Re – Divorce and Financial Settlement.
The income, earning capacity, property, and other financial resource which each of the parties to the marriage has or is likely to have in the foreseeable future is taken into account.
As I understand it, first consideration is given to the welfare (while a minor) of any child of the family who has not yet attained the age of eighteen.
Upon divorce and in financial settlement, the needs of each divorcing party are taken into account and as I understand it 50 / 50 is the starting point – so unequal shares based on circumstances and needs is possible, for example 60 / 40.
Regarding the business and other assets.
Full and frank financial disclosure is required and usually provided when Form E is exchanged.
Form E and disclosure of assets
Look at a Form E. A long document in which each party sets out their assets, income, and financial needs. You can see in it the assets that are taken into consideration upon divorce and financial settlement, for example money in bank accounts, property (the former marital home), pensions, businesses, stocks and shares etc. It also lists the documents needed that show the value of assets for example CETVs (cash equivalent transfer values of pensions - which can be requested from pension providers).
Not getting full disclosure of assets?
If after Form E there is missing information / evidence Questionnaires may be exchanged to retrieve it - a request for documents outstanding and required, and any questions about information/documents already submitted.
If documents or info still missing after response to questionnaires is received, Deficiencies are exchanged - a request for documents outstanding and required, and any questions about information/documents already submitted.
A solicitor’s letter can be sent to retrieve financial information and/or documentary evidence if the other party has not sent it or are reluctant to do so.
A Court Order can also be applied for to gain financial information / evidence / valuations that is missing / essential.
If there is reluctance to disclose information, it may be where the money is.
All required financial information should be "put on the table" with documentary evidence.
Finding out what assets are worth
To find out what some assets are worth an independent expert can be used. Property can be valued by an expert - estate agents, pensions by CETV and / or a pension on divorce expert (PODE) report, a valuation of the business and so on. It is important to decide what needs a valuation by an independent expert and factor in the costs of these. Some information on the business may be on www.gov.uk/government/organisations/companies-house A business can also be valued.
Pensions can be very valuable – equivalent or more than the value of the former martial home in some cases. Divorcing parties might hold different types of pensions (not like-for-like, so difficult to compare without an expert). Circumstances might be complex for example an age difference or pensions in payment. One party may have stayed at home to look after children.
@AnnaMagnani and @silentpool made some useful comment on this in this thread
www.mumsnet.com/talk/divorce_separation/4664756-what-do-i-need-to-do-about-our-pensions?reply=121093079
Section 25 Factors
To know what a fair split of assets is and to reach a financial settlement divorcing parties need to know what the assets of the marriage are, and what each asset is worth. When deciding how to distribute a couple’s assets and income the court has to apply a checklist of factors set by statute. The relevant statute is section 25 of the Matrimonial Causes Act 1973. These factors will need to be applied in every case, regardless of whether you are engaged in court proceedings or negotiating your own settlement. These are often called the Section 25 factors, which the court will take into account when deciding how to distribute assets upon divorce or dissolution.
images.ctfassets.net/o8luwa28k6k2/2cpp2mEMwBJWJLuzTiTruB/b5397e7459154fad8927826a2c99acdd/section-25-expert-guide.pdf
Only once all the assets are disclosed and valued can an informed decision be made about what the split should be and what parties are prepared to settle on.
Guide on divorce and financial settlement
www.advicenow.org.uk/guides/how-apply-financial-order-without-help-lawyer
Pensions on divorce
These offer a free advice session about pensions on divorce and separation www.moneyhelper.org.uk/en/family-and-care/divorce-and-separation/divorce-or-dissolution-how-we-can-help-with-your-pension
www.sharingpensions.co.uk/penaudit3.htm
www.mediateuk.co.uk/the-ultimate-guide-to-pensions-on-divorce/
Valuation of pensions – pensions on divorce expert report
www.collinspensionactuaries.co.uk no relation – useful website
www.collinspensionactuaries.co.uk/pension-data-collection/ templates for information required
Representing yourself (litigant in person) / Getting Legal Advice / Legal Representation
Divorcing parties can be litigants in person or be represented by solicitor or barrister.
Free advice line (busy so keep trying) rightsofwomen.org.uk
This link gives you an indication of hourly rate for solicitors
www.gov.uk/guidance/solicitors-guideline-hourly-rates
Some organisations offer free advice from solicitors and barristers rightsofwomen.org.uk/get-advice/ On their FAQs page…”Our Legal Officers and Volunteer legal advisors are all solicitors and barristers”.
Some family solicitors offer an in initial free consultation and some a fixed fee rather than hourly.
Some barristers can be directly instructed e.g., via Clerksroom Direct
Mumsnet suggest www.advicenow.org.uk/tags/separation-divorce-and-dissolution-civil-partnerships.
Domestic Abuse
www.gov.uk/guidance/domestic-abuse-how-to-get-help
www.womensaid.org.uk/information-support/
www.womensaid.org.uk/information-support/the-survivors-handbook/
Over your tracks online
www.womensaid.org.uk/cover-your-tracks-online/
Call 999 in an emergency or in immediate danger. Teach children to to this.
If you’re in an emergency situation and need police help, but can’t speak
Make Yourself Heard and let the 999 operator know your call is genuine:
www.policeconduct.gov.uk/sites/default/files/Documents/research-learning/Silent_solution_guide.pdf
Take a deep breath. You can stand strong. The Courts will put the children first and take your needs into account.