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Complex Divorce - Navigating Financial Matters

bannerjones solicitors Complex Divorce Fact Sheet Divorce can be a difficult time due to the emotional impact it has on both sides, as well as on children, extended family members and even friends, so complex financial issues only add to the strain. This is why your legal team must be one that you can trust with all aspects of the proceedings on a personal level as well as professionally, ensuring a transition that is as smooth, compassionate and efficient as possible. Divorce or annulment? There are two ways to end a marriage: annulment and divorce. Annulment is only an option if the marriage is not legally valid (e.g. at least one party was underage or already married) or deemed defective (e.g. not consented to or unconsummated). Divorce can be chosen without these prerequisites, but the marriage must have lasted at least one year and be beyond repair. Grounds for divorce In order to proceed with a divorce, there must be at least one valid reason recognised by the law, which shows the marriage has broken down permanently. These are: You have lived Adultery (within six months of filing for divorce) Unreasonable Desertion You have lived (without your agreement, without good reason, to end the behaviour (e.g. physical violence, verbal apart for more than two years and both agree apart for more than five years (even if not agreed) abuse, alcohol/drug abuse, refusing to to end the pay toward the maintenance of the home) relationship, for more than two years in the last 2.5 years) marriage (must be agreed in writing) Types of financial matters During a divorce, the following need to be taken into account where applicable: Business Family Investments Inherited Property Portfolios Pensions Interests Businesses and Tax Wealth It is essential that all financial issues are thoroughly looked into and properly distributed, keeping hostility between parties and disruption to domestic and working lives to a minimum. Child welfare The minimisation of the effect your divorce has on your children must always remain a top priority. Even when there is a good reason t sleeping pattems, education and social life, so responsibility and due care are required at all times. divorce, the situation can affect the child's mental health, dietary habits, Dividing marital assets If the parties have not achieved a negotiated agreement, the Court will apply its own discretion to the allocation of marital assets. The grounds for divorce rarely affect this decision; instead, the needs of any children and the following factors will be taken into account: Each party's The length of marriage - the longer the marriage, the more likely that the Court will The income of The contribution each party and any pension entitlements. Standard of living - preservation for both parties and any children will be a main priority. financial needs. each party has made to the domestic environment - looking after the home and be in favour of children can be seen financial equality. as equally important as earning a salary. Patience and understanding At Banner Jones we pride ourselves on not only our professional expertise and abilities, but also our empathy and sensitivity during complex divorce cases. However, our main advice would be for both parties to also adopt these virtues, as this will reduce stress, aid mutual agreements and ultimately make the proceedings less complicated. Why Choose Banner Jones? 96% LEGAL 500 resolution 135 YEARS specialist Ranked in We have an 96% of our Variety of specialist lawyers independent clients would mediation Over 135 the Legal 500 for services 5 Regional offices recommend us to a friend Resolution years of experience to Family Law accredited service If you are considering getting a divorce contact one of our expert solicitors who will give you specialist advice on the divorce process: Phone: 0333 200 2300 Web: Join our Social Networks bannerjones in You Tube 8' solicitors

Complex Divorce - Navigating Financial Matters

shared by bannerjones12 on Oct 31
Divorce can be traumatic and complicated enough as it is; adding financial matters can be even more confusing. This fact sheet talks you through issues you may face and things that must be considered.


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