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 home
- Considering its value alongside pensions or other assets
Our Sunderland 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 arrangements
- Other investments
Full and accurate financial disclosure can help establish the overall financial position before settlement negotiations 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 pension arrangements
- 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 company shares or receive income through a corporate structure.
Relevant matters may include:
- Limited companies
- Partnerships
- Owner-managed businesses
- Family businesses
- Company shares
- Commercial and industrial property
- Director remuneration
- Dividends
- Retained profits
- Share options
- Business valuations
Sunderland City Council identifies digital, technology and software, business and professional services, automotive, manufacturing and the creative industries among the city’s sectors with growth opportunities.
The city also has a significant advanced-manufacturing base. The International Advanced Manufacturing Park sits across Sunderland and South Tyneside and is focused on automotive and advanced-manufacturing activity.
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 business value or income is significant or disputed, independent accountancy or valuation evidence may sometimes be appropriate.
Spousal Maintenance
Some financial 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 wider financial settlement
The court can make maintenance arrangements as part of a financial order where appropriate.
Consent Orders
Where separating spouses agree how finances should be divided, a consent order can provide greater legal certainty.
It can cover:
- Property
- Pensions
- Savings
- Investments
- Maintenance
A consent order must be approved by the court to become legally binding. The court cannot approve it before the conditional order, and it takes effect after the final order.