the marriage. If an agreement can be reached within divorce proceedings, a Consent Order recording the agreement could be sent to the court for a judge's approval. If the judge deems the agreement fair, the order becomes a legally binding document. The benefit of a court order means your ex would not be able to make any further financial daims against you in the future. Non-matrimonial assets are financial assets which were acquired before or after the marriage, but while such assets can be treated differently to matrimonial assets this does not necessarily exclude them from any financial settlement. No matter what the value is of the overall matrimonial assets, configuring how they should be divided can become complex and stressful for all involved. Itis advisable to seek the guidance of a family law specialist. WHAT IF WE CANNOT REACH AGREEMENT? If you are finding it difficult to discuss or agree any settlement with your spouse, you may benefit from some legal assistance and/or attending To discuss this with a family law specialist, contact Adrienne Baker, Solicitor by email adrienne.bakere forbessolicitors.co.uk or call 01254 580 000. HOW TO PREPARE FOR A FINANCIAL SETTLEMENT mediation. Another alternative is to You should atempt to get your finances in order at the earliest opportunity, have discussions about how any financial obligations will continae to be paid seek the court's assistance. For most people it is a requirement to at least attempt mediation before issuing Together forbes court proceedings. forbessolicitors. Ofices in Accrington, Blackbum, Central Lancashiro, Loods, Manchester and Preston www.forbessolicitors.co.uk