Newlyweds or those planning to get married will likely focus on the joy of this new step in their relationship, but it is important to consider what will happen should the marriage end. While divorce rates have seemingly declined in recent years–possibly due to fewer couples getting married or entering civil partnerships–over 30% of marriages and civil partnerships still end in divorce nationally. Therefore, it is worth taking the time to think about how your finances may be affected if the relationship doesn’t work out.
Additionally, in cases where there are children from a previous relationship or pre-existing or complex financial assets such as business ownership, pension pots, or shares in a company, financial remedies for divorce and dissolution can be even more complicated. Therefore, contemplating your options is advisable to protect yourself.
What Should Couples Consider If They Get Divorced?
Even with the introduction of No-Fault-Divorce in April 2022, this amended divorce process does not include how to address the financial settlement aspect. Finances are still dealt with separately, although usually in parallel and often, individuals find it difficult to understand how their finances will be divided, especially in a dispute and in cases where a financial remedy needs to be determined by the court.
At Bridge McFarland LLP, our specialist family lawyers have these recommendations:
- Obtain professional legal advice from an experienced family law professional early on. Even if you are just considering your options, the advice can relate to practical steps as to how to organise your money and figure out your finances, as well as how to place yourself in the best possible position in the event of any separation.
- Think carefully about the arrangements for the children. What would you like to happen in the event of any separation?
- Gather together your financial paperwork. Keep everything as safe as possible. Your family law solicitor will need to see copies of documentation relating to assets (bank accounts, pensions, etc.) in your sole name or held jointly with your spouse. If you have documents such as a prenuptial or postnuptial agreement, make sure you have this to hand for your solicitor to review. Your legal adviser is not allowed to see or take copies of any documents relating to assets held in your spouses sole name.
Legal Documents to Protect Your Assets – Prenuptial and Postnuptial Agreements
Prenuptial or Postnuptial agreements are increasingly being recognised by the courts, if properly drafted and both parties advised and the circumstances in which they will not be upheld are limited. We realise that prenuptial or postnuptial agreements are not very romantic, and some might think pessimistic, but they serve a practical purpose. Having a legally recognised agreement can help protect pre-existing assets, particularly in cases of significant family wealth or where there are children from a previous relationship. These documents can provide peace of mind and help to avoid distressing and costly disputes in the future. Find out more about prenuptial or postnuptial agreements.
Additionally, the laws surrounding financial remedies are currently under consideration for reform. The recommendations from The Law Commission aim to create a more cohesive framework that ensures fair or sufficiently certain outcomes. One significant proposal is the introduction of binding nuptial agreements (“pre-nups”).
Specialist Financial Remedy Solicitors
The laws regarding financial matters in divorce are unlikely to change for some time, so it is vital to seek appropriate advice and guidance if you are going through a divorce or separation.
At Bridge McFarland LLP, our specialist divorce and separation solicitors can guide you through the options available, working with you and your family to reach an agreement regarding the division of finances, property, and other assets and to minimise conflict where possible. Our legal team have particular expertise in acting for high-net-worth individuals who have had to split complex and contentious portfolios.
You can be assured that our staff are professional, sympathetic to the situation and discreet.
Get in touch with our Divorce Financial Settlement Lawyers today
Need advice about financial settlements, divorce or separation? Contact us online, call 0800 987 8800 or e-mail enquiries@bmcf.co.uk
Other Legal Services
We can also provide specialist legal advice on other areas of law that may be relevant when dealing with a divorce or separation, such as Wills, Lasting Powers of Attorney, Estate Management, and Conveyancing.
