Financial Issues upon Separation

When your marriage breaks down, as well as the emotional turmoil that is experienced, there is a real concern about your financial security in the future going forward. 

Whether your marriage is to be dissolved immediately or whether it is your intention to separate with a view to considering your position at some time in the future, it is essential to have regard to the financial issues that face both parties to the marriage, and in particular the issues that arise in relation to provision for the children.  

Within divorce proceedings a spouse is entitled to make a claim for a financial relief, which could include maintenance for a spouse and of course for the children, a division of the matrimonial assets, to include the matrimonial home, any other property, savings and, if appropriate, any interest in a (family) business.  

The parties are also entitled to make a claim, if appropriate, for a Pension Sharing Order.  
The Court, when dealing with financial applications, must have regard to the criteria laid down in the Matrimonial Causes Act, of which the welfare of minor children is of paramount importance. 
When seeking to achieve a positive settlement, as expeditiously as possible, the issues to be dealt with are:-

1. Property/capital assets – the aim is to divide the marital assets, known as the marital acquest, between the parties on a fair and equal basis. The court will take into account not only the matrimonial home but other assets i.e. additional property, savings, shares, life policies, and any business interest.    Additionally, consideration will be given as to whether a spouse should have the benefit of a pension share to provide for him/ her in the future. 
2. Maintenance – maintenance will be payable to a spouse if appropriate and it will be based upon that spouse’s needs, assessed on a generous basis, taking into account the other spouse’s income.  Additionally, child maintenance will be considered and whilst the CSA have jurisdiction to deal with child maintenance, in an amicable settlement the parties can agree going forward the amount to be paid in respect of the children’s upkeep to include school fees.
3. Pension – Often a spouse may be entitled to a share of the other spouse’s pension. If so a pension transfer will be the way forward unless the parties agree to a “set-off” i.e. payment of a lump sum in lieu of pension share.

At JMW, we understand both the complexities and sensitivities of matrimonial breakdown and we seek to ensure that you achieve an amicable and positive solution to such disputes.

For more information on any family law adverts please contact Gianna Lisiecki-Cunance, Associate in Family Law on 0161 828 1883 or email gianna.lisiecki@jmw.co.uk