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 only one spouse legally owns the home?
- How will children’s housing requirements be considered?
There is no single automatic outcome that applies to every divorce.
Possible arrangements may include:
- Selling the property
- Transferring ownership
- Refinancing
- One spouse remaining in the home
- Considering the property’s value alongside pensions or other assets
Our Southend-on-Sea divorce solicitors can advise on the family home within the wider financial settlement.
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 substantial proportion of family wealth, particularly following a longer marriage.
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 the benefits cannot currently be accessed.
Where arrangements are valuable or complicated, 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, hold company shares or receive income through a company structure.
Relevant matters may include:
- Limited companies
- Partnerships
- Owner-managed businesses
- Family businesses
- Company shares
- Commercial premises
- Director remuneration
- Dividends
- Retained profits
- Business valuations
Southend-on-Sea’s current Local Plan work identifies a broad mix of priority sectors including aviation, construction and specialist construction, health and medical industries, business and professional services, tourism, cultural and creative industries and marine activities. It also notes the particularly important role played by small and medium-sized businesses in the city’s economy.
Where a business interest is significant or disputed, independent valuation or accountancy 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 available resources
- The overall financial settlement
Our solicitors can explain how maintenance may fit into your wider arrangements.
Consent Orders
Where separating spouses agree how finances should be divided, obtaining an appropriate court order can provide greater legal certainty.
Financial arrangements can address:
- Property
- Pensions
- Savings
- Investments
- Maintenance
The court generally cannot make the financial order before the conditional order, and financial arrangements should be carefully considered before obtaining the final order.