The Family Home
For many couples, their home is the largest financial asset.
Common questions include:
- Does the house need to be sold?
- Can one spouse remain in it?
- Can ownership be transferred?
- Who will pay the mortgage?
- What happens if the property is registered in only one person’s name?
- How will children’s housing needs be considered?
There is no single automatic outcome.
Possible arrangements can include:
- Selling the home
- Transferring ownership
- Refinancing
- One spouse remaining in the property
- Offsetting its value against pensions or another asset
Our Lincoln divorce solicitors can advise on the family home within your wider financial settlement.
Savings and Investments
Relevant assets can include:
- Bank accounts
- ISAs
- Shares
- Bonds
- Investment funds
- Managed portfolios
- Employee share arrangements
- Other investments
Accurate financial disclosure can help establish the overall financial position.
Pensions
Pensions can represent a substantial proportion of family wealth, particularly after a longer marriage.
Relevant arrangements may include:
- Workplace pensions
- Personal pensions
- Defined benefit pensions
- Defined contribution schemes
- Executive pension arrangements
- Other retirement benefits
Pensions should not be overlooked simply because they cannot currently be accessed.
Where schemes are particularly valuable or complex, specialist pension or actuarial advice may sometimes be appropriate.
Business Assets
A financial settlement can become more complicated where one or both spouses own a business or hold shares in a company.
Relevant issues can include:
- Limited companies
- Partnerships
- Owner-managed businesses
- Family businesses
- Company shares
- Commercial property
- Director remuneration
- Dividends
- Retained profits
- Business valuations
City of Lincoln Council’s current business information reflects a substantial local base of independent and established businesses, while its city profile identifies employment across manufacturing, professional and technical activities, construction, retail, education and other sectors.
Where business value is significant or disputed, independent accountancy or valuation evidence may sometimes be required.
Spousal Maintenance
Some settlements involve ongoing financial support from one former spouse to another.
Whether maintenance is appropriate depends on circumstances such as:
- Income
- Financial needs
- Earning capacity
- Housing needs
- Other financial resources
- The overall settlement
Our solicitors can explain how maintenance may fit into your wider financial arrangements.
Consent Orders
If you and your former spouse agree how money and property should be divided, a consent order can formalise the agreement.
A consent order can address:
- Property
- Pensions
- Savings
- Investments
- Maintenance
Without a legally binding order, an informal agreement cannot be enforced in the same way if problems arise later.