Depending on how long you have been together, it is highly likely you will have accumulated some assets. It is essential that you get organized and make a list of what assets you have, together with the overall household income and liabilities/expenditure. Your solicitor can help you with this. In addition, they will help point you in the right direction of the legal options open to you in relation to your finances.
Some of the options available to you are:
Money to get you what you need now when the divorce petition has been prepared. You can apply to the Courts, to ask for a short-term order, to sort your short-term financial problem out temporarily before things are finalized.
Periodical payments for you, for your future. Regular, weekly, or monthly payments from your spouse for either you or the children or both. Please, call us and we’ll tell you more.
Capital orders
The home, money in the bank and all the assets, sole name or joint, all end up in the pot for fair distribution between you.
Lump-sum orders
- Property adjustment orders
In other words, transfer of ownership of the home(s) to your name (or theirs). Subject to fair conditions perhaps. It’s all negotiable.
- Order for sale of the home/other assets
Again, possibly subject to certain conditions, e.g. repairs to get the best price, to turn into a lump sum, for fair distribution.
Pension sharing order
You can get a share of your spouse’s pension. You can get your own pension company to invest in from your share.
Many couples believe that they do not require a legal professional’s help if they can agree financial matters between them at this stage. This can become problematic further down the line and if you do not have an agreement in place, then it is much more difficult to deal with.
We would always recommend you take legal advice in relation to your finances when separating and often find that the benefit will outweigh the cost.
Rob Price – Family Law Solicitor
