Divorce – Financial Assets Transcript

Can I get Divorced?

The first question we’re normally asked by people who are coming to see us about a divorce is can I start the divorce? Am I able to file a petition at the court? Normally the answer is yes, you can. Provided you’ve been married for 12 months, you can file a divorce petition at the court.

Where do I start?

One of the main concerns for divorcing couples is how they are going to divide up their financial assets. When the divorce is concluded, it’s important that people understand that they really do need to take advice about this as early in the divorce process as possible. However, you choose to resolve your financial settlement, the starting point would usually be to go through a process of financial disclosure. This would involve both parties exchanging financial information, including bank statements, p60s, wage slips, pension information, anything of a financial nature, really.

Do I have to go to court?

You don’t have to go through the court to reach an agreement on finances. And most cases are able to be settled without going through the court process.

How will my assets be split?

In terms of how assets are split on divorce, we have a very discretionary based system in this country, there is no neat mathematical formula that can be applied each case that we deal with. The court has a checklist of factors that it must consider under the matrimonial causes act. And it’s those factors that we will be guided by in helping you to agree a fair share and a fair split of the assets.

Am I entitled to maintenance?

The courts have a duty to consider whether a clean break is achievable. However spousal maintenance is sometimes appropriate when you or the other party can display the need for financial support moving forward, and that it is needed to adjust to independent living.

Can I get maintenance for my child?

If you are the resident parent, then generally you can obtain child maintenance. In the first instance, we would recommend that you try and agree this with your spouse as clearly you will have people who are best placed to understand the financial needs of your family. If unfortunately, you cannot reach that agreement, then a referral would have to be made to the child maintenance service or the CMS. They calculate maintenance using a very strict formula, which relates to the non-resident parents income and the amount of overnight stays that the child has with them.

If you’d like to discuss matters further with any of the team at Chadwick Lawrence, please feel free to contact us today.