by Joan Goss
Each year around 250,000 couples marry and around 168,000 couples
divorce. Financial disputes in divorce can be a major hurdle
and can take longer to resolve than the divorce itself. Joan
Goss of Abney Garsden Macdonald solicitors advises our readers
how to make the whole process less painful.
The First Step
You may be experiencing a roller coaster of emotions but it
is important that you take the time to decide what you want
and need from a financial settlement. The choices and decisions
you make will have a huge impact on your financial well being
for years to come. The first step is to find out what you both
own and it is helpful to obtain a valuation of the matrimonial
home, surrender values of any policies and the value of any
pensions. Drawing up a schedule of all of your assets can be
a starting point for discussions between yourself and your spouse.
If you are feeling financial pressure, contact your building
society to see whether you can arrange a mortgage holiday or
consider changing your mortgage to interest only. If a sale
of the matrimonial home seems inevitable then finding out how
much you would be able to borrow on your own and the price of
alternative accommodation can often reduce anxiety. Burying
your head in the sand will only make you feel less in control.
An Amicable Approach
Emotions run high during divorce and these can sometimes make
it difficult to look at financial matters in realistic way.
Arguments and grudges can only serve to increase the costs of
your divorce and consequently reduce the money that is available
to you and your spouse. In many cases there will be insufficient
funds for you and your spouse to maintain the lifestyle that
you enjoyed before separation and some level of compromise may
be necessary to avoid costly litigation. If you are able to
communicate with your spouse but need help in reaching a settlement
then Mediation may be a helpful way forward.
Legal Advice
An experienced Family law solicitor can help you to assess
what is a realistic and fair outcome for you. If you have reached
an agreement with your spouse then a solicitor can draw up a
legal document known as a Consent order that will be approved
by a court. This will ensure that the agreement, which has been
reached between you, is binding and that there are no loose
ends, which could cause difficulties at a later, date. If you
are not able to resolve matters between you then an experienced
Family solicitor can be invaluable in guiding you in negotiations
so that you achieve the best possible outcome. Obtaining specialist
advice at an early stage can provide you with confidence and
reassurance at one of the most difficult times in your life.
Joan Goss, an experienced Family Law solicitor and Member
of the Law Society’s Advanced Family Law Panel specialises
in disputes involving divorce, separation, property and children.
Joan can be contacted on 0161 482 8822 for a free initial consultation.
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