The financial issues surrounding relationship breakdown are often the most challenging to resolve. During what is often already a difficult time, the prospect of also negotiating and dividing complicated shared finances between two households can feel overwhelming.
Sometimes there is a misconception that shared finances are simply divided down the middle. However, the reality is that family courts have a wide discretion when exercising their power to make orders for financial relief. They will always take on board the welfare of any minor children, with Section 25 of the Matrimonial Causes Act 1973 setting out a ‘checklist’ that the court will consider in every case. The checklist includes:
- income, earning capacity, property and other financial resources
- the age of each party to the marriage and the duration of the marriage
- the contributions which each of the parties has made or is likely to make in the foreseeable future to the welfare of the family, including any contribution by looking after the home or caring for the family
- the value to each of the parties of any benefit that might be lost as a result of the dissolution of the marriage (eg. pensions).
We will guide you through all the options available to reach a resolution, including mediation and collaborative law, as well as the process of a court application if required. We can support and confidently represent you to find the best outcome for your circumstances.
If you would like to read some more information before you are ready to make a decision, please download our Financial agreements in detail guide
Expert advice to guide you along the right path.
We are a specialist team of dedicated family law practitioners, mediators and collaborative lawyers.
