Separating Assets During a Divorce
When two people decide that their marriage is over and they want to divorce there are a number of things that they will need to discuss with each other and with their respective solicitors. If you have been together for several years then you could have significant assets in common. If you can agree the division of assets and finances between yourselves it will be much better for both your peace of mind and your pocket. Legal wrangles over who should have what when a marriage is over can be expensive.
Doing it Yourselves
If you agree together over the division of any assets that you may have you will need to inform your solicitors. The solicitor will be able to advise you as to the implications of what you have agreed Your solicitor will take the agreement and then draft it out in a form that is acceptable to the court. When it comes to divorce and its attendant issues, all the documents are framed in legal lsnguage.Your solicitor will explain anything you don’t understand and then he will enter the information you provide into the correct documentation expected by the court. Some couples may find it difficult to agree over the division of their belongings and finances but may be able to do this if they first go for mediation. You should trust the judgment of your solicitor on any agreement and whether he or she thinks you should go for mediation. Your solicitor has your best interests at heart and will try to prevent you from making a legal agreement that you may later regret.
Once a couple have agreed on the division of their assets and the solicitor has put the agreement in a form that will be acceptable it then has to be filed with the court.If the court is satisfied the order will then be agreed and the result is referred to as an order by consent. The order of consent is given once the divorce is finalised and just like the ending of the marriage, it is then legal and binding.
Not Able to Agree
If you cannot agree what to do with the assets of the marriage then your solicitor will make application to the court for a judgment on it. Sometimes couples will come together to agree things before the court actually rules on their assets, which makes things a lot quicker and less complicated. There is no absolute ruling on how the assets from a marriage should be divided and there are no clear cut rules as to how much maintenance should be if an award is made. When it comes to finances the law does not favour one partner over another, except in very exceptional circumstances. The court can divide assets equally or it can order a property to be signed over to one partner, usually the partner who will have care of any children of the marriage. When making financial decisions the court will refer to the Matrimonial Causes Act of 1973. If you and your partner cannot agree, you need to realise that the court has a lot of power in financial matters and you may not like the outcome.