Financial matters
Resolving your financial affairs when a marriage or relationship breaks down can be a complex and often confusing process. It is therefore essential that you obtain sound legal advice at the earliest possible stage of your matter to ensure that your position is protected and to promote a fair and reasonable settlement. At oldhams solicitors, we are able to provide you with experienced and specialist legal advice in order to assist you through each stage of your case, from your initial instructions through to the conclusion of your matter, including any subsequent action needed to enforce any agreement or settlement if required.
In the event that you and your partner are married, the resolution of your financial affairs is generally referred to as "ancillary relief". Often, such matters can be resolved by way of a negotiated settlement through your respective legal advisers, although if this is not possible the courts will be asked to settle such issues within divorce proceedings. As part of the process of resolving financial matters, both you and your spouse will be asked to provide the other with full and frank disclosure of your financial circumstances together with copies of supporting documentation, to ensure that all negotiations are conducted fairly and properly, and with reference to the full facts of your case.
When resolving financial issues on divorce, the courts have a wide discretion to make such orders as are appropriate to your case, including the following:
In deciding which, if any, of the above orders are appropriate to make to your case, and how your financial settlement should be structured, the court will take into account a number of factors under the matrimonial cause act 1973 s 25 (with first consideration being given to the welfare of any minor children of the family under the age of 18), including the following:
(a) The net income, earning capacity, property and other financial resources of each party, both now and in the foreseeable future, including any increase in a spouse's earning capacity which it is reasonable to expect them to acquire;
(b) The financial needs, obligations and responsibilities each of the parties has or is likely to have in the foreseeable future;
(c) The standard of living enjoyed by the family before the breakdown of the marriage;
(d) The age of each party and the duration of the marriage;
(e) Any physical or mental disability of either of the parties;
(f) The contributions which each of the parties has made or is likely to make to the welfare of the family, including any contribution in looking after the home or caring for the family;
(g) The conduct of each spouse, if that conduct is such that it would be inequitable to disregard;
(h) The value to each spouse of any benefit which either will lose the chance of acquiring as a result of the divorce (usually in relation to pension provision).
If however, you and your partner are not married, then different legal principles from those set out above will apply to your case, based primarily on the laws of trust and property. Such cases will often involve complex legal argument, and it is therefore essential that you seek expert legal assistance at an early stage of you matter. Our family lawyers are experienced in dealing with such disputes, can advise you on how to protect your legal position and act on your behalf in relation to such cases, with a view to achieving an early and satisfactory outcome, or in order to make an appropriate claim through the courts if necessary.