Finances on Divorce and Separation

Our Advice on Financial Matters Includes:

• Financial arrangements on divorce and the division of assets

There are a number of financial orders which a judge can make on a divorce and these generally form the basis for an agreement between the parties. They include; orders for maintenance (periodical payments), lump sum payments, transfer of assets (including the family home for example), order for sale and orders relating to pensions. We can advise you on the legal principles that govern the division of assets on divorce and help you to secure a fair settlement.

We Also Offer Advice on:

• Emergency applications – such as applications for a freezing injunction to prevent the disposal of assets.
• Claims for financial provision against the estate of a deceased spouse or former spouse under the Inheritance (Provision for Family and Dependants) Act 1975.
• Variation and capitalisation of maintenance payments

Even though a financial settlement has been reached and a court order is in place, your circumstances or those of your former partner may change. It may become necessary to apply to the court to vary the existing arrangements. We can advise you on the likely outcome of such an application.

• Enforcement of an order

If a party is in breach of an order, for example where the paying party has ceased to make maintenance payments, it may be necessary to take enforcement action. We help clients to put pressure on the paying party to reinstate the payments and will commence enforcement proceedings when necessary.

• Financial arrangements between couples who live together but who are not married

Rights between cohabiting couples are limited because cohabiting couples are not afforded the same legal rights as married couples when the relationship breaks down. We have extensive experience in helping clients to navigate this complex area of law to reach sensible agreements.

• Pre and post nuptial agreements

Planning for the future is as important as dealing with a current situation. A pre or a post nuptial agreement can help to avoid unnecessary wrangling when a relationship breaks down and can create a level of certainty as well as help to manage expectations

• Pre and post nuptial agreements

Pre and post nuptial agreements and other relationship agreements can offer security, legal protection and peace of mind. We will help guide you in reaching these agreements, offering insight and understanding which is second to none.

Pre and post nuptial agreements and other relationship agreements can shape what happens if, at a later stage, you and your partner separate and divorce. In the meantime, they can bring clarity and support to your relationship and can provide the added benefit of legal protection should either of you need it at a later date.

Care needs to be taken to ensure that any agreement that you sign is legally binding. This is particularly the case with pre-nuptial agreements where there are challenging hurdles to creating a binding agreement.

For Example:

• You need to give yourself enough time before the wedding to finalise the agreement. At the very least, you should both have signed the agreement no fewer than 28 days before your wedding date.
• Importantly, both parties must have freely and voluntarily entered into the agreement.
• It is essential that you fully understand the implications of any relationship agreement, including how the Courts might interpret the agreement if it is ever relied on. Obtaining independent legal advice will be key in this respect.
• Full disclosure of each other’s financial circumstances at the time of entering into the agreement will also be relevant.
• The terms of the agreement should be fair.

The Supreme Court gave guidance about what the Courts should take into account when holding parties to nuptial agreements in the case of Radmacher v Granatino in 2010. The Supreme Court said: “the court should give effect to a nuptial agreement that is freely entered into by each party with a full appreciation of its implications unless in the circumstances prevailing it would not be fair to hold the parties to the agreement.”

So, a judge is still able to exercise discretion in determining whether the nuptial agreement should be binding on the couple. But, if the criteria referred to above are met, then a couple should expect to be held to the terms of their nuptial agreement.