insideKENT Magazine Issue 68 - November 2017 | Page 169
LAW
ADVERTISEMENT FEATURE
WORKING OUT A
FINANCIAL
SETTLEMENT:
WHAT DO YOU NEED TO
THINK ABOUT?
Sophie Barrett
Many people do not know what should happen with their property
and finances upon divorce. Here, Sophie Barrett , specialist family
lawyer from law firm Cripps, summarises where to start and the
most important factors to consider.
There is a list of factors set out in law which must be considered in
deciding how a married couple’s assets and income should be fairly
divided upon divorce. Even if you don’t intend to have a judge decide
the outcome for you and your spouse, the following factors set out in
law should be considered for any negotiation between you. A child’s
welfare must be the first thing considered, and the court must consider
all relevant circumstances, in particular:
CURRENT AND FORESEEABLE FINANCIAL RESOURCES OF BOTH PARTIES
You must each give the other full and frank financial disclosure of your
current financial circumstances, to include details of all property assets,
bank accounts, business interests etc. The court can also take into
account any asset that you or your spouse will have in the short term.
CURRENT AND FORESEEABLE FINANCIAL NEEDS OF BOTH PARTIES
You need to work out how you are each going to be housed and meet
your outgoings. Finding out what mortgage capacity you each have is
usually necessary, as is how you can maximise your incomes, both
through employment and any benefits.
STANDARD OF LIVING ENJOYED DURING THE MARRIAGE
The reality is that there is only one pot of money. After a marriage
breakdown that pot has to stretch to cover two households rather than
one, so it’s rare that the standard of living upon divorce will be the same
as it was during the marriage. However, where possible, there should
be equality, so that one of you isn’t in a one-bedroom flat while the
other is in a four-bedroom house.
to the family than the other, he or she could receive a greater share of
any assets left over after housing and income needs have been met.
PHYSICAL OR MENTAL DISABILITY OF EITHER PARTY
If one of you needs more of the matrimonial resources to meet additional
costs due to a disability then this will be taken into account.
CONDUCT OF EACH PARTY (IF IT IS SO SERIOUS THAT IT WOULD BE UNJUST TO
DISREGARD IT)
Conduct could include, for example, domestic violence with the effect
that you were unable to work.
ANY BENEFIT OR VALUE TO EITHER PARTY THAT WILL BE LOST DUE TO THE
ENDING OF THE MARRIAGE
For example, this could be rights under a widow’s pension, or your
right to take on an interest in a property after the spouse had died.
Ultimately, the settlement that you reach must be fair and reasonable
in all the circumstances of your particular case. If you would like
help in determining what a fair and reasonable settlement could look
like for you, please call Sophie Barrett on 01892 506249 or email
[email protected].
Cripps LLP
22 Mount Ephraim, Tunbridge Wells, TN4 8AS
About Cripps
AGES OF THE PARTIES AND LENGTH OF THE MARRIAGE
Your ages are relevant in relation to earning capacity and provision for
retirement. For example, the older you are, the less potential you have
to earn and increase your earning capacity and pension fund. A short
marriage may be a good reason for assets not to be divided equally.
CURRENT AND FORESEEABLE CONTRIBUTIONS MADE BY EACH PARTY
TO THE WELFARE OF THE FAMILY, INCLUDING LOOKING AFTER THE HOME
AND/OR FAMILY
On considering this factor, no discrimination should be made between
contributions as financial provider and homemaker/child carer.
Potentially, if one spouse has made a significantly greater contribution
www.cripps.co.uk
@crippslaw
Cripps is a key regional law firm
serving clients nationally and
internationally from offices in Kent
and London. Recognised
countrywide for both its commercial
and private client work, Cripps is
listed as a top law firm by
eprivateclient. The firm focuses on
wealthier families, entrepreneurial
businesses and the real estate sector.
Find out more at cripps.co.uk
This article gives examples and is intended for general guidance only.
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