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ukfamilysolicitor
ukfamilysolicitor, Family Solicitor
Category: Family Law
Satisfied Customers: 744
Experience:  Divorce, Finances, Children, Domestic Violence, Care Proceedings
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I am interested in establishing the financial implications

Resolved Question:

Hi,
I am interested in establishing the financial implications of a separation from my husband.
Can you help?
Submitted: 1 year ago.
Category: Family Law
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Welcome to Just Answer
I am a Solicitor and will assist you.
There is a set process for dealing with matrimonial finances which you should follow if you are considering divorce or judicial separation.
In relation to the matrimonial finances - The correct process for dealing with the matrimonial finances and division is to go through a process known as full and frank financial disclosure. Yourself and your husband would need to exchange full details of all assets ( including pensions) and liabilities before negotiations take place in relation to settlement. Everything is included in disclosure - all assets and all liabilities.
The normal rule for division is 50/50 however the matrimonial causes act sets out factors which could lead to a departure from this rule. A few examples are the likely earning capacity of both of you for the future, health needs, future care of children etc.
If your husbands earning capacity is more than yours - then you should also consider claiming spousal maintenance.
You should consider making a referral to a specialist mediation service. They can assist in relation to the process of disclosure and also in relation to negotiations about division. One such mediation service is the National Family Mediation service. www.nfm.org.uk
If agreement cannot be reached or your husband won't engage in providing full and frank disclosure then an application would need to be made to the court. You can not make an application to the court until you have at least attempted mediation first.
It is very important that no division of any assets takes place until a court order is obtained.
If division is agreed without the need to apply to court then you should submit a consent order for Judicial approval prior to division and obtaining decree absolute. Not doing so could leave you open for a future claim. Claims have been entertained by the courts decades after divorce / separation - so it is important that you deal with things properly.
If you consider that there are little / no assets - then you should consider agreeing a clean break and sending this to the court for approval. Once the court has approved the same - this would prevent any future claims.
A Solicitor can help you draft the Consent Order to protect your position for the future usually for around £300.
Dealing with the financial matters can take time and if during the course of dealing with matters you are struggling financially to make ends meet then you could make an application to court for Interim Maintenance from your husband to assist you until matters are resolved.
Legal aid is only available for these types of matters if you have suffered physical, emotional or financial abuse from your husband in the last 2 years and you can get evidence to prove the same. You also have to qualify on means. Let me know if this applies to you and I will give you further guidance on how to get evidence.
If you are not yet ready to divorce you could agree a separation agreement with your husband. Mediation can again help with this.
Kind Regards
Caroline
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Customer: replied 1 year ago.
Hi Caroline,Thank you for your reply.
I have a few particular issues of concern.First is what is the position regarding any future inheritances ie form my mother and via a trust left by my father and also any recent inheritances. I was recently left about £30000 by a relative two years ago - is that counted in the 50/50 split?
Expert:  ukfamilysolicitor replied 1 year ago.
Hello
Thank you for your response.
The treatment of inheritance already received during the course of a marriage is usually dependant on the case in hand as there are no clear rules set out in family law as to how inheritance should be dealt with in financial settlements.
The current case law is based on the consideration of the overall value of a financial settlement and if that settlement is fair and just for both parties and for meeting the long term needs following divorce. It is following that if the value of the matrimonial assets is low then Judges are more likely to include inherited assets - on the other hand if the matrimonial assets are a reasonable level a Judge can use their discretion and not include all or part of the inherited assets in the divorce settlement.
It would help your case - if you have kept the money separate and not in a joint account - which you both have been able to access.
In respect of future inheritance - if the relatives are still living then it cannot be presumed that they will pass any time soon and so such future inheritance should not be included.
Please do not hesitate to ask if I can assist further.
Kind Regards
Caroline
Please kindly remember to rate positively so that we receive credit for our work.
ukfamilysolicitor, Family Solicitor
Category: Family Law
Satisfied Customers: 744
Experience: Divorce, Finances, Children, Domestic Violence, Care Proceedings
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