The Family Home
The family home is often one of the largest assets involved in divorce.
Common questions include:
- Does the property need to be sold?
- Can one spouse stay in the home?
- Can ownership be transferred?
- Who will continue paying the mortgage?
- What happens if the property is only in one spouse’s name?
- How will children’s housing needs be considered?
Possible arrangements can include:
- Sale
- Transfer of ownership
- Refinancing
- One spouse remaining in the property
- Offsetting the home’s value against pensions or another asset
The appropriate solution depends on the overall financial circumstances.
Savings and Investments
Relevant financial assets may include:
- Bank accounts
- ISAs
- Shares
- Bonds
- Investment funds
- Managed portfolios
- Employee share schemes
- Other investments
Accurate financial disclosure can help establish the overall financial position before settlement negotiations progress.
Pensions
Pensions can represent a substantial proportion of family wealth.
Relevant arrangements can include:
- Workplace pensions
- Personal pensions
- Defined benefit pensions
- Defined contribution schemes
- Executive pension arrangements
- Other retirement benefits
Pensions should not be ignored simply because the benefits cannot currently be accessed.
Specialist pension advice may be appropriate where schemes are particularly valuable or complicated.
Business Assets
A financial settlement can become more complicated where one or both spouses own a business, hold shares or receive income through a company.
Relevant matters can include:
- Limited companies
- Partnerships
- Family businesses
- Company shares
- Commercial premises
- Director remuneration
- Dividends
- Retained profits
- Business valuations
Liverpool City Council’s latest published indicators record more than 18,000 businesses in the city, while employment spans sectors including professional and technical services, finance, property, transport, hospitality, health, education and creative industries.
Where business value or income is significant or disputed, independent valuation or accountancy evidence may sometimes be required.
Spousal Maintenance
Some financial settlements involve ongoing financial support 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 wider settlement
Our solicitors can explain how maintenance may fit into your overall financial arrangements.
Consent Orders
If you and your former spouse reach agreement concerning finances, a consent order can provide greater legal certainty.
It can deal with:
- Property
- Pensions
- Savings
- Investments
- Maintenance
An informal agreement is not enforceable in the same way as a court-approved consent order.