Finances

FinancesIf you are married and wish to deal with financial matters 

 
The basic checklist is set out below and these matters are usually taken into account whether you are looking at a negotiated settlement or a court order:


- Income, earning capacity, property and other financial resources now or in the foreseeable future;
- Needs, obligations and responsibilities;
- Standard of living prior to the breakdown of the relationship;
- Ages of the parties;
- Length of the Marriage;
- Any disability;
- Contributions;
- Conduct if it would be inequitable to disregard it;
- The value of any benefit which one party will lose the chance of acquiring due to the dissolution

In relation to children there are the following additional matters:

- Children’s needs;
- The child’s income, earning capacity and any other financial resources;
- Any disability
- The way in which the child was being or is or was expected to be educated or trained.

If you are in a Civili Partnership and wish to consider financial matters


The considerations are:

- Income, earning capacity, property and other financial resources now or in the foreseeable future;
- Needs, obligations and responsibilities;
- Standard of living prior to the breakdown of the relationship;
- Ages of the parties;
- Length of the Partnership;
- Any disability;
- Contributions;
- Conduct if it would be inequitable to disregard it;
- The value of any benefit which one party will lose the chance of acquiring due to the dissolution.

In relation to children the following additional matters:

- Children’s needs;
- The child’s income, earning capacity and any other financial resources;
- Any disability
- The way in which the child was being or is or was expected to be educated or trained.

If you are Splitting Up after Living Together
Unlike married couples or those in a Civil Partnership the applicable remedies are spread over many different areas of law and can be complicated. The law applicable to you may be incorporated within the following statutes:

- Trusts of Land Act and Appointment of Trustees Act 1996
- Children Act 1989 Schedule 1
- Child Support Act 1991

There are also other applicable legal concepts or doctrines such as Trusts and Estoppel which may also apply. The application must be made under the Civil Procedure Rules and are not Family Proceedings. The hearings are far more formal and there are likely to be costs implications that do not arise in Financial proceedings relating to Divorce or Dissolution.

The main remedies that would be sought are:

- A declaration as to the ownership of the property and the percentage share of each party
- A transfer of a property (usually only achievable by agreement)
- A sale of a property

If you require any assistance in relation to financial matters that have arisen on the breakdown of your relationship then please contact us on 0191 213 1010 or on family@mckeagandco.com


Links

www.afamilylawyer.co.uk

www.newcastlefamilylaw.co.uk

www.thefamilylawservice.co.uk


Useful Information (PDF format)

Sorting out Finances on Divorce