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Divorce & Family Law - Finances

 

What is a Final Hearing within financial remedy proceedings?

Charlotte Bowen
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The Final Hearing will usually be the third and final court hearing within financial remedy proceedings. The Judge will make a decision on your financial position and impose a settlement on you and your husband/wife if agreement is not reached. Prior to the...

Capital Gains Tax rule changes for separating and divorcing couples

Rebecca Laffan
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There have been recent changes to the Capital Gains Tax (CGT) rules that will affect separating and divorcing couples which are going to be implemented from April 2022.  What was the previous position? Previously there was a ‘no gain no...

'No fault' divorce rules set to end the 'blame game'

Lucy Phipps
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The introduction of ‘no fault’ divorce in April 2022 is perhaps the biggest shake-up in divorce law for decades. The aim is end the “blame game” and reduce acrimony and hostility which can be made worse under the old regime. Now,...

Recognised Expertise. National Coverage

Lucy Phipps
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The Harrowells Family Team is ranked in the Legal 500 and receive praise from clients and professionals for our approach to family law “One of my favourite family law firms in Yorkshire with two great partners in Lucy Phipps and Amy Foweather. They...

How a house is divided on divorce

Ella Dodgson
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There is no magical equation or ‘one size fits all’ formula to separating assets on divorce and dividing up the family home is no different. The family home will be treated as a matrimonial asset regardless of whether it is owned in the sole name...

What is a Financial Dispute Resolution Hearing?

Charlotte Bowen
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The Financial Dispute Resolution (FDR) Hearing is usually the second court hearing that takes place in financial remedy proceedings - the overall process by which the court decides how to distribute assets between a divorcing couple. During this...

What is an FDA court hearing?

Charlotte Bowen
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One of the most important parts of getting divorce, is reaching a financial settlement. A lot of couples are able to agree this without going to court, but if there are difficulties in achieving this. Perhaps with one person not providing their financial...

What does Without Prejudice mean?

Ella Dodgson
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You will often receive correspondence within divorce proceedings or a financial offer marked ‘Without Prejudice’ and you may be wondering what this means. ‘Without Prejudice’ means ‘without loss of any rights’ and the...

How to protect my pension in divorce

Emma Walker
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One of the questions we are often asked, in cases involving sizeable pensions, is how they can be protected from a claim from a spouse upon separation. Pensions are generally treated a little differently to capital when looking at assets because, whilst a...

What happens to a limited company on divorce?

Lucy Phipps
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When looking at a financial settlement, all of the assets that you and your spouse own or have an interest in will for part of the ‘pot’ to be divided and that includes businesses whether they be sole trader, limited company or partnerships. As...

A guide to high net worth divorces

Amy Foweather
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Regardless of the assets in a case, an application for divorce and the prospect of trying to reach a financial settlement can be daunting. However, high net worth cases can quickly become more complex. This is largely because of the type of assets...

Will my redundancy money be shared in my divorce?

Rebecca Laffan
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If you are made redundant from your job, you will often receive a financial settlement. Whether or not your redundancy package will be shared as part of a divorce settlement is circumstantial. For example, it may depend upon whether the redundancy package...

Do I have to attend mediation?

Lucy Phipps
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If you are intending to divorce, you do not need to attend mediation before you start the divorce proceedings. However, if there are financial issues to resolve, or if you are not agreed about arrangements for your children, then you may need to attend...

Bitcoin and Divorce

Amy Foweather
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The main point to take away from this blog is do NOT ignore cryptocurrencies such as Bitcoin which typically use blockchain technology to trade digitally. I have known clients try to simply dismiss the fact that they think their spouse might have bought...

What financial information is required before a divorce settlement can be reached?

Rebecca Laffan
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Having full information about your husband or wife’s financial circumstances is a fundamental part of reaching a divorce settlement. You should ensure you have all of this information before you start discussing how you might divide your assets,...

Preparing for remote family court hearings

Lucy Phipps
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Since the start of the Covid-19 pandemic in early 2020, the family court in England has had to radically upgrade and change the way it works. There had been a move to submitting some applications and documents online in the months leading up to the...

How are the value of future pensions taken into account on divorce?

Rebecca Laffan
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The current financial uncertainty stemming from Covid-19 needs to be considered carefully by couples who are currently going through a divorce or are thinking about starting the process. It is important that you do not overlook pension assets because they...

Notable 2020 case points the way for pension splitting on divorce

Ella Dodgson
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The case of W v H will always hold a special place in my heart as the case that reaffirmed that family law was the area I wanted to specialise in and in particular, finances on divorce. I had the pleasure assisting with this case throughout the paralegal and...

Borrowing from the 'Bank of Mum and Dad' and your divorce settlement

Rebecca Laffan
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Due to the coronavirus pandemic a lot of people are struggling financially. This is likely to be a result of their business having to stop trading or they, like many others, have been placed on furlough. As a result of this there has been an upsurge in...

How do current restrictions impact agreements concerning timescales for property transfers?

Amy Foweather
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Q: How do current restrictions impact agreements concerning timescales for property transfers? A.  If timescales required to achieve a transfer of property are underestimated, it could leave one party in breach of an Order. Whilst ordinarily...

Can I still make a financial application to the Court during lockdown?

Ella Dodgson
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As people still get to grips with the ‘new normal’ of working from home, it isn’t really any different for solicitors, barristers and judges who are setting up domestic courtrooms in dining rooms and living rooms up and down the...

Should we now get another house valuation for our divorce financial negotiations?

