Farleys provide advice on the division of family assets such as homes, pensions and savings. A careful consideration of what will be treated as ‘matrimonial assets’ may need to be undertaken.
Whilst it is encouraged for settlements to be made without the involvement of the court, we realise this may not always be possible due to the emotional nature such circumstances evoke. In cases where you are unable to reach a private settlement you will usually be required to attend a Mediation Information and Assessment Meeting (‘MIAM’) before an application can be made to the court to resolve the division of matrimonial financial assets. Overall it is important to remember that the main objective, regardless of whatever method of negotiation you adopt, is for each party to receive a fair settlement taking in to account all the relevant circumstances of each case in a manner that is proportionate to the assets involved.
The division of family assets
The breakdown of a marriage can be emotionally draining, even more so when attempting to reach a fair financial settlement over the division of family assets. In order to ensure you receive the settlement to which you are entitled it is crucial you seek expert legal advice from an experienced solicitor, who can assess and advise on the options available unique to your personal circumstances. Full disclosure of the financial situation of both parties is required, including any pensions or investment in properties.
Pension sharing and the division of savings can be extremely complex with there being no set formula to follow. Each case turns on its own facts. Our family law lawyers specialise in the division of assets, including pensions, allowing us to propose settlements to achieve a successful solution in line with your objectives.
Unfortunately, in some cases there is reason to believe that marital assets are at risk of being disposed of by one party. In those circumstances the assets can be frozen by the court. If you believe this is necessary for the protection of your assets we can offer you support and advice on the options available to you. After all, when going through a divorce, the protection of your savings is essential in helping you to move forward both financially and emotionally.
In respect of unmarried couples, many still believe that if you live with someone for a period of time then you become a ‘common law’ husband and wife and become entitled to a share of assets in the other person’s name. However, this is not the case and unmarried couples are particularly vulnerable on separation where the assets are in the name of their former partner and, again, specialist advice is needed and can be provided.
The division of companies/businesses
Where there are companies or partnerships involved , including family run businesses, expert advice is needed at an early stage. There can also be other implications including employment law considerations, corporate and personal tax.
Our wealth of experience in this area allows us to propose innovative solutions ensuring the minimum disruption is caused to the business, especially in instances where both parties have a stake in the ownership. In instances where one spouse has sole ownership, we can advise on entitlement to a share in the value of a business following a divorce.
We realise the sentimental value your business can have. Therefore it is our responsibility to make sure your interests are adequately protected advising you on ways to avoid potentially complex and costly litigation. We can advise on the benefits of entering in to a prenuptial agreement prior to the marriage, and can draft a suitable agreement if that is the right option for you.
