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Preparing for divorce – top 10 pitfalls
Harrogate based Family Law solicitor, Tim Mellors, presents his top ten pitfalls to avoidwhen preparing for divorce.
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1. If you don't gather key evidence before seeing your solicitor and complete a list of all assets and estimate their value... |
Then it can be costly paying for solicitors to work it out for you and assets could be overlooked. |
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2. If you try to hide any assets. |
Then you may be discredited and lose out financially. |
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3. If you don't have a paper trail... |
Then it may not be possible to prove the contribution which you have made to the marriage. |
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4. If you don't take financial advice early... |
Then you won't be as prepared when making key decisions as to your requirements and expectations. |
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5. If you don't consider what is important to you now and in the future and what you want from your divorce settlement... |
Then your spouse may succeed in controlling the agenda. |
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6. If you don't plan your finances after the divorce... |
Then you will not know the terms of settlement you need to achieve in order to ensure that you are financially stable after the divorce. |
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7. If you don't consider taking medical advice... |
Then the process may take more of a toll on your health than you might think. |
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8. If you don't review the beneficiaries in respect of your Will... |
Then your spouse may benefit from your estate in the event you die. |
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9. If you don't review ownership of any properties you own jointly... |
Then your spouse may benefit from your estate in the event you die. |
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10. If you don't review the beneficiaries of any insurance policies and pensions... |
Then your spouse may benefit from your estate in the event you die. |
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Case Study One
In one case a client presented her essential financial documents in considerable disorder in a large cardboard box. She had no appreciation as to the extent of her wealth and was not prepared to come to terms with it. The cost to her of a lawyer sifting through the documentation, identifying the relevant from the irrelevant, and piecing together her capital, pension and income circumstances was significant and could have been avoided with a little bit of preparation in advance.
Case Study Two
On a separate occasion, the wife in the case, instructed her lawyer that she was not satisfied that her husband's disclosure as to his financial position was correct, and she informed her lawyer that she believed that he was hiding assets and spending freely. She instructed her lawyer to make an application to court for an order freezing his assets and a search order to enter his premises to search for and seize documents. Needless to say, the cost to both of them in financial and emotional terms could have been avoided by greater transparency and a more collaborative approach
Tim Mellors is an Partner in our Personal Law Department and is based in Harrogate.
Tim has specialised in the field of divorce and family finance for over 25 years. Dealing with all issues relating to the end of a relationship whether this concerns property, money, inheritance, pensions or children.
For further advice on the above topic or related issue please contact Tim Mellors on 01423 851 126 or ku.oc1714732001.fcl@1714732001sroll1714732001em.mi1714732001t1714732001