Ensuring your future is secured after the emotional strain of a divorce is crucial. You want what’s best for your family and your children, which is why taking legal advice is essential, so that you get the fairest possible outcome from your divorce proceedings.
Yet just 32% of people in the UK utilise legal services to manage their finances during divorce. At VM Family Law, our family law solicitors fight to secure the fairest possible settlement for you. To learn more about how we can help, contact us today.
Understanding matrimonial finance and divorce
When you go through a divorce, you don’t just have to deal with the painful emotional fallout of splitting up a long-term relationship. You have to divide your assets in a way that’s fair to both sides. Yet so many couples don’t get this fair resolution and clean break.
For example, approximately 91% of women aged 45-65 have never received any financial advice. It can cost you thousands, including the loss of access to pensions, property, and business interests. You deserve to receive your contribution to the relationship, and that’s precisely where a family law solicitor proves their worth.
We’ll help you negotiate key concepts that form part of the division assets process in the UK, including:
· Matrimonial Assets – The assets acquired during the marriage that are typically shared, unless non-matrimonial assets are needed to ensure a fair settlement.
· 50/50 Settlement – Courts don’t split assets 50/50 but use it as a starting point. Factors like the length of the marriage, specific needs, and income all matter.
· Financial Disclosure – Ensuring that both parties are upfront and transparent about their finances and assets.
In all cases, the goal is to ensure fairness for both you and any children in your relationship. We’ll not only make sure that your interests are represented but that you get the clean, legally-binding break that severs financial ties and protects against any future claims through a court-approved Consent Order.
Working with a specialist in matrimonial finance
No law mandates that you must conduct your divorce through a professional solicitor. The rise of DIY divorces has been meteoric, but that doesn’t mean it’s the best idea. Time and time again, divorcees are lumbered with unfair settlements that mean they potentially miss out on thousands of pounds.
In fact, countless divorcees are left regretting the results of their settlements. In one 2020 study, 63% of divorcees said they believed that early access to professional advice would have improved the overall experience and the final outcome.
That’s why at VM Family Law, we use our experience and empathy to advise you of your rights, guide you through the divorce process, and ensure that you receive exactly what you deserve as part of the final divorce settlement.
How we support you with managing matrimonial finances
Managing matrimonial finances means managing the division of assets throughout the divorce process. It’s about identifying and properly valuing assets to incorporate into the final settlement, while guaranteeing an outcome that’s fair for you.
Our family law specialists support you in key areas of contention, including:
Investigation of assets
All parties have a duty of full disclosure, but this often isn’t adhered to. We can work with forensic accountants to uncover hidden assets, including those in offshore jurisdictions.
Business assets
Businesses formed during the marriage can form part of matrimonial property. Depending on the type and structure of the business, you could be entitled to a significant shareholding or value from the business. Learn more about splitting business assets during a divorce.
Homes
The family home is often a couple’s most significant asset. Not only will we support you in arriving at a settlement that satisfies both sides, but we will also ensure a proper valuation of your home and any second and third properties that you may be entitled to.
Pensions
Understanding divorce and pensions is important. Many divorcees miss the fact that pension wealth may also count as matrimonial property. Don’t let this happen to you. We can identify any private pension wealth and ensure it forms part of the final settlement.
High net worth
High-net-worth divorces are more complex due to the breadth and scope of assets, including those located in the UK and those in other jurisdictions. Our lawyers work with forensic accountants to identify all assets, get proper market valuations, and arrive at a settlement that keeps your costs down.
Tax
Significant wealth transfers may be subject to tax, including income and capital gains. We can advise you on how best to structure your divorce settlement to limit your exposure to burdensome taxes, allowing you to keep more of what’s due.
Whether you’re already in the middle of divorce proceedings or you haven’t yet filed any paperwork, it’s never too late to preserve your interests. Get the matrimonial finance advice you need from our expert divorce solicitors by getting in touch with VM Family Law today.