![]() ![]() The value of your ex partner’s pension could be offset against your own retirement savings, or other assets such as the family home.Ĭan we draw up the settlement by ourselves?Ĭouples living in England and Wales can sort out their financial settlement themselves.Part of your ex’s pension pot now, which is transferred into your own pension scheme.Will you continue to pay the premiums? Will the beneficiaries for life insurance change? 3. Or if you have a life insurance policy, you will need to agree how each policy will be dealt with. Try and build up a picture of your current state of affairs and work out:įor example, if you have mortgage together, can one of you afford to keep up with repayments? You should also assess your financial situation, both as individuals and a couple. Check out our article on whether a joint account is a good idea. If you think your ex may go on a spending spree you can seek to freeze your cards. Make sure any wages or benefits go into a new separate account. If you have a joint bank accounts, loans or credit cards, contact your bank or building society as soon as you know you are separating. You need to agree with your ex who gets what and how you will continue to pay your bills. A financial settlement divides savings and property and also covers child maintenance How do I prepare for a financial settlement?īefore you look to reach an agreement, you should sort out your day-to-day finances. This can also be used where the parent liable for payment is particularly wealthy and if there are education expenses to be covered. If a parent who is supposed to pay maintenance lives abroad, you can make an application to the court for a child maintenance order. It will work out how much should be paid, taking into account who the children live with and how much each parent earns. You can either make an arrangement of who pays what between the two of you, or get the Child Maintenance Service involved. If there are children involved, both parents are expected to pay towards the cost of raising them until they are at least 16. To reach a settlement you also need to consider the division of any debt, loans or credit cards you both have. ![]() These are usually protected by a pre-nuptial agreement, if one is in place. The financial assets that were acquired before or after the marriage are considered a non-matrimonial asset. In other words, those that were acquired during the marriage. Non-matrimonial assets are treated differently to matrimonial assets. Financial support such as Child maintenance and Spousal maintenance payments.Find out more about property rights and divorce here. Property, including the family home and any property they own individually. ![]()
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