Although divorce rates have fallen for the third year running to its lowest level for 26 years (BBC News, 29 August 2008), this doesn't make it any easier for those who have to go through what can be a very traumatic time, particularly as around half of divorcees have children.
Divorce and separation involves solicitors, mediation, court, and seemingly mountains of paperwork.
The financial implications of your divorce or separation are probably going to be one of the most serious. It not only affects your standard of living but it will undoubtedly have an emotional impact on both parties and your children.
If you are the parent who is caring for the children, the "resident parent", you will either not be working, be working part time, or will have to seriously consider what you are going to do if you are in work. This will directly impact on what your needs and long term goals are for the future.
If you are the "non-resident" parent, you may be liable for some form of maintenance for the children and perhaps for the ex-spouse. This will obviously impact on your future, both financially and emotionally.
Many couples will experience financial difficulties after separation and consideration is going to have to be given to obtaining work, Welfare Benefits, and Financial Orders from the Court to secure income and in particular housing.
The most common areas that clients seek advice from Jones Hill on are:
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completion of, and supporting evidence, for "Form E"
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raising finance, such as a mortgage, as part of the settlement
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and working closely with specialist actuaries to obtain:
- Express Pension Valuations - reports for non-contested cases or to justify a full-report
- Offsetting Reports - meeting all court requirements
- Offset Discounting Reports - a structured solution to setting discount factors
- Pension Sharing Reports - meeting all court requirements
Please call us or use the contact form to make an initial enquiry.
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