There is often a perception that divorce is all about the emotional side of things and, to an extent, that is correct but at the end of the day you will eventually need to move on and agree the best possible terms for your future life.
When it comes to divorce, the financial settlement can be one of the most difficult and complex areas to navigate. In the UK, it is important for both parties to ensure that a fair and reasonable outcome is reached with regards to their financial future. It is essential that all assets, income and liabilities are taken into account before making any decisions.
Full Financial Disclosure
The law requires couples in the UK to make full financial disclosure so they can come up with an appropriate settlement which must take into consideration both partners’ current and future needs. This includes providing a suitable level of maintenance for any children involved as well as thinking about the requirements to keep any associated businesses running without disruption or loss of capital.
The Importance of Pensions
In addition, pensions need also be accounted for when reaching a settlement agreement; this could involve transferring them between spouses or offsetting them against other assets. When individuals attempt to negotiate a settlement themselves they will often overlook the importance of the pension pot involved.
Get Legal Advice from a Solicitor
This can often be a difficult process, and it is important that every party involved understands their rights and obtains legal advice before coming to any decisions. With this being the case, getting legal advice from a qualified solicitor can help prevent couples from making mistakes which could have long-term implications. They will also often recognise when there are signs that a full financial disclosure may not have been made by one party.
A solicitor will have knowledge of all relevant laws and regulations, as well as an understanding of how they may impact both parties financially. They will also be able to provide unbiased and impartial advice, helping to ensure that any agreements reached are fair for everyone involved.
