Financial Divorce Myths Busted
According to recent divorce statistics, 42% of marriages in England and Wales end in divorce - however, despite this being a common phenomenon, it is still one of the more misunderstood areas of law.
Adultery affects financial settlement
Whilst adultery is grounds for divorce there is no financial compensation for adulterous behaviour.
Getting a divorce costs a fortune
It is possible, some would even say easy, to issue your own divorce proceedings through the court service website or by paying one of the online providers a relatively small fee. When people think about the cost of a divorce, they are often referring to the overall size of the settlement. Even the most hotly-contested divorce can cost less than an average wedding.
Pensions are not worth taking into considerations
Pensions are often accumulated in the background & their size is often underestimated. For couples who have been in a long term marriage or civil partnership the pension pot is likely to be one of their biggest assets and should be considered when looking at financial settlement during the divorce or dissolution.
Everything is split 50-50
There is no set formula for dividing assets in a divorce. An equal sharing is often a starting point but there are many other factors to consider.
Financial ties end on decree absolute
Without a financial order you are still financially tied together and open to further financial claims even when you are divorced. So, say you inherit well in 10 years, your ex could make a claim for a proportion of the money.
There is a well known case – Wyatt v Vince – in which a couple divorced, but did not have a final financial order in place. Kathleen Wyatt, successfully claimed settlement of £300,000, 20 years after they were divorced.
If there are any assets or money that require division, you will need to seek specialist legal advice. Please call us on 0203 6015051 or complete our contact form