Fair Shares Sorting Out Money and Property on Divorce

Fair Shares Sorting Out Money and Property on Divorce

The ‘Fair Shares Sorting out money and property on divorce’ research study is a ground breaking study that is investigating how divorcing couples in England and Wales negotiate financial arrangements. It is the first study to provide a detailed, fully representative picture of how finances and property are divided on divorce, including information on couples who do and do not make use of the legal system.

The study is being led by Professor Emma Hitchings of the University of Bristol and is funded by the Nuffield Foundation. It involves an online survey of over 2,400 people who have divorced within the previous 5 years, and in-depth interviews with a further 50 divorcees.

The study is still ongoing, but some of the preliminary findings provide important insights into the financial realities of divorce. For example, the study found that:

• Women are more likely to experience a financial decline following divorce than men.
• Couples who divorce with children are more likely to experience financial hardship than couples without children.
• Couples who use the legal system to resolve their financial arrangements are more likely to reach a fair and equitable settlement than couples who do not.

The study also found that there is a wide range of financial arrangements that divorcing couples make, depending on their individual circumstances. Some couples agree to an equal division of assets and income, while others agree to a more unequal division, taking into account factors such as the length of the marriage, the contributions each spouse made to the marriage, and the needs of any children.

The findings of the ‘Fair Shares’ study have important implications for both policy and practice. The study highlights the need for better financial support for divorcing couples, particularly those with children. The study also suggests that the legal system needs to be more accessible and affordable for divorcing couples, so that they can reach fair and equitable financial settlements.

Finance on Divorce

Divorce can have a significant impact on the finances of both spouses. It is important to understand the financial implications of divorce before making any decisions about how to divide assets and income. To do that its important to obtain independent specialist legal advice.

One of the most important decisions that divorcing couples need to make is how to deal with the marital home. If the couple owns their home jointly, they may decide to sell it and divide the proceeds equally. Alternatively, one spouse may buy out the other spouse’s share of the home.

Another important decision is how to divide any other assets that the couple owns jointly, such as bank accounts, investment accounts, and retirement savings. Divorcing couples may also need to decide  who takes on liability for debts, such as credit card debt and mortgages.

In addition to dividing assets and dealing with debts, divorcing couples also need to consider how to support themselves and any children they have after the divorce. This  will involve setting up child support payments.

Pensions on divorce are often not shared fairly, this is particularly likely where spouses may have many years until retirement. Pensions can be worth a very significant portion of the matrimonial assets and can in a number of cases be worth more that the family home.

It is important to seek professional legal advice as well as independent financial advice to help you make the best financial decisions possible during and after divorce. A financial advisor can help you to understand your financial situation, develop a budget, and plan for your financial future.

At Oliver Fisher we have a team of experienced Family lawyers and accredited mediators,  who can help you navigate your way through finances on divorce to ensure you obtain a fair share of the matrimonial assets. please do email use at fld@oliverfisher.co.uk in order to arrange a consultation.  We act for a range of clients in Kensington and Chelsea.

Here are some tips for preparing for your first meeting with a solicitor who will advise you on the law relating to finances on divorce and the tips below will also help you to manage your finances during and after divorce:

•  Collate all of your financial information, including your tax returns, bank statements, and investment statements.
• Create a budget so that you can track your income and expenses.
• Make a list of all of your assets and debts.
• Update your beneficiary designations on your life insurance policies and retirement accounts.
• Consider seeking financial advice from a qualified independent financial professional.

Divorce can be a challenging time, but it is important to remember that you are not alone. There are resources available to help you through this process. With careful planning, you can manage your finances and build a secure financial future for yourself and your family.

Article by Jo Shortland Partner, Solicitor, Accredited Mediator & Collaborative Lawyer.  To get in touch with the writer please email: fld@oliverfisher.co.uk.