Q&A How does a financial split work in a divorce?

Q:        We have been married for 37 years. We have two grown up children who have left home and now have their own homes and families. With the children gone, I feel there is no point in my husband and I staying together any longer as these days we live totally separate lives.

As I doubt my husband would oppose a divorce, I am thinking we could possibly save some money and go for the forthcoming no-fault divorce, using the same solicitor. However, I gave up work when our first child was born and my husband inherited the house we live in from his parents, so I am worried I would not get enough out of a divorce settlement to buy a house of my own. How does a financial split work?

A:        There are many factors to consider when working out a financial settlement in divorce, but the first thing to say is that even if you went down the no-fault divorce route, it would be in your best long-term interests to agree a financial settlement separately from the divorce, using separate solicitors. The new divorce no-fault divorce is due to come into effect in April 2022.

Considerations for the Court to consider in deciding how to divide matrimonial assets are clearly set out in statute in the Matrimonial Causes Act 1973. It is therefore imperative that you seek in-depth legal advice in relation to both the divorce and financial matters. It may be wise to seek this advice before you make any decisions.

A financial agreement confirmed by both of you in the form of a consent order drafted by a specialist divorce solicitor, is legally binding. Your solicitor would aim to reach such an agreement without going to court if possible.

This question has been answered by Sean Rolinson, a Solicitor with GHP Legal. If you would like to speak to someone about this or any other legal matter it is still possible, and we are doing everything we can to ensure that we continue to offer our high levels of service to our clients.  Where possible, we ask that you communicate with us by phone or email. If you have a new enquiry or for an appointment visit www.ghplegal.com or contact one of our offices: Wrexham 01978 291456, Llangollen 01978 860313, Oswestry 01691 659194 

 

Sean Rolinson

Sean Rolinson

Solicitor

Part of the Family and Matrimonial team in Wrexham