Financial Considerations When Going through a Separation

Law Blog

When a relationship breaks down, it very rarely happens overnight but is almost always spread over weeks, months and sometimes years. The mood between the two individuals will gradually sour, and they may, in fact, grow to significantly dislike each other. Most likely, they cannot wait to get their affairs in order so that they can move on. One way or another, the focus will turn to money matters, and it can be difficult to determine the split, as matters are rarely cut and dried, and finances can be intertwined. It may fall to the legal system to determine the final decision, but do they base their findings on the situation as of a particular date? More specifically, what happens if one of the individuals receives a windfall late in the process?

Decision Date?

The way that these things work, there is likely to be quite a long time in between the date that the couple decide to go their own ways and any legal hearing to discuss their assets. Life has to go on, of course, and one of them may pick up a significant amount of additional money as a windfall or legacy. One will argue that this money should be included in the asset pool, while the other will, of course, not be so keen.

In or Out?

Don't be surprised if the judges want to include all of the money as of the date that they convene, going back until the union first got underway. It may not matter that this windfall arrived after the date of separation, and it may be particularly inclusive if, for example, it was related to the couple's pre-separation life.

Imagine, for example, that this was money left in a will and that the ailing relative had been cared for by both parties at some stage in the past. In this case, the other person in the relationship would surely be eligible to get part of the asset value.

The Moral

Here there is a clear moral decision. If the relationship begins to break down and appears to be irretrievable, then both parties should seek to end it as soon as is practical, in legal terms. Orders can be made by the judge to dissolve assets, and people can begin to rebuild their lives without any complications in the future.

Best Approach

You may find yourself in this type of situation, and whether you stand to benefit or otherwise, it's important to approach these matters carefully. This is why you should always get support from a family law solicitor to help you state your case.


8 January 2019

Fact And Fiction: Accurate Information About The Law

I love reading novels that involve complex legal cases. I particularly enjoy those that are told from the defendant's viewpoint, but any well-written legal fiction will capture my imagination. My interest comes from being a court stenographer when I was much younger and seeing the dramas in real-life! Nothing irritates me more than a novel which includes legal fallacies. Fiction or not, I am a stickler for accuracy. I like to do research and check if a court case in one of my novels could play out in real life. It has become quite a hobby and I spend a lot of time in the law section of my university's library. I'm sure there are other people who are interested in the law for various reasons and I would like to share some of the knowledge I've gained. I hope you find my blog fascinating and worthwhile.