Ever wondered what a clean break is? Or what the options are for your pensions on divorce?
The new publication launched by the Family Justice Council is a useful guide for those contemplating separation and all that this entails financially. A lot of the case law we read about are the ‘high end’ cases where millions of pounds are at stake. The guide however provides a summary of the legal position for those people with a regular financial picture where the focus of the courts will be on the wellbeing of the children and dividing the finances in a way that meets the needs of both parents in the short term and hopefully in the longer term too.
In mediation, we suggest to clients that they take legal advice on the best and worst case scenarios should they end up in court. Would the court consider the split that they are asking for in mediation as being appropriate? Does the proposed division meet the housing and income needs of both separating partners and, most importantly, does it adequately provide for the needs of the children? For some clients, where finances are very tight, they say that they can afford to take only limited advice. Without understanding what the legal parameters are, it can be harder for them to reach agreement in mediation, which makes this guide particularly welcome.
I would recommend that couples who are separating, with averages, with or without children, should read this guide. These are the principles which might provide the framework for a mediated agreement, which can become legally binding as part of their divorce.
In order to be binding, the agreement reached in mediation will have to take into account the principles covered in this handy guide. The writers have done a fantastic job in bringing the main points in one place and writing in clear readable language. It won’t be universally applicable as there are always special cases and a general diagnosis cannot replace tailored advice. However, it will be a very helpful resource for many people.
You can find the guide to ‘Sorting out Finances on Divorce’ here: https://www.judiciary.gov.uk/wp-content/uploads/2016/04/fjc-financial-needs-april-16-final.pdf