Words: Claire Woodhouse, Benest and Syvret
On the breakdown of a relationship, resolution of financial issues is usually one of the most difficult and worrying aspects for a separating couple. It is a sad reality that in the majority of households, the assets and combined incomes that were able to meet the needs of the family in one household cannot be divided in such a way as to meet all the needs of the parties and the children at the same ongoing standard of living in two separate households. There are sometimes difficult decisions to be made over the future of the family home and how other assets or income are to be shared.
Financial disclosure is the process of giving your spouse, and the Court if there are financial proceedings ongoing, full details of your personal financial circumstances and your anticipated future needs and resources.
It will help your lawyer and help you to control your costs if you are able to be efficient and organised in collecting together all your financial information such as bank statements, credit card statements, wage slips, details of any liabilities or savings and details of your pension or other assets.
It is always hoped that you may be able to resolve financial matters between you. If you can talk to your spouse, great! If not, you do have other alternatives before you go to Court such as negotiations through lawyers or a round table meeting. You can also can consider mediation to resolve matters.
If you need to issue court proceedings, the Court will always adopt the “overriding objective” to deal with the case justly. This includes focusing on minimising costs, avoiding unnecessary delays, proportionality and fairness. Both the Court and the parties (and their lawyers) are expected to work towards achieving the overriding objective. The Court will consider the whole circumstances of your case but the first consideration is always the welfare of the children of the family. We will try to avoid court proceedings wherever we can as we understand the high financial and emotional cost to our clients; however sometimes they are necessary to resolve matters.
If you need any advice regarding family matters, please contact clare.woodhouse@benestsyvret.com or nina.benest@benestsyvret.com or call them on 01534 875875.
