Managing Your Finances During Divorce  

Finances are the most complex consideration to have, if you are getting a divorce or your relationship has broken down. This can entail everything from your house, assets, pensions etc.

If you are going through divorce, at Adam Bernard Solicitors we can assist you with your financial matters with your former partner and assist in preparing an amicable and legally binding agreement.

Timing of finances

The finances are usually handled separately and usually after the divorce but these proceedings can be carried out at the same time. Usually, the financial matters can be resolved through mutual agreement such as negotiations between the couple facilitated by solicitors or mediation. If your case does go to court, an agreement is also likely to be achieved before the final hearing. Our family law team here at Adam Bernards have years of experience in these sort of proceedings and can help ease out the whole process for you.

How to protect your finances?

You do have numerous options available for protecting your finances, when it comes to being divorced or when you have just entered into a new relationship.

Pre-nuptial agreements    

Often times, preventative measures can go a long way when it comes to safeguarding your assets. If you are thinking about entering into a marriage or civil partnership you might want to consider making a pre-nuptial agreement so that you can protect your assets. This is when you and your partner have made decisions together in regard to the dividing of property and assets, and support of your spouse in the event of a divorce, separation or the dissolution of your partnership.

Pre-nuptial agreements are given more recognition by the courts compared to the past and are highly persuasive when it comes to financial proceedings.

Post-nuptial Agreements

After you are married, you can still protect your assets and enter into a post-nuptial agreement.

You and your partner must provide a full disclosure of your finances including specifics in the agreement about your income, expected future earnings, both individual and jointly owned property, pensions, possessions, loans, bills, debts and your Will arrangements. This can sound daunting, but we are here to make it stress-free for you.

Pensions in Divorce

Your pension may be one of the most valuable assets in the marriage, and rightfully taken into account as part of the financial settlement on divorce and the dividing of assets.

If you are in the middle of a divorce and one party has considerably more valuable pension rights, we may advise on a pension sharing order, offsetting and earmarking.

A pension sharing order will enable the percentage of one of the party’s pensions to be transferred into a pension for the other party. Offsetting is where one party retains their pension and the other party is compensated by receiving a greater share of other assets from the marriage such as property

If you want more clarity with your divorce settlement and how to protect your rights and finances contact us for a Free 10 minute consultation