If you have decided to separate, you will need to give consideration to your financial position. It may be that you own property with your spouse, have savings, pensions or debts that all need to be dealt with. You may be concerned about an asset or business interest which is just in your sole name or an inheritance that you have received. If you have dependent children that is another important factor to add into the mix. Midwinters Partner, Lucy Webley (lucy.webley@midwinters.co.uk), explains more:
The first step is often to agree who will stay on the family home or whether it needs to be sold. Who will pay the bills now and in the future; where the children will spend their time; how you will acknowledge your respective shares in any property and whether there should be any pension sharing  are all matters that need to be given thought.
There are often short and long term issues to resolve. Each of you throughout has a duty to be open and honest about your financial positions to each other so you can have meaningful negotiations in whatever form they may take. There are several ways in which you can reach an agreement:-
- You can discuss with your spouse directly
- You can attend alternative dispute resolution such as mediation in the first instance to discuss a solution with an independent third party assisting you
- You can engage a solicitor to conduct negotiations on your behalf using a variety of methods
- If all else fails, then you can ask a court to decide, especially if we have difficulty in getting your spouse to disclose their assets or else you simply can’t reach an agreement.
Whichever route you go down, it is important to get early legal advice as to where you stand and what a future settlement may look like. It is equally important that however you reach agreement, that is recorded in a Consent Order that can be approved by the court within the divorce process. That is the best way of achieving a legally binding agreement that cannot be undone.
What do I do next?
- Click on link on the Family page of our website to find out more, or
- Call Midwinters on 01242 514674 to arrange your free initial appointment.