Financial Divorce Advice refers to any divorce advice involving the financial aspects of separation. It is one of the most problematic and complicated aspects of a legal separation. The first divorce advice is that the couple should always consider using an experienced divorce lawyer. The financial information provided in this article is primarily intended for residence of the US and the UK.
Financial divorce is considered to be one of the more problematic aspects of any divorce due to liabilities involved. The term Liabilities encompasses any aspects of separation where the couple have mutual financial commitments (such as a family home etc.).
The most fundamental financial divorce advice is never to underestimate the importance of the Liabilities involved, as failure to do so will inevitably lead to financial loss and regret. The handling of these liabilities must be done in accordance with the family law governing the residency of the couple. If the couples are residents of the United States of America (US) then the divorce law is jurisdictional, which means that the law varies according to the State in which the couple are resident of. This diversity in the divorce law is also applicable to the residents of United Kingdom, as the divorce law in England and Wales differ to that of Scotland and Ireland.
The most fundamental financial divorce advice given is not to be tempted to manage a separation without the involvement of a divorce lawyer with experience in the relevant state of residency. However a divorce lawyer must only be contacted if separation is imminent. This is because most family attorneys operate a profit-based business and as such stand to financially benefit from the divorce. It is recommended that marriage counseling and other avenues of reconciliation should be considered first.
Financial divorce advice for residence of the US
It is difficult to give generic financial divorce advice to the residents of the US as every State has its own jurisdiction on the family law. These variations can range from an equal split of assets to one that is decided by the court of law based on the evidence presented. For example, the California Family Law requires all assets to be divided equally where as the division of assets in the state of New York is determined by family court. However, the alimony and support is one aspect of the family law that is almost always decided by the courts and is based on the evidence presented, irrespective of the State. It is important to point out that this site is only intended as a general guide. It is vital that a divorce lawyer is consulted for the details of the family law governing the residency of the couple.
Financial divorce advice for residence of the UK
As with the US, UK family law is also jurisdictional and is dependent on the residency of the couple. Financial divorce advice in this section is primarily intended for residents of the England and Wales. With regards to the divisional of the assets in the event of separation, the family law in the UK does not necessarily grant an equal split. The exception being in circumstances where the couple are young or have not been married for long, and both have a potential to earn a reasonable incomes. In general however, the court will assess the financial liabilities based on the evidence presented and pass judgement accordingly. This approach also extends to any judgements passed with regards to the Alimony and the Support. In almost every case, any judgements passed by the family court will primarily be in favour of the welfare of the children involved. The financial value of any Support will be decided after the court's deliberation of the couple's income, which also includes their potential earnings and pensions. Both partners are considered equally responsible for contributing to the upbringing of the children, even in the event of one partner having to stay at home or giving up work. In passing judgement, the court also considers factors such as mental or physical disabilities. Additional financial support is required if a parent or child has any mental or physical disabilities, and the court's judgement is likely to reflect this. The deliberation of the financial split and support by the court will not usually be influenced by the past behavior of either partner, except in cases of extreme violence or abuse. Even infidelity is not considered as a basis to influence the court's judgement. The financial settlements are decided solely based on the evidence presented and the individual circumstances. The proprietorship of the family home seems to also be another contentious issue within the UK's divorce law. In almost every case, the family court rules in favour of the parent with the custodianship,
which is usually the mother.
The family court has the power to enforce regular monthly financial support from one partner to the other, which is also done in arrears. Although, the court may also choose to rule in favour of a one off lump sum settlement rather than the monthly support. In cases where the legal separation could be time consuming, the court has the power to grant a payment maintenance by one partner to the other prior to the finalization of the case. The court also has the power to re-direct part, or extreme cases all, of the pension on maturing. Please note that this is only intended as a financial divorce advice to the family law in the UK. It is important that you realise that the court considers each case on its own individual merits and hence the importance of an experienced divorce lawyer cannot be emphasised enough.
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