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 owns the property?
- How will children’s housing needs 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 Wells 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 arrangements
- Other investments
Full and accurate financial disclosure can help establish the overall financial position before negotiations progress.
Pensions
Pensions can represent a substantial proportion of family wealth, particularly following a longer marriage.
Relevant pension 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 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 company, partnership or family business.
Relevant matters may include:
- Limited companies
- Partnerships
- Owner-managed businesses
- Family businesses
- Company shares
- Commercial premises
- Director remuneration
- Dividends
- Retained profits
- Business valuations
Somerset’s current Economic Prosperity Strategy 2025–2045 aims to develop strengths in areas including low-carbon energy, aerospace and defence, high-value manufacturing, and digital and data, while also supporting business start-ups, scale-ups and investment.
For business owners, directors and shareholders in Wells and the wider Somerset area, financial disclosure may therefore need to consider both the 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 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 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
A judge must approve the order before it becomes legally binding. The court cannot approve it before the conditional order, and it only takes effect after the final order.