Thank you for confirming that for me.
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 wife 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 - therefore your settlement from your court case will also be included.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 etcYou 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.ukIf agreement cannot be reached 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. A Solicitor can help you draft the Consent Order to protect your position for the future. If a consent order is drafted by your wife's solicitor then you should instruct a solicitor to check this over for you - this should only cost circa £200 - £300.
You could agree an order whereby your wife and children remian in the matrimonial home until and 'event' occurs - such as your children leaving education or your wife remarrying. The house would then be sold and an agreed share paid to you.Kind RegardsCarolineI would be grateful if you could kindly rate my answer. I am new to this service and positive feedback is gratefully received. Please note that we receive no credit for our work and we do not get paid unless positive feedback is received.
We've already spoken about mediation and are going to do that, it's a very good idea.
My main question was on the sale of the house I owned and rented out and had to sell. All the profits from that sale have been spent. Do I still have to pay my wife half of the profits as the house was sold 5 months ago. She was fully aware of this and was in total agreement.
You cant divide money in matrimonial proceedings that has already been spent.
This will become obvious during the course fo full disclosure. Although you wife may ask for more disclosure if she is not satisfied.
Please remember to rate positively. Your question will not close and I will be be able to answer your follow up questions for free.
That's put my mind at rest, I thought it was the case.
PS - Rated positively ;-)
Thank you Rob
I am glad that I could help.
I wish you all the best for the future.