By far, the most difficult aspect of divorce is disentangling the couple’s financial arrangements and dividing the marital assets going forward. These 5 top tips will assist you in sorting things out amicably and fairly.
- Set out your disclosure.
The first stage in resolving financial issues arising from the breakdown of any relationship is for both parties to disclose their financial position. When parties try to conceal assets, and do not act fairly and honestly, reaching a financial settlement is almost impossible.
- Try to discuss matters in an open and honest way and be upfront about what you are trying to achieve.
The Court has wide distributive powers. A 50/50 split is not always fair where the parties do not have the same needs and responsibilities.
- Always be prepared to compromise.
Unless both parties are prepared to give ground in order to meet in the middle, a settlement will be impossible.
- Not just about the money.
Remember, getting a divorce is all about moving on, and getting bogged down in financial disagreement can be counter productive.
- Do take a step back.
The Court is not interested in who gets the lawnmower. Don’t get fixated on “things”. Items are easy to replace, but peace of mind is priceless.
If you need to know where you STAND, it always pays to get legal advice.
The family team at Maxwell Hodge can provide you with advice based on many years of experience in the field of family law. Getting good advice can save you a lot of money and heartache in the long run.