How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Harris Your Own Question

Harris
Harris, Law Specialist
Category: Law
Satisfied Customers: 2296
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Law Question Here...
Harris is online now

My wife and I are going through separation which may lead to

Resolved Question:

My wife and I are going through separation which may lead to divorce. I want to understand what is the situation as regards ***** ***** investments. I have just under £100k invested that came from a redundancy payment received whilst we were married. She has multiple investments and is on the deeds of various properties her parents own – these mostly were in place before the marriage. Her net worth if all her investments were realised today is multiples of my current net worth however I have no direct sight of all her investments and am in no position to review and itemise all these investments etc.
When it comes to it, she will demand 50% of my money that is invested, citing that it is for the children’s future. This to me seems unjust when her net worth is far beyond my own. I understand inheritance that comes before marriage, perhaps even during marriage, is not included in any division of assets but what is the situation with multiple investments/being on the deeds of multiple properties owned by her parents?
We have always operated from one bank account, paying all bills, food, clothes, etc. from that account. She currently earns about ½ of what I earn.
Thanks
Submitted: 1 year ago.
Category: Law
Expert:  Harris replied 1 year ago.
Hi, thanks for your question. How old are the children and what will their arrangements be now? Despite her obtaining the properties with her parents prior to the marriage, this can still be considered as part of the matrimonial asset pool and it will be difficult for her to attempt to ring-fence this. In relation to the inheritance, you are correct that this is not automatically a matrimonial asset, unless it has been brought in for matrimonial spending or if the needs of you, her and the children cannot be met from the matrimonial assets. The starting point for the court is a 50-50 split of the matrimonial assets, and this equal split is departed from based on the following criteria that the court considers:1. The income, earning capacity, property and other financial resources which each of the parties to the marriage has or is likely to have in the foreseeable future, including in the case of earning capacity any increase in that capacity which it would in the opinion of the court be reasonable to expect a party to the marriage to take steps to acquire;2. The financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;3. The standard of living enjoyed by the family before the breakdown of the marriage;4. The age of each party to the marriage and the duration of the marriage;5. Any physical or mental disability of either of the parties to the marriage;6. The contributions which each of the parties has made or is likely in the foreseeable future to make to the welfare of the family, including any contribution by looking after the home or caring for the family;7. The conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it;8. In the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.Please provide a positive rating if you found this information helpful. I will not be credited with answering this question without a positive rating. Thank you
Customer: replied 1 year ago.
Thanks -Children are 5 and 8 - they will live predominantly with their mother, with me for about 4-5 nights a fortnight.Is the situation the same for the investments as the deeds? i.e. she has ISAs and other investments/shareholdings that she accrued before (and during) the marriage - managed by her father - that I have no sight of other than knowing of their existance (it's never been any of my business)... are these applicable to the 50/50 starting point?
Expert:  Harris replied 1 year ago.
Thanks for the further information. As the mother is the main carer, it would be expected that her needs would be greater than yours and it may be the case that a court would expect her to receive a higher split of the assets. All assets, whether they are held jointly with other people or obtained before the marriage will need to be disclosed. The court would expect you both to provide each other full and frank financial disclosure, which will include bank statements, details of investments etc so that all information is on the table when negotiating - even if you have not been privy to this information during the course of the marriage, the court would expect her to disclose all relevant assets and information. You should also be aware, that if a court makes an order and later it is found that she (or you) had concealed assets then there is justification to return the matter to court to review the order. I would suggest that you have a look at a Form E, which is the form you both need to complete if an application for financial relief is pursued to court and it has a list at page 27 of all the initial disclosure you both need to provide each other - http://hmctsformfinder.justice.gov.uk/courtfinder/forms/form-e-eng-20160121.pdf Please provide a positive rating if you found this information helpful. I will not be credited with answering this question without a positive rating. Thank you
Customer: replied 1 year ago.
Thank you - I think this answers my questions.So...All of her investments - before or after we got married, or any properties she is jointly named on the deeds for, ISAs, bank accounts, shareholdings, etc. etc. must all be declared.
Similarly, all of my investments, properties I am jointly on the deeds of, ISAs, etc. etc. must be declared.We can decide to retain our own assets and simply agree a child-support/maintenance plan or we can agree to split the assets in some manner as well as CS and maintenance.Any inheritance on either side will be exempt from any equations.Thanks
Expert:  Harris replied 1 year ago.
Yes, but in relation to the inheritance - this will not be exempt. If she has received inheritance she still needs to declare this and it is not an automatic matrimonial asset so will not be considered as part of the marital pot initially. If needs of you, her and children can be met from the marital assets, then inheritance will not be taken into account for division, however, if needs cannot be met from the marital assets then the inheritance will be considered. Also, if an agreement has been reached regarding the finances, this needs to be turned into a consent order to be approved by the court - no matter what you agree regarding the finances, it is for the court to agree that it is fair for all. Divorce proceedings will need to be issued and the consent order can only be submitted for approval once Decree Nisi has been granted. If no agreement can be reached then an application to court under Form A will need to be submitted once divorce proceedings have been issued. Please provide a positive rating if you found this information helpful. I will not be credited with answering this question without a positive rating. Thank you
Harris, Law Specialist
Category: Law
Satisfied Customers: 2296
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
Harris and other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice
 
 
 

Related Law Questions