Financial Matters

Financial Matters

When a marriage ends the parties need to separate their finances which are often intermingled and sometimes complicated.

Generally, the main assets in marriage are one or a combination of:

  • Matrimonial Home
  • Savings/investments/stocks and shares
  • Pensions
  • Income

A court has the power to make the following:

  • Lump sum orders
  • Property adjustment orders
    • Property transfers
    • Mesher orders (an order allowing resident parent to remain often until the youngest child is 18)
    • Martin order (an order that the property will be sold in the future, often death, remarriage, permanent vacation of the property or further order of the court)
  • Pension orders
    • Attachment orders
    • Sharing orders
    • Offsetting
  • Spousal maintenance

It can be tricky to separate finances, but Section 25 of The Matrimonial Causes Act 1973 provides us with guidance:

Firstly, the court will look at all the circumstances of an individual case and the first consideration is given to the welfare while minor of any child of the family who has not attained the age of 18.

Then the court would consider:

  1. The income, earning capacity, property and other financial resources which each of the parties has or is likely to have in the foreseeable future ….
  2. The financial needs, obligations and responsibilities which the parties has or is likely to have in the foreseeable future.
  3. The standard of living enjoyed by the family before the breakdown of the marriage
  4. The age of each party to the marriage and the duration of the marriage
  5. Any physical or mental disability of either of the parties to the marriage
  6. Contributions which each of the parties has made to the welfare of the family, for example looking after the home or caring for the family.
  7. The conduct of each of the parties, please note that this will only ever be considered in cases of upmost seriousness, for example where one party attempts to deplete assets

 

In order to understand your individual circumstances and advise you accordingly please contact Rachel from RJS Family Law Solicitors Shropshire, and make an appointment to discuss further.