This page is for you if you have been through a marriage or civil partnership ceremony and need information on the financial issues which arise if you chose to separate.
There is a lot of jargon when it comes to separating and the same issue can be known by multiple names. This page contains information about divorce, civil partnership dissolution, legal separation, judicial separation, matrimonial finance, finances on divorce, financial remedy, ancillary relief and money on divorce.
financial issues on divorce or dissolution.
Making an application for divorce or dissolution allows a court to make an order about your finances (known as matrimonial finance, ancillary relief and financial remedy). This is important so you have certainty for your future and bring to an end the claim your spouse or civil partner has against you.
The court will consider a number of factors when dividing your assets, which are:
- the income, earning capacity, property and other financial resources which each of the parties to the marriage has, or is likely to have, in the foreseeable future, including in the case of earning capacity any increase in that capacity which would, in the opinion of the court, be reasonable to expect a party to the marriage to take steps to acquire;
- the financial needs, obligations and responsibilities which each of the parties to the marriage has or is likely to have in the foreseeable future;
- the standard of living enjoyed by the family before the breakdown of the marriage;
- the age of each party to the marriage and the duration of the marriage;
- any physical or mental disability of either of the parties to the marriage;
- the contributions which each of the parties has made, or is likely in the foreseeable future to make, to the welfare of the family, including any contribution by looking after the home or caring for the family;
- the conduct of each of the parties, if that conduct is such that it would in the opinion of the court be inequitable to disregard it;
- in the case of proceedings for divorce or nullity of marriage, the value to each of the parties to the marriage of any benefit which, by reason of the dissolution or annulment of the marriage, that party will lose the chance of acquiring.
Disclosure
You have a duty to make full, frank and clear disclosure.
You should never make a decision about financial claims without disclosure.
Proper disclosure protects you from an application by your spouse in the future to try and overturn an order.
finances on legal separation / judicial separation
Making an application for legal/judicial separation allows a court to make an order about your finances (known as matrimonial finance, ancillary relief and financial remedy). The same process, obligations and standards are required by the court as if you were making an application after divorce or dissolution. This is important so you have certainty for your future, but you are limited in the claims you can make, for example you cannot make a claim for a pension share.