Finances on Divorce

 Finances on Divorce

Divorce can be a difficult and emotional time for everyone involved, and it can also be a complex financial matter. There are a number of financial issues that need to be addressed when couples divorce, such as the division of assets and responsibility for liabilities, child support, and spousal maintenance.

Division of Assets and Responsibility for Liabilities

When couples divorce, they need to decide how to apportion their assets and any debts they have accumulated. This can include the matrimonial home, other properties, bank accounts, investments, pensions and debts such as credit card debt and mortgages.

There is no one-size-fits-all approach to dividing assets on divorce. The court will consider a number of factors, such as the needs of both spouses and any children of the marriage, when making a decision.

In general, the court will aim to divide assets fairly. However, there are some cases where the court may decide to award one spouse a larger share of the assets, such as if that spouse has primary care of the children or if they have made a significant contribution to the family’s finances, or had pre-acquired assets.

Child Support

Child support is a payment made by one parent to the other parent to help with the costs of raising their children. The amount of child support payable is calculated using the Child Maintenance Service’s (CMS) calculator.

The CMS calculator takes into account a number of factors, such as the income of both parents and the number of children. The CMS will then issue a child support statement, which sets out the amount of child support that is payable.

Spousal Maintenance

Spousal maintenance is a payment made by one spouse to the other spouse to help them maintain their standard of living after the divorce. The amount of spousal maintenance payable will depend on a number of factors, such as the needs of both spouses and the length of the marriage.

Spousal maintenance may be paid a monthly basis, for a fixed period of time for example to enable the dependent spouse to find appropriate employment or extend their working hours, or for a limited period whilst the children are young.

Getting Legal Advice

If you are considering divorce, it is important to obtain specialist legal advice. We at Oliver Fisher can help you to understand your financial situation and the options that are available to you.

Finances on Divorce can be complex  and it is important to get legal and financial advice before making any decisions. At Oliver Fisher’s Kensington office we have a team of experienced family lawyers and mediators who are able to assist. Please contact us by email at: fld@oliverfisher.co.uk to arrange a consultation. Our solicitors are instructed by a broad range of clients throughout W11, Kensington and Chelsea and outer areas such as North London, Surrey and Middlesex.

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