The Family Home
For many couples, the family home is their largest financial asset.
Common questions include:
- Will the property need to be sold?
- Can one spouse remain in the home?
- Can ownership be transferred?
- Who will continue paying the mortgage?
- What happens if the property is in only one spouse’s name?
- How will children’s housing requirements be considered?
There is no single automatic outcome applying to every divorce.
Possible arrangements may include:
- Selling the property
- Transferring ownership
- Refinancing
- One spouse remaining in the home
- Considering the home’s value alongside pensions or other assets
Our Preston divorce solicitors can advise on the home within your wider financial circumstances.
Savings and Investments
Relevant financial assets can include:
- Bank accounts
- ISAs
- Shares
- Bonds
- Investment funds
- Managed portfolios
- Employee share schemes
- Other investments
Full and accurate financial disclosure can help establish the overall financial position before settlement discussions progress.
Pensions
Pensions can represent a significant proportion of family wealth and should be considered alongside property, savings and investments.
Relevant arrangements may include:
- Workplace pensions
- Personal pensions
- Defined benefit schemes
- Defined contribution pensions
- Public-sector pensions
- Executive pensions
- Other retirement benefits
Pensions should not be overlooked simply because benefits cannot currently be accessed.
Where pension arrangements are particularly valuable or complicated, specialist pension or actuarial advice may sometimes be appropriate.
Business Assets
A divorce financial settlement can become more complicated where one or both spouses own a business, hold shares or receive income through a corporate structure.
Relevant matters can include:
- Limited companies
- Partnerships
- Owner-managed businesses
- Family businesses
- Company shares
- Commercial premises
- Director remuneration
- Dividends
- Retained profits
- Business valuations
Preston City Council identifies the city’s main employment sectors as including professional and financial services, manufacturing, logistics, construction, retail and public administration, alongside a substantial small and medium-sized business base.
The council’s current economic strategy also identifies future opportunities in advanced manufacturing, research and innovation, life sciences, clean energy, cyber security and digital technology.
For business owners, directors and shareholders, divorce financial disclosure may therefore need to consider both the underlying capital value of a business and the income it produces.
Where value or income is significant or disputed, independent accountancy or business valuation evidence may sometimes be appropriate.
Spousal Maintenance
Some financial settlements involve ongoing payments from one former spouse to another.
Whether maintenance is appropriate depends on circumstances including:
- Income
- Financial needs
- Earning capacity
- Housing requirements
- Other financial resources
- The overall financial settlement
Our solicitors can explain how maintenance may fit within your wider financial arrangements.
Consent Orders
If you and your former spouse agree how finances should be divided, a consent order can provide greater legal certainty.
It can address:
- Property
- Pensions
- Savings
- Investments
- Maintenance
An informal agreement is not enforceable in the same way. GOV.UK confirms that a consent order is needed to make an agreed financial settlement legally binding, and it only takes effect after the final order.