Divorce can be an emotionally challenging time, but according to B P Collins’ family team, it’s crucial to understand the financial implications of any agreement reached with your spouse, no matter the extent of your wealth.
According to the findings from a recent report, ‘Fair Shares – Public Understanding Project’, many people going through divorce are unaware of their rights and wives, particularly mothers, are in more precarious financial positions at the point of divorce than husbands. The report reveals that a significant number of individuals often do not understand the law on financial remedy and how finances are dealt with by the courts. For instance, many mistakenly assume that assets like pensions, savings or the family home will be divided equally without considering the needs of the parties, contributions they may have made during the marriage, what is matrimonial and non-matrimonial property and other influencing factors. The report emphasises that many individuals, particularly those with less financial literacy, may struggle to assert their fair share or fail to recognise the full extent of what they can claim.
The report also found that, ‘while approximately 100,000 couples divorce each year, of these, only around one third leave the marriage with a consent order…’. It is advisable to obtain an order from the court embodying your agreement to bring an end to the financial claims married couples have against each other.
B P Collins’ family team can prepare these for you and advise on the fairness of the agreement reached. Ultimately, the ‘Fair Shares’ report underscores the necessity of legal advice when it comes to divorce settlements. By consulting B P Collins’ family team, you can ensure that you are fully informed of your rights; gain clarity on how assets and liabilities should be divided according to the principles of fairness and needs, rather than simply equality; can negotiate from a position of strength and achieve a fair financial arrangement that provides you and your family with future financial security.
For further advice, you can contact B P Collins’ family solicitors in complete confidence by emailing enquiries@bpcollins.co.uk or call 01753 889995.
