If you separate from your spouse, it’s important to get early advice on the financial issues that arise. We can offer you clear, practical advice on how to protect your interests and achieve the most beneficial settlement.
We can provide advice on all the financial issues and tax consequences arising including maintenance for your family and the treatment of assets such as business interests and pensions.
Spouses have a duty to “aliment” i.e. maintain each other until divorce. The duty is to provide such support as is reasonable in the circumstances and the Court will consider the following factors:
• The needs and resources of the parties
• The earning capacities of the parties
• All the circumstances of the case
There is no such duty for cohabitants.
We will be able to advise as to the level of aliment you should be entitled to receive/pay and how to progress matters quickly.
In Scotland, in an action for divorce, either spouse may apply to the Court for “financial provision on divorce”. The Courts must consider several principles when deciding what financial provision to award and also what is reasonable, having regard to the resources of the parties.
The guiding principle for financial provision on divorce is one of fair sharing of the net value of the matrimonial property, as at date of separation between the parties. “Fair sharing” has been interpreted as dividing property on a 50/50 basis, although there can be various circumstances where property is not split equally. Advice is essential to determine whether there are such circumstances in each individual case.
For more information about the financial issues involved in separation and divorce, download our easy-to-understand briefing on the subject. Financial Issues
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20 January 2015
Sadly the festive season often brings with it a whole raft of pressures, both emotional and financial, that leave many couples reflecting on the future and wondering if it lies together or apart. If you find yourself in this situation, here are some points worth considering.