If you are considering getting divorced and reaching a financial settlement with your spouse, there are many issues to think about.
This guide provides an overview of some of the most important issues you may wish to address.
Get legal advice
It is vital to understand your legal position and what you are entitled to as a result of your marriage. Getting advice from a lawyer does not mean that you have to become embroiled in a bitter court battle. There are lots of ‘out of court’ options available to help you resolve issues arising from a divorce (such as your finances or arrangements for children). This includes mediation, arbitration or having negotiation meetings with your spouse and your lawyers face to face (such as in collaborative law).
Ask for financial disclosure
It may be that your spouse puts you under pressure to agree what should happen with the finances without you having a full understanding of their financial position. It is important that you are given full access to information about your spouse’s assets and income so you can make an informed choice about what a fair financial arrangement would be. If you have lawyers or a mediator helping you during the divorce they will ask your spouse to produce all the information that is needed.
Don’t forget pensions
If you aren’t about to retire you may not be thinking much about pensions at the time of a divorce. However, it is important that they are not forgotten. It is often the case that one spouse may have less saved in their pensions, particularly if they have had time out of the workplace to look after children. At the time of a divorce it is possible for one spouse’s pension to be shared, so that both parties can be put into a more equal position in terms of their income at retirement. This is particularly relevant if the relationship has been a long one and/or you have had children together.
Make sure you have legally binding paperwork
Whatever way you reach an agreement about what should happen with your finances during a divorce (either with the help of a lawyer, mediator or without any professional help) it is vital that your agreement is put into a binding court order. If this doesn’t happen then the financial claims you have against each other remain open, and you could find yourself in a situation where court proceedings are started by your spouse in the future, particularly if your financial situation has improved. You will also need a binding court order to prevent your ex changing their mind and going back on any agreement you have reached.
Safety
If there has been any abusive behaviour (whether emotional or physical) during the relationship you need to make sure you are protected. Speak to the police if you are suffering any harassment or abuse. You can also speak to a family lawyer about the possibility of getting an injunction, or an order removing your spouse from the house if that is needed. Also, consider speaking to your GP and domestic abuse charities to help you get the emotional support that you need.
If you have any queries in relation to divorce proceedings or any other family law issue, please dial 0151 600 3000 and ask to speak to one of our specialist Family lawyers.
