Protecting your assets during divorce
If you have spent years building a business or asset portfolio, divorce can present a serious threat to your prosperity. Achieving a fair financial settlement requires protecting assets as much as ensuring they are distributed fairly.
Protecting Assets From Divorce With RVS Solicitors
At RVS Solicitors, our team of family law Solicitors, led by Rakhi Singal, will ensure your best interests are protected in a divorce financial settlement. As divorce lawyers with years of experience, we understand how to structure negotiations so that the assets you wish to keep are treated as pre-marital assets or are passed to you as part of the settlement.
By operating a paperless office and providing access to a document portal so you can stay up to date with how your matter is progressing at all times, we provide a smart, business-like approach to family law financial issues. You can trust we have the commercial and family law expertise to help you achieve your desired results.
Frequently Asked Questions (FAQS)
Do I have to disclose all my assets during the divorce process?
It is a fundamental principle of English family law that both parties make a full and frank disclosure of their monies and assets prior to the divorce financial settlement being negotiated. You need to disclose both marital assets and those you hold in your own name.
How is the division of assets decided in a divorce?
Whether your financial settlement is being decided by the Court, or through negotiation or mediation, the factors set out in section 25 of the Matrimonial Causes Act 1973 will determine how assets are allocated.
The longer the marriage has lasted, the more difficult it is to argue that certain assets should remain separate. Therefore, it is highly advisable to draft a Pre or Post-Nuptial Agreement which sets out how property and assets are to be divided if you divorce.
Other factors which must be considered under section 25 include the needs of any children and the potential future earning capacity of each spouse.
Rakhi and her team of experienced family law Solicitors in London will advise you on your position, considering section 25 factors. They will then assist you in negotiating to protect the assets you wish to retain.
Is an inheritance considered separate property in divorce?
The law recognises that a person bequeathing assets through their Will normally intends to benefit that particular person only. Therefore, inheretences are usually ringfenced in financial settlement negotiations and treated as separate property. The ideal situation is that you have kept the inheritance separate from your matrimonial property and in your own name. An example may be that you have bought a property with the money and registered only your name on the title.
However, it is more difficult to protect an inheritance which has been used for the benefit of both spouses, for example, by paying off the mortgage. Inheritance wealth which has become buried deep in the matrimonial pot is often impossible to extract.
Even if you have kept inherited assets and monies separate, the needs of any children and the other spouse under section 25 remain the overriding consideration. The Court can make an order to transfer or sell assets acquired through inheritance if the family needs cannot be met any other way.
It is crucial to invest in quality legal advice if you have assets you wish to protect in a divorce. We have the commercial knowledge and family law experience to provide the support and guidance you need to protect your financial interests.