The irrevocable breakdown of a marriage brings many stresses and strains no doubt, however the financial implications are an area that cannot be ignored due to the long-term nature of their consequences. The division of assets and property (and yes, liabilities too) are a leading concern for most couples. The key is to take charge to protect your financial position and security and not leave it to chance: get yourself top divorce advice as soon as possible.
As soon as a legal application for separation or divorce is made, courts have the power to make orders relating to sale or transfer of property, assets and funds as well as pension and maintenance payments.
Ancillary Relief Proceedings is the legal name used to describe the financial issues in the aftermath of separation or upon divorce proceedings. Either party can apply to make financial claims and it would be up to the court to apply the divisions according to their own criteria and judgement based on many factors. The divorce law in this area comes mainly under the the Matrimonial Causes Act (1973).
Always and as it should be – the primary factor would be the welfare and needs of children if they are present in the case. After that considerations as to fair divisions will be based on a number of things namely earnings, assets, property and other resources presently and in the near future, and monetary obligations, needs and standard of living again both presently and in the near future. The ages of the couple and length of marriage, as well as any incapacities either party may have are also key factors, and the issue of the husband or wife’s conduct would also be considered.
Courts decide the on a case by case basis due to the nature of such matters – however there are cases where a Clean Break Order is made. This means it may be ruled that its best to end either party’s financial obligations upon one another. Rulings include not only divisions but longer term maintenance payments too, amounts as well as durations.
This is a very personal and complex area of law. Again, the more information you have the better you can understand your options, and the earlier you seek such information and advice, the better to secure your financial future.