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How Will Divorce Affect Me Financially?

If your marriage has broken down, you are bound to be concerned about how this will impact your finances. Our divorce solicitors are here to help. We will listen to your concerns and provide practical advice on how to protect your long-term financial position.

When you contact the team at Thompson Family Law Solicitors, we will discuss all the financial issues arising from your divorce and provide clear information on the legal process and the costs involved. To make an appointment with our lawyers, call us today on 0141 404 6575 or complete our online enquiry form and we will get back to you without delay.

Divorce Financial Settlement Lawyers

We understand that divorce can be challenging and highly emotive. You may be worried about your financial wellbeing, home, business and children. There are many practical matters to take care of at this time. Our solicitors can help you carry out much of this work, allowing you to move on as quickly and efficiently as possible.

What is matrimonial property?

When spouses are bringing their marriage to a formal end, the money, property and other assets owned either jointly or individually are defined in law as matrimonial property. 

Matrimonial property includes everything acquired during the course of the marriage (between the marriage and separation dates). However, an exception to this is a family home bought before the marriage. This will be included in the matrimonial property pot, along with the furnishings.    

Any gifts or inheritance received pre-marriage are excluded, unless they are used during the marriage. The most common example is where inherited money is used to buy a property.

How is matrimonial property divided in divorce in Scotland?

There are five principles used to determine how property should be split in divorce:

  1. The net value of the matrimonial property should be shared fairly, which in most cases will mean attempting to achieve equal division.
  2. Any economic advantage or disadvantage of either party arising from their contributions to the family should be taken into account.
  3. The cost of taking care of children under the age of 16 should be shared equally between the parties.
  4. Where one party has been financially dependent on the other, the dependent party should be awarded spousal maintenance to allow them to adjust or get back into work.
  5. Financial provision should be made to prevent either party from suffering severe financial hardship because of the divorce.

Will I need to pay spousal maintenance?

In certain circumstances, one spouse may be required to provide ongoing financial support to the other during their separation (known as aliment) and, in some cases, after they have divorced (called a periodical allowance). The courts may order a periodical allowance is paid to a spouse to help them adjust after the divorce or to avoid real financial hardship. You may be required to make these payments for up to three years – in rare situations, for longer.

Dealing with pensions in divorce

In Scotland, only the value of the pensions you and your partner have accumulated during your marriage will be considered. Therefore, money built up before you were married or after you separated will not be included.

If your pension is to be divided between you and your spouse in divorce, this can be done in a number of ways. The most appropriate will depend on the rules of your pension scheme.

Two of the most common solutions are:

  • Pension sharing – where one party receives a share of the other’s pension. This may be transferred into their name or they can join the same pension scheme.
  • Pension offsetting – where the value of the pension is offset against other assets. For example, you may keep the entire amount of your pension but this may mean your partner will get a larger share of the value of the family home.

How can I protect my finances in divorce?

Most couples seek to avoid getting the courts involved when dealing with their finances in divorce. Instead, they go through a negotiation period to reach a settlement. We can protect your financial interests and ensure you are in the strongest position for negotiation. Factors we will look at include:

  • Enforcing any terms of a prenuptial agreement.
  • Excluding inheritance and gifts from the valuation of matrimonial property.
  • Ensuring you keep any business you own.
  • Looking at where the funds to purchase the family home came from.
  • Examining whether any matrimonial property is used for business.
  • Assessing whether your partner lost significant amounts of matrimonial property, such as through gambling, excessively risky investments or business ventures.
  • Offsetting the costs of valuation and transfer of the property.
  • Ensuring that your spouse has not failed to disclose any matrimonial property.

Our lawyers are family law experts, and we are here to help you. We can work with your spouse and their solicitor to come to an agreement, putting your interests at the heart of our work. As you can see, protecting your financial position and business assets requires the input of an experienced solicitor.

We will ensure that your financial settlement works for you and, if necessary, we can represent you in court. We understand that the cost of divorce may be of concern to you, so we always offer the most cost-effective solutions and transparent fee structure. Get in touch with our team today.

Contact our Divorce Solicitors in Glasgow & Coatbridge

If you need to discuss any divorce or separation matters, contact our team today. We are based in Glasgow and Coatbridge, and regularly serve clients across all of Scotland – including Inverness, Oban, Newton Mearns, Bothwell, Stirling and Cambuslang. We pride ourselves in providing high-quality legal advice while being mindful of costs. Our lawyers offer solutions specifically to meet the needs and circumstances of your family. Contact us now by completing our online contact form or call us today on 0141 404 6575.

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