Then there are the things you both owe money on, or ‘liabilities, such as mortgages and credit cards. These could be a business, superannuation or property held in a family trust. You’ll also have to consider the assets you control, as well as the ones your former partner does.
They can include the family home, cars, boats, household effects such as furniture, technology and crockery, and personal items such as jewellery. These can be held by you and your former partner in joint or separate names. Essentially, these are the things you own, or ‘assets’. While we mightn’t think too much about ownership when we’re together, working out who gets what when a marriage or de facto relationship ends can be a challenging and sometimes heartbreaking process – but an essential one.įirstly, it’s good to know what ‘property of the relationship’ actually means. Over the course of a relationship, couples acquire liabilities and assets, from real estate and furniture, to cars and clothes. Below are a few things to consider before taking the next steps. There is more aboue financial consent orders here.When dividing up property during a divorce or separation, there’s a lot to think about.
This could leave either of you open to a future claim at any point after your divorce. You can get divorced without a financial disclosure – but you would not be able to get a financial consent order. However, both parties will need to sign a waiver exonerating the mediator and the mediation service from all liability against future claims and explaining that they understand the consequences of not doing so. They can just disclose the total values of the above five areas, without a breakdown. In mediation, if both parties agree, then they do not need to complete the detailed disclosure. Pension valuation including Additional State Pension (Cash Equivalent).Liabilities (excluding mortgages~) e.g.Value of any property net or any mortgage.These will be summarised into a court document that will show the court:
#Create booklet for divorce of assets full#
If you use a solicitor or a mediator, they will expect you to complete a full and open disclosure of all your assets. While they may not agree it is an asset of the marriage to be shared, they can adjust the split of the marital assets to provide more assets to the party without the inheritance. If one party has a large cash sum of inheritance in a bank account and the couple are struggling to meet their needs moving forward from the assets of the marriage, it is unlikely that a court will ignore the inheritance. However, if you built an extension on the family home and did not protect it legally, then courts are more likely to see it as an asset of the marriage, especially in a long marriage (15+ years).If you put the inheritance into a bank account that you control, then it is likely to remain your inheritance and so it may not be seen as a marital asset.But, it depends on what you did with that inheritance and when it was received: The basic principle is that inheritance doesn’t form part of marital assets. Inheritance in family law is complex, and you may want to consider taking independent legal advice on this. In mediation, we would follow the court standard of 12 months if one party requested this. For example, if one party were to ask the other for the last five years’ worth of bank statements, a court is highly unlikely to sanction this on the basis of proportionality. However, mediation would be guided by the normal court standards. Mediation is an open and transparent process and where one party refuses the request of another, it can have serious implications for the success of the mediation process. If you want to see a document that is not disclosed, you should ask. In mediation, we work on the basis that both parties are attending in a voluntary capacity. Current statement for each liability such as credit card or redemption figure for a loan.Cash Equivalent (CE) or Cash Equivalent Value (CEV) or Cash Equivalent Transfer Value (CETV) for all private pensions.If there is a car on lease, then the finance arrangements can be more complicated and often there will be a liability rather than an asset.Valuation of shares against the stated number owned.Form E – 12 months’ worth of bank statements for each account you hold.For mediation – current statement with the option to ask for up to 12 months.A redemption statement – this is different to a monthly or annual statement and usually needs to be requested from your mortgage company.In mediation you can agree to vary this by consent between you.To a court standard - one chartered surveyor or three estate agents.The Ultimate Guide to a Financial Settlement.The Ultimate Guide to Financial Disclosure.The Ultimate Guide to a Financial Consent Order.The Ultimate Guide to Child Arrangements.The Ultimate Guide to Completing a C100 Form.
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