DIVORCE: FINANCE & PROPERTY

The information in the following topics relating to Finance & property, legal and other costs, will arm you with preparing for a divorce.  

The emotional upheaval of divorce can be difficult to deal with, but so too can the financial implications.  Legal costs can easily stack up, and even the solicitors at the first meeting will check whether separating couples have tried cheaper alternatives. If needs cannot be met from the matrimonial pot, then some or all of the inheritance may have to be taken into account and distributed.With regard to Inheritance, It is important to note that there are no hard and fast rules when it comes to dividing inherited assets; the outcome will always be decided on the facts of the individual circumstances. Pension Sharing: Pension sharing is one of the options available on divorce or the dissolution of a civil partnership. It provides a clean break between parties, as the pension assets are split immediately.  Under a pension sharing order, all pension benefits must be given a value. This is known as a cash equivalent transfer value (CETV).  .If you should decide to move out of the matrimonial home, bear in mind that by moving out of the marital home, you’re potentially adding even more to your financial burden.  If you are the primary earner in your household and you decide to move out while the divorce is pending, the court might require you to continue covering your partner’s living expenses as well.

When you’re facing a divorce, it is important to understand that you need to know where you stand financially.

Please note: Information contained on this page is not “advice”.  Please consult your legal services/financial services e.g. an accountant to clarify the latest information relating to your specific situation.