Amy Foweather
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Q. Should we now get another house valuation for our divorce financial negotiations? A.  If you are still negotiating your divorce financial settlement and you had your house valued before Covid-19 struck the UK, you may be wondering whether...

Can we still reach a financial settlement in our divorce during lockdown?

Ella Dodgson
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Q. Can we still reach a financial settlement in our divorce during lockdown? A. Whilst the coronavirus lockdown may have put a temporary pause on going out and about and enjoying life as we know it, not everything needs to be put on hold, including...

Can I reduce or miss periodical payments because my business is closed or because I have been furloughed?

Amy Foweather
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Q.  Can I reduce or miss periodical payments because my business is closed or because I have been furloughed? A. Unfortunately, we have seen some parties making unilateral decisions to reduce or miss periodical payments. These are payments ordered...

How pre-nuptial agreements can preserve family farms

Lucy Phipps
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Although farming families are often close-knit, the long-hours and pressures of running a business can take their toll, leading to relationship breakdown and divorce. The often complex nature of farming partnerships, land holdings and other business assets...

What is a Consent Order in financial proceedings?

Rebecca Laffan
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A consent order is the final document in your financial settlement which sets out how your property and money, including but not exclusive to, savings, investments and pensions will be divided. You can reach an agreement out-of-court with your spouse with...

Do I need to disclose my finances?

Amy Foweather
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When seeking a Financial Settlement integral to divorce, the first step is almost always for there to be an exchange of full and frank disclosure. The duty to disclose financial information remains open throughout the case and helps to ensure that both...

What happens to our house when we divorce?

Lucy Phipps
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In many divorce cases, the family home is one of the most valuable assets a couple will have and is central to reaching a financial settlement. Depending upon how much equity there is in your house, the options are generally as follows: allow one person...

Can I move out of the marital home?

Lucy Phipps
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Whilst moving out of the marital home won’t affect your rights to the property, there can be reasons to stay put if it is safe to do so. The main reason to stay in the house, if you can, is to assist with a sale. If the house is to be sold, remaining...

Preventing a Festive Fallout

Lucy Phipps
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Christmas can be a stressful time for families, financial pressures and trying to please everyone can take its toll. January is often said to be ‘divorce month’ for this reason, so what can you do to stop your marriage heading in...

Does the reason for the divorce affect the financial settlement?

Lucy Phipps
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At present, the only immediate facts upon which you can base a divorce in England, are adultery or unreasonable behaviour. Whilst these are commonly used to avoid waiting for 2 years to pass before divorcing, there is a common misconception that agreeing to...

Why wait for your decree absolute if there is a pension sharing order?

Amy Foweather
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Whilst most people are keen to seek the final decree in their divorce after what can be a long process, it is important to take legal advice and check your timing. If not, you risk financial detriment, despite all the effort and time which goes into your...

What happens to my inheritance if I divorce?

Lucy Phipps
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Depending upon the length of the marriage, and whether there is a Pre-Nuptial Agreement or not,  all assets of the marriage are pooled and treated as joint assets. Money or property that you’ve inherited are not automatically excluded from the...

The Remarriage Trap

Lucy Phipps
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Can I get remarried before my financial settlement is concluded? When going through divorce proceedings , it is vital to ensure that all financial matters have been fully resolved before considering remarriage. A great number of people are unaware that...

How do I budget after divorce?

Lucy Phipps
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When you meet with your family solicitor , part of the process will be for you and your ex-partner to provide disclosure of all your financial affairs. As part of that process, you will also be asked to prepare a budget of your current outgoings and, based...

Do I have to pay maintenance to my ex?

Emma Walker
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There are two types of maintenance. A parent who does not live with their child may be liable to pay child maintenance ; we explain that in more detail in our blog on  how is child maintenance calculated? In this blog we focus on the other...

What is maintenance?

Emma Walker
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Quite understandably, when people visit a solicitor for the first time following the breakdown of their marriage, the issue of their income is often at the forefront of their mind. Maintenance is the term that is used when one spouse pays to...

Do I need a 'Clean Break' Order?

Lucy Phipps
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When you get divorced you should also consider the financial claims that exist between you and your spouse. A divorce doesn’t mean that financial claims come to an end. Until a Court Order has been made, either providing for a financial settlement...

Pre- and post-nuptials and the Bank of Mum and Dad

Lucy Phipps
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If you are considering gifting property , land or money to your family, or if you are about to receive a gift, then you should read this article first. Agreements between couples, regulating how they own and share assets, are becoming far more common. This...

Adopting the right negotiating style for your situation

Lucy Phipps
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There are family lawyers and family law teams who promote themselves as always adopting a particular negotiating style: for example very consensual or very hard-edged. This might appeal when you are deciding who to instruct, particularly in the often...

Pension splitting on divorce

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Divorcing couples often focus on dividing their ‘visible’ capital in the family home and in bank accounts, overlooking assets accumulated in occupational or private pensions. The financial value of such pension rights can, in many cases, be...

Bank of Mum and Dad 'feels the pinch'

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You may have seen recent coverage of Legal and General's research into 'Bank of Mum and Dad' which reveals the average parental contribution for home buyers this year is around £18,000; this is some 17% lower than last year’s figure...

Does all property have to be divided up when divorcing?

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There is a common assumption that all property assets, such as the family home and investment properties, are shared by spouses and so subject to sale or sharing out on divorce. This is not necessarily the case. If you acquired or inherited a property...

What happens to pensions on divorce?

Lucy Phipps
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A pension can be a very valuable asset in a marriage and dealing with it on the breakdown of a relationship can be complex. There are three main ways the pension can be treated: Pension Sharing – the court has power to order a pension share,...