During these challenging times, when the cost of living is at the forefront of many people’s minds, you might be reluctant, if thinking about separation, to take that next step or seek advice.
B P Collins’ family team has therefore, put together a quick quiz to test your knowledge about how finances might be dealt with.
- As I have always looked after our children and so not the main breadwinner, I will receive:
a) 30% of the total assets
b) 50% of the total assets
c) 70% of the total assets
d) The ‘yardstick of equality’ is considered,
however there may be a departure from that
for a number of reasons.
- I am in a civil partnership, so I have the same financial rights as a married person.
- The number of children who my former partner supports or pays child maintenance for, is taken into consideration when calculating child maintenance for our children.
- My behaviour led to the breakdown of the marriage, will that impact my financial settlement?
- I was financially dependent on my former spouse. Will I have to wait until the divorce is finalised before I receive any support?
- Which of the following factors will be considered in a financial settlement?
b) Earning capacity
c) Standard of living before the breakdown of
d) Duration of the marriage
e) Financial needs of each spouse and their children
- Once child maintenance payments have been determined by the government’s Child Maintenance Calculator, I can’t challenge this.
- What options are available to couples to reach a settlement about the division of assets?
a) Have a chat over a cup of tea
b) Negotiations through solicitors
c) Discuss in mediation
d) Let the judge decide in court
e) All of the above
- One spouse cannot make a claim in respect of assets that the other party accumulated before they got married.
- When going through a divorce what documents should I review?
b) Bank accounts
c) Deeds and titled
d) All of the above
Laura Mortimer, family partner, B P Collins says:
“With all of the emotional turmoil you may be experiencing, having to worry about and address your future finances may add to your anxiety. You should therefore look for an experienced family lawyer with whom you have a rapport and you do not feel intimidated by.
“It is a good idea to get advice as early as possible since if you have an idea what to expect, that should help remove some of the uncertainty so often felt, and discussions on a more informed basis, are usually more constructive.”
- (d) The factors to be considered, (which is not an exhaustive list), include income, earning capacity, standard of living before the breakdown of the marriage, duration of the marriage, age, contribution, with the needs of each spouse and their children usually being the most important.
- (a) For example, if the non-resident parent lives with a new partner whose children from a previous relationship/marriage live with them, or the non-resident parent has a child with a new partner or children from a previous relationship.
- (b) If you are financially dependent on your spouse, you should seek support pending the financial resolution. If your former spouse refuses to make adequate provision, you can apply to the court for an interim financial order.
- All are some of the factors to be considered – the weight given will always be dependent upon your particular circumstances.
- (b) Once the amount has been calculated, the parent receiving the payments can seek a variation if, for instance, they dispute the amount of the non-resident parent’s income, and a non-resident parent could, if he or she pays certain expenses, apply for “a special expenses variation”, to reduce the amount of the income to be assessed.