Financial Issues on the Breakdown of Marriage
When settling financial arrangements it is important to consider the full picture. Thought should be given to the following issues:-
1. Should any property be sold
Where parties are going to live is usually the main concern particularly for a parent who might work reduced hours due to childcare responsibilities. If you are in this situation and could not afford to buy another house, you may be able to stay in the family home until the children finish their education or, until another event, such as remarriage, makes buying property a realistic option.
2. Lump sum payments
These can be used so that one party can buy out the other’s share in property but may also be relevant if there are significant savings and investments.
3. Pension sharing
The issue of retirement can sometimes be overlooked if legal advice is not taken. Pensions should usually be considered after a long relationship where there is a difference between the values of the pension funds, perhaps as a result of one party taking a career break.
- Child Maintenance
There is an online calculator produced by the Child Maintenance Service which can help you both agree on payments for the benefit of any children. The calculator can be found on https://www.gov.uk/calculate-your-child-maintenance.
- Spousal Maintenance
This may be appropriate whether or not there are children. How much should be paid and for how long is one of the more complicated issues and specialist advice is recommended.
In many cases it is possible to resolve financial issues by agreement without having to go to Court.
All of our family solicitors advocate a non-confrontational approach where possible. We will make sure that you receive advice to help you move forward and consider both the short and longer term needs.