Finances and divorce

Deciding how to divide your assets is often the most difficult part of a divorce. The starting point is usually that the assets will be divided 50:50, but that depends on whether or not that is deemed ‘fair’.

When you’re coming to a financial settlement for divorce, you need to think about all of your financial assets and liabilities including:

• The family home
• Savings
• Investments
• Your pensions
• Any debts

If you have considerable assets or assets overseas, there may be additional complexities to consider. We guide you through your High Net Worth divorce. 

It can seem a bit daunting to begin this process. We’ll help you every step of the way and make the process as seamless as possible.

1.      Collate your documents

A good first step is to collate all the documents you need to prove your assets and debts. That includes things such as :

• rental or mortgage agreements
• pension documents
• loan agreements
• recent pay slips, or P60
• details of personal belongings worth more than £500 (for example, a car)
• recent bank statements for joint accounts, individual accounts, and savings accounts

2.      Discussions with your spouse

If you can agree a settlement with your spouse, it’s cheaper and easier than going to court. You can talk about your finances between you, or you can have lawyers there to help guide the discussion, and advise you on your rights.

3.      Attend a mediation

Often in divorce cases, couples need help agreeing the financial settlement. That’s where a mediator comes in. The next step is to spend time in mediation to try to reach an agreement.

You must attend mediation before you can apply to the court to decide your settlement dispute for you (unless there’s been domestic abuse in the relationship)

4.      Going to court

If you can’t agree, then the court will decide for you. They will give an order of a division of assets that they deem to be fair, putting the welfare of any children (under 18) at the forefront.

You can do some or all of the process by yourself if you want to. But often it’s helpful to have an expert on your side. Our lawyers can help you get a fair settlement, and support you through the process.

Feel free to come in for a no-obligation free consultation to get the ball rolling.

Most couples try to arrange a ‘clean break’ after the divorce, so that you have no ongoing financial ties to one another.

But in some cases, you may have financial obligations that continue for a limited time after the divorce. These could be:

• Maintenance payments

In some circumstances, if there is a shortfall, the partner with the higher income may be ordered to make regular maintenance payments to assist with their ex-partner’s living costs. This may be for a certain or set period of time or until that person remarries, dies or enters into a new civil partnership. The court applies its discretion based on the circumstances of the case.

• Child maintenance

If you have children under the age of 16, then one partner may be asked to make child maintenance contributions to help with the living expenses of the children.

All of this depends on your own circumstances. We’ll give you clarity on what you’re entitled to in the law, and help you find a settlement that works for you.