The Family Home
For many couples, the family home is one of their largest financial assets.
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 home is registered 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 property
- Considering its value alongside pensions or other assets
Our Sheffield divorce solicitors can advise on the family home within your wider financial circumstances.
Savings and Investments
Relevant financial assets may 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 pension arrangements
- Other retirement benefits
Pensions should not be overlooked simply because benefits cannot currently be accessed.
Where pension arrangements are 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 company shares or receive income through a company structure.
Relevant matters can include:
- Limited companies
- Partnerships
- Family businesses
- Owner-managed businesses
- Company shares
- Commercial premises
- Director remuneration
- Dividends
- Retained profits
- Share options
- Business valuations
Sheffield City Council describes the city’s economy as having significant strengths in advanced manufacturing, technology and innovation, alongside a broader business and cultural economy. Its economic plan identifies Sheffield’s advanced manufacturing capabilities and flourishing technology sector among its major economic assets.
For business owners, directors and shareholders, financial disclosure may therefore need to consider both the underlying capital value of a business and the income it generates.
Where business value or income is significant or disputed, independent accountancy or valuation evidence may sometimes be appropriate.
Spousal Maintenance
Some settlements involve ongoing financial support from one former spouse to another.
Whether maintenance is appropriate depends on individual 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 the wider financial arrangements.
Consent Orders
Where separating spouses agree how finances should be divided, a consent order can provide greater legal certainty.
A consent order can deal with:
- Property
- Pensions
- Savings
- Investments
- Maintenance
Without a legally binding agreement, the court cannot enforce an informal arrangement in the same way if difficulties arise later.