“In simple terms, if it is £10m then these assets will likely be excluded. If it is more like £100k then those other assets may need to be shared.
“The court can make an order for a lump sum, it can order the property to be transferred, it can order pensions to be shared, and it can order maintenance payments.”
She continues: “For maintenance payments, it is important for a spouse to do a good, well thought out budget of their monthly outgoings to ensure they get the maintenance payments they need.
Legal advice
Because the situation can vary case-to-case, it is paramount that clients are encouraged to seek a solicitor’s advice first, before going to an adviser for help with financial planning.
“Spouses that have little or no understanding of the matrimonial finances are at risk of losing out, as if one spouse is oblivious to certain assets, it becomes much harder for their legal team to achieve a fair settlement,” says Ms Walker.
“[But] if a spouse is involved in the family finances, then coming to a fair settlement becomes much easier.
“Importantly, struggling to pay legal fees should not be a barrier to getting good legal advice.”
She continues: “If one spouse cannot afford the fees, then it is possible to get the other spouse to pay or there is litigation funding available.
“It is always advisable for anyone facing divorce to see an IFA at the start of the divorce process, so they can know what they want to achieve and instruct their legal team.”
She adds: “Then a new divorcee should see their IFA at the end of the process to plan for what they want to do with those assets.
“Typically, spouses that have been married for over 10 years share assets 50/50.”
victoria.ticha@ft.com
