Finance in Divorce
The financial aspects of a separation can influence when or if you get divorced. The costs involved in the divorce and how you will be able to support yourself in the future have a bearing on your thought process.
When children become involved things become even more complicated.
Some Questions that you need to consider
How do you split your assets?
How do you value your assets?
Do you know what assets need to be considered as part of the process?
Will you be able to maintain your standard of living?
Will you have an ongoing financial commitment to each other?
Do you have pensions?
Will you be able to get a new mortgage?
Who will take the liability of any debts?
All these questions and more need to be considered as part of any financial settlement.
You need to consider the options available to you especially when some of the main assets are pensions. Pension and divorce is a major aspect of advice especially when considering older pensions that may have guarantees that will be lost on transfer.
See the Scotia guide to pension and divorce an introduction for more information.
Once you have agreed how you split your assets, you can then discuss with your solicitor to have the agreement finilised. Note however, some assets cannot be fully transferred until after the decree nisi has been granted.
A divorce does involve the court making an order confirming the terms of the settlement but this can be done through your solicitor without having to physically go to court. If no agreement can be reached an application must be lodged by the party requiring settlement with the court to resolve the issues.
Scots law and English law have differences on what are classed marriage assets so once again advice should be considered.
When children are involved the court will always give primary consideration to the welfare of any children.
Scotia Independent has advisers who specialise in all financial aspects of divorce. We have both male and female advisers who are experienced in providing you with financial advice throughout the whole divorce process.