WHAT IS FINANCIAL PROVISION (ANCILLARY RELIEF)?
FINANCIAL ISSUES
Following the breakdown of a marriage or civil partnership, there are frequently a number of financial issues to be resolved. For example, where the parties (and the children of the family) will reside, how any capital and pension assets are to be divided and the provision of maintenance for either of the parties and/or any children of the family.
HOW IS THIS ACHIEVED?
To avoid expensive, contested Court proceedings it is important that you have made every effort to resolve financial issues amicably. We can assist you in negotiating a suitable settlement and can advise you on any proposals made by your spouse.
The following are the main areas to be taken into consideration when negotiating financial provision:
WELFARE OF CHILDREN
The needs of the children in a marriage are always the first consideration. This means ensuring that their housing and day to day needs are met.
CAPITAL,INCOME AND OTHER RESOURCES
The full extent of all assets needs to be identified; this includes property, pensions, income, potential earnings, and support from other members of the family. If the husband or wife or civil partner has a new relationship and they are living together, their new partner’s financial affairs may also be taken into account.
FFINANCIAL REQUIREMENTS
This includes the housing needs of both the husband and wife or the civil partner and future income requirements. Financial statements will need to be prepared by each spouse of how much they need to meet all their outgoings on a monthly basis.
AGES & LENGTH OF MARRIAGE
Age is normally taken into account when reviewing earning capacity and pensions needs. Generally the longer the marriage, the more likely it is that the starting point for the division of the assets will be 50/50, although there are many other factors which can affect this. With regard to the length of the marriage, any pre-marriage cohabitation is also included; the end is when the couple separate.
For further details on the procedures with relation to Financial Provision, please download our Financial Provision (Ancillary Relief) Fact Sheet.
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