Planning for divorce: Prepare for separation to ensure you get a fair financial settlement

For many couples, the end of the marriage can be an emotionally draining time and the prospect of having to resolve financial matters can be both daunting and a source of great worry.
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Published 25th Jan 2024, 08:44 GMT
Wayne Lynn, of Silk Family Law. Picture – suppliedWayne Lynn, of Silk Family Law. Picture – supplied
Wayne Lynn, of Silk Family Law. Picture – supplied

However, good divorce lawyers can help shoulder the burden and can ensure that you are able to end the marriage with a fair financial settlement.

Wayne Lynn, of Silk Family Law here shares his five tips to follow to ensure a successful outcome:

1 Take early advice. It is often the case that in the immediate aftermath of separation, some spouses begin to liquidate assets or deal with them in unconventional ways. Sometimes this is with the intention of trying to put assets beyond reach. By taking early advice, not only can this be nipped in the bud early, but the old saying ‘knowledge is power’ holds true in divorce cases. Knowing your rights and what you are entitled to, is both empowering and enables you to address the issues with clarity.

2 Ensure that there is full frank and clear disclosure of both of your financial circumstances. It is unfair to expect you to either accept an offer or negotiate generally, unless or until you have a clear picture as to how both of you stand financially. If your spouse is not prepared to cooperate, then this should set the alarm bells ringing from the outset.

3 Even if there is full disclosure, it is essential to understand the value of the assets. It is foolhardy to proceed by guesswork. The risks in getting it wrong usually outweigh any modest cost savings in the short term. If in doubt, have the assets valued whether that be properties, investments or pensions.

4 Do negotiate. It is easy to be caught up in the emotions which accompany a marriage breakdown and the desire to extract the maximum possible from your spouse can sometimes lead to couples being blinded by the fact that legal fees can very often rise significantly and sometimes end up being disproportionate to the sums which are in dispute. Fairness is very subjective, but good lawyers will keep you focused on achieving the best overall settlement whilst at the same time fighting your corner.

5 Don’t forget the “hidden” issues, such as tax consequences, income needs (both now and in future), the ease with which you can transition into single life, the cost of setting up a new home etc.

Call Silk Family Law on 0191 4065001 or visit the website at www.silkfamilylaw.co.uk