Divorce & Family Law Solicitor
Woolley & Co Solicitors
When navigating a divorce, understanding your financial rights and entitlements is essential. The process of dividing assets and determining financial settlements is highly complex and varies significantly from one case to another. This guide aims to shed light on key considerations for those seeking a divorce and looking for financial advice.
Starting point for asset division
Typically, the initial approach to splitting assets in a divorce starts with a 50/50 division. However, this is just a baseline. Several factors may influence this split, including the length of your marriage, each spouse’s earning capacity, and both current and future financial needs. This complexity underscores the importance of early legal advice to achieve a fair settlement.
Understanding different assets
Assets like pensions, homes, businesses, and savings are all part of the equation. Each type has its considerations:
- Pensions – Often the second-largest asset after the home, pensions can be divided in several ways, including sharing or offsetting against other assets. Accurate valuation is crucial, as is understanding the implications of accessing these funds.
- Family home – There are various ways to handle the family home, from selling and splitting the proceeds to one party buying out the other or maintaining joint ownership until a set future date. The chosen method should consider other assets and overall financial needs.
- Business assets – If a business qualifies as a matrimonial asset, it may need to be valued independently to ensure it is appropriately considered in the settlement. Options include offsetting its value against other assets, sharing ownership, or even selling the business.
Calculating a fair settlement
Reaching a fair settlement requires a detailed assessment of all assets. It’s crucial to get accurate valuations and consider debts as well as assets. The division isn’t always equal, as the needs, contributions, and future prospects of each party play significant roles.
Legal process and negotiations
If you and your spouse cannot agree on a settlement, the matter may need to go to court, where a judge will decide based on a broad range of factors from the duration of the marriage to the standard of living and contributions made by each spouse. However, settling out of court through negotiation or mediation is often less costly and less contentious, focusing on fair and amicable resolutions.
The role of legal advice
Given the intricacies of financial settlements in divorce, consulting with an experienced family lawyer is highly advisable. A lawyer can help clarify what you are entitled to and suggest realistic expectations based on your unique circumstances. They can also facilitate negotiations and help draft a consent order to make any agreed-upon settlement legally binding.
Next steps
If you are going through a divorce and need to understand your financial entitlements better, it is wise to start with a consultation. Legal experts can offer personalised advice tailored to your specific situation, helping you navigate the complexities of asset division with confidence. Remember, every divorce is unique, and professional guidance is key to securing a fair financial future.
For personalised advice and to understand more about your specific circumstances, consider scheduling a consultation with a family law specialist. They can provide comprehensive guidance and support throughout the divorce process, ensuring your financial interests are well-protected.
Read more articles by Richard England.
About Richard England
Richard England is a divorce and family solicitor with Woolley & Co based in Sutton Coldfield near Birmingham. He is also a fully qualified family mediator and has over 33 years’ experience in the legal profession and over 30 years specialising in Family Law. During that time, he has built an enviable reputation representing clients in the Midlands and surrounding areas he has also dealt with overseas clients on many occasions.
Richard has been named as a Recommended Lawyer for Family Law in the West Midlands in Legal 500, where they note he is “very clever” and has “a brilliant business mind” as well as being “very professional and also speaks normal language which is a huge advantage”.
Richard specialises in financial settlements on divorce and in particular, complex cases involving business interests, farms, family trusts and overseas assets. He also advises clients in respect of co-habitation and pre-nuptial agreements, living together agreements and also in cases involving children.