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The financial implications of divorce

View profile for Sally Ward
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In any separation or divorce the emotional upheaval can be stressful to deal with, but so too can the financial implications.

If couples are unable to agree to an amicable separation or divorce and the process goes all the way to a contested court hearing, it can become extremely costly, sometimes amounting to tens of thousands of pounds in legal costs.

In a recent article published by the BBC they report on research carried out by insurer Aviva which suggests 16% of couples who separate also buy a new home, spending an average of £144,600. Money matters take an average of 14.5 months to settle after a split, it adds.

At Gepp & Sons our experienced family lawyers will always look at all the options available in order to keep the financial costs of divorce to a minimum and seek the best outcome for our clients.

The settlement will be based on the length of the marriage or civil partnership, the ages of the parties involved, their ability to earn, their property and money, their living expenses and their standard of living.  The roles played such as breadwinners or primary carers for children will also be considered.

If there are children in the relationship the judge will make arrangements for any children first, especially their housing arrangements and child maintenance, if there are not enough assets to go around.

If you cohabit with a new partner you can find yourself worse off than you expected because the finances of your new partner can be taken into account during a divorce settlement. If you are not cohabiting with your new partner, then their finances will be ignored.

Our family lawyers have many years experience in advising clients on all the financial aspects of a divorce. We work hard to ensure our clients get what they are entitled to. We advise many clients on the more complex issues that arise from high net worth divorce that often involve business assets or future family inheritance.

For a free initial consultation please telephone on 01245 228106 or email Family@gepp.co.uk

This is not legal advice; it is intended to provide information of general interest about current legal issues.