Maintenance / Periodical Payments
Either spouse, may claim maintenance or financial help from the other depending on each party’s financial circumstances.
A Court Order can be obtained in the divorce proceedings and, if necessary, before all financial matters are finally resolved (Maintenance Pending Suit). This allows maintenance to be made during proceedings but this stops once the divorce is concluded.
Periodical Payments: This is maintenance for an ex-spouse or civil partner which commences after divorce. This can be an open ended agreement or a time limit can be set. Payments can also be secured against property or assets to ensure periodical payments will be received.
Lump Sum Payments: It is possible that a lump sum may be awarded however, whilst a lump sum may be awarded it may be likely that the Order states that this can be paid in instalments.
Property Orders: This could include the transfer of the property from one person to the other or, more generally the sale of the matrimonial home. Any Order in relation to this will also set out how the proceeds of sale are to be divided.
Pensions Order: A Court can order the sharing of a pension or set a side part of the spouses Pension Scheme for your benefit.
When reviewing any of the above the Court must decide what financial orders to make, the Court will take into consideration all of the circumstances of the matter however, the first focus will be on any children matters. There are certain factors that the Court must consider:-
- Income and earnings capacity
- Property and other financial resources, including any potential inheritance
- Your financial responsibilities
- The current standard of living
- The length of the marriage or Civil Partnership
- Your age
- Any disabilities
- What you have contributed thus far to the partnership and what this should look like in the future
- Your conduct
In most cases the starting point will be 50/50 and as factors are investigated the split may change and once this is established and agreed then the Court will make an Order so that you achieve a ‘Clean Break’.
When considering the financial element of any Divorce or separation you need to be realistic in your expectations. The financial elements can often be complex and difficult to navigate and that is where our experienced team are able to help you.
Talk to one of our team today:
0800 633 5543