Let’s talk divorce – it’s not taboo
Reasons to choose Wilson Browne
Divorce is a tricky subject. It’s said to be akin to suffering from bereavement.
No-one wants to talk about it, friends cross the other side of the road to avoid talking about it but if its handled well, it need not be a painful experience.
You may decide that you can deal with the divorce yourself; and maybe you can, after all you’d prefer not to be spending your hard earned cash on legal fees.
However, the thorny issue of finances is something that you should get specialist legal advice on, otherwise it could be false economy and end up costing you much more.
It does not have to be expensive. Solicitors can help you budget for advice and often agree monthly payment plans. Most people reach an agreement and it is often those that have benefitted from legal advice. Outcomes are based on legislation and developed principles from case law and therefore navigation through these is vital. The Court has a large amount of discretion and having advice about the range of reasonable outcomes, will manage your expectations about the type of settlement that should be expected. This will undoubtedly help you to reach agreement.
Often the family home is the biggest asset, but if you’re a business owner or senior manager you may also have pensions, a thriving business, investments or investment property that requires consideration. Contrary to belief during a divorce it’s the family courts not the commercial courts that deal with the business, whether it’s a trading firm, partnership or limited company.
Your business and business interests will be valued as part of the financial disclosure exercise, an extremely difficult process. Unrealistic values may be mentioned which could lead to problems for the business in the future. The financial settlement should be based on your objectives and needs, but also fair to the other party. Every business is different; if your business is a farm, the complexity increases twofold. It could have been in a family for generations, which often makes ownership and thus a settlement convoluted.
Protecting your interests and getting the right advice at the outset is therefore key to ensure the financial settlement you reach is fair and your business is secure.