It is never easy when a relationship breaks down but it can prove especially difficult later in life, not only emotionally but also financially, when couples may have accrued a large pension pot, property, investments and other assets during the span of their marriage.
Navigating your way through all your finances, calculating their net worth, dividing it all up fairly and considering any tax implications is rarely straightforward. For instance, who gets to keep the marital home? Will it need to be sold? If one person wishes to remain, the other will need to be compensated.
Whilst the family home may be a large part of your assets, many people fail to consider the value of their pensions and how it should be split. Often, one party may have stayed home to bring up the children whilst the other has worked and as a consequence their pension may be significantly smaller than their spouse, this is where an experienced solicitor can ensure that the pension is shared fairly between the parties. The capital value may simply be shared to give each party an income or alternatively, the value of the pension may be offset against other capital, for example one party taking a lesser share of the former matrimonial home but keeping hold of the pension.
Consideration must also be made with regards to any debt incurred during the marriage including mortgage, credit cards and loans and who is liable for them.
It is of paramount importance to obtain early advice about what you could reasonably expect to receive, from an experienced solicitor who specialises in this area of law, and who will ensure that you avoid the numerous pitfalls. Here at Acclaimed Family Law, we have some of the most experienced solicitors in the area who are experts in this field.
We offer a first initial half hour consultation with one of our expert divorce solicitors to help guide you to a brighter future